Loans to mod?

[samdem]

Hi All,

Just wondering if anyones taken