What's the least dumbest way to borrow $ for a hot rod?

If you can't pay cash you don't need it!
Never ever borrow money for a hobby purchase, you will be sorry in the long run.
Cash is KING
Borrowing money for a toy is like paying way more than it's worth, and you will have to borrow more money to get it where you are happy with it.
The end result in this economy is a car that is not worth what it will cost you.
WORK towards your goals it will rewrd you in the end!
OK I think I have made my point.

 

Never borrow money for toys...thats stupid...

Being debt free is not only piece of mind, but, I feel my cars, trucks, and boat "drive better" when I own them outright.

Ive seen some nice stuff over the years too. In fact older guys come to me asking if im interested in buying something, but, if I dont have the cash, its not even an option.

Once your debt is paid off, you'll be amazed how easy it is to save for your dream car.

trust me...good things come to those who wait....

 

Don"t ever make a promise you can"t keep,and don"t go into more debt unless its an emergency and a project is not an emergency. What is this dream car project anyway?

 

If you don't have enough cash.................go get a 2nd job

 

I will not take out a loan for a toy!!

 

I wouldn't recommend borrowing for a project car, but maybe a good driver. back in the 80's I got a thing in the mail for an unsecured loan, I think it was $2500 or so. got my $2500.00 and bought a very clean 65 Falcon for $1500. drove it for 6 months and sold it for $2200.00 without dropping a penny into it other than registration and insurance. basically had a cool car for 6 months absolutely free after interest and everything else. as a bonus I established some good credit.

I did this with about 6-7 low priced cool 60's cars until I got stuck with my ugly 61 Dodge that no one would buy from me. didn't go into it to make a profit, though I'd say when it was all said and done I came out a little bit ahead. that included every penny that went towards these old bombs.

 

Hell just put it on plastic

 

Borrowing Money = Dumb, for everything except your mortgage (and then ONLY if it is a modest home.)

Don't confuse "I can make the payments" with "I can afford it"

If you don't have the cash for it, re-evaluate what you are currently spending your money on and make some hard choices.

 

I've taken out a loan for a few different toys. Always had the money to pay up front but I didn't want to dip into my savings. The most I've ever spent on interest was about 15 bucks. Had I not borrowed anything I would have had zero credit when I went to buy the house I live in now. Local credit unions seem to be the best way to go to get a small loan.

 

Wait and pay cash

 

A car is a depreciating asset. Don't borrow any money for something you want rather then need. Old car restoration and building costs money and plenty of it. Always much more the you initially thought. You could always look for a lonely wealthy widow.

 

I would continue to pay off the credit card debt. Then once it is paid off, start putting the same payment into your "rat hole" to spend on project cars and parts. That is money you are not used to having so you shouldn't miss it. It is important for a man to "rat hole" money especially if he is married. The wife doesn't have to know it exists, and when you use it to buy something and she asks,"how much?" (which she will), you can give her some rediculously low figure. I'm divorced so what do I know? I'm not divorced and broke though!!!! LOL

 

you can still use a creditcard and not be an idiot. thats how i got such an badass interest rate on the truck i have now. Live your damn life, just live it responsably (sp?) and you can have anything you want.

on the other hand,

if your always "a few thou" from your desired hotrod have you ever thought of picking up something maybe a bit cheaper or widening your areas of interest. a good example would be if you love 49-51 mercs, then shop for shoeboxes or if you really love 55-57 chevys, maybe look into the same generation pontiac or buick or even the 53/54 body style. one last one, maybe look for a 28-31 model A instead of a duece

the best thing about hotrodding is you can make damn near anything looks sick with enough work. and sometimes its even cooler when its a less desirable car. just an idea

 

Was always told DONT BORROW MONEY FOR A TOY......never did so I traded for this...sold that....sold this....and now I have all my toys paid for and no credit card either (dont own one)...may take you some time but in the long run its MUCH MUCH better and you will enjoy it more.

 

this is the dumbest thing i have ever hear, when you borrow against your 401 you loose that money that you would have gained in interest.

You lower the amount that you are getting interest on so you lower your income.

Yes you pay yourself some interest but in the long run its a bad idea. Borrowing money for tows is a bad idea. Save till y ou can get something you like, then invest in that.

This is coming from a guy that has sank himself in Credit problems and have learned from experience.

 

Not a good time to borrow money for toys, plain and simple. 10X's better to have no debt and money in the bank. Money in hand is the best toy you can possibly have.

 

I would ask the seller if he would hold the payment on the car and keep it untill payed.Worth a try.

 

Make sure your job is very secure. You can't live in your car. Then make sure you have enough money set aside for emergencies. Then borrow from a credit union using your savings as collateral. Have them freeze the account for the amount you borrow.

 

Ok, your making progress here.
Based on the title of this thread "least dumbest way..." you obviously agree with yourself that all or any idea that includes borrowing money for a toy is very bad idea

Lots of ways to scrounge up some dough have been posted already. Since you'll soon be out of debt you're gonna have the money that was previously paying bills to save up for a ride.

This hot rod stuff is not just cool, its a way of life. Takes time talent and treasure to build a car
The only thing that you get more of is talent. Use the others wisely and increase the talent to a level that produces.

 

You've obviously never done the math on this particular situation. There is no good news to it at all.

Don't buy until you have the cash. We have no debt at all. Zero, zilch, nada. You'd be surprised how much less stress there is in your life when you save to buy something, rather than borrow to "buy now, pay later".

 

Save up and buy it

 

now then- that hasn't always been the fun that it may sound-- my advice is to talk the WIFE into working two jobs so that you can drink beer, burn rubber and live the high life like the rest of us car guys

 

I agree with the majority here, don't borrow to buy a toy, especially since you said your almost out of credit card dept. 3 years ago I bacame dept free, even my house is paid for, no credit cards, car payments, nothing. I sure sleep a lot better at night.
Trust me, this project you're jonesy for you might not get but down the road when you have the cash there WILL be another project just as cool to get. Took me a long time to be able to pass on certain cars by learning there will always be cool projects for sale when I'm able to buy without going into debt.

 

When you've paid off your credit cards and are debt free, take the amount of cash you've been paying monthly and deposit that in a coffee can marked "The First National Bank of Me". When you get enough cash in that can, loan it to yourself. Stop spending when you run out of money in the can.
If you think you've gotten some rough responses on this question, try calling The Dave Ramsey show and see what he says. Cash is king.

 

borrow money? shit i wish i could borrow money..... i scrape up whatever i have left after each rent payment to buy it one piece at a time it fuckin kills me!

 

If you gotta borrow it and your married, make sure the little ladie approves. It's awful hard to hide a car.

 

I have bought everything to do with my car so far, Thanks to copper $ 4.89 a pound

 

________________

As a teacher, you must have a decent education.
At 63 years old ... you have seen how life can change quickly.

That being stated, I would BORROW a few thousand ... if you are in good shape bill wise. Your profile said retired ... so I would imagine your retirement is secure ... and for life so it is not going away ( like losing your job ). 63 years old means you do not have the luxury of working, saving and doing all the things the previous HAMBERs suggested. It is NICE to see so many who say they will not go in debt for a HOBBY

TODAY'S market is a buyers market. Cars are down in buying price compared to the past few years. That means with a little careful shopping, you can buy a LOT nicer car for LESS money than years past.

I am only a year younger than you and I am debt free. Home, 3 daily driver cars, motorcylces, and a pair of Deuces ... all paid for. I have a pickup project on the back burner. I borrowed MONEY to buy the Deuce Roadster body many years ago. It was available and I was a couple thousand short. I knew that the roadster would sell before I could save up enough to buy it. So I got a loan from the BANK and went to Ohio and bought the roadster body.

I did not spend much money on the roadster for 2 and 1/2 years ... until I paid the loan off. Then I went to work on it slowly and built in.

At your age, I would borrow ... if you can make the payments. Credit Unions generally have the best rates.

GOOD LUCK ... and what is it you want to purchase ???


Randy

 

I agree with the pay cash for everything comments. I was $27,000 in debt once and thank God there were some wars that I could go to and get paid tax free and get out of debt. I've been debt free for the past two years and it is the most invigorating thing I've done. The guys saying that debt has ruined this country and that people don't want to wait and save it beyond correct.

 

Tell the little woman it's for her , and take the money from the savings account.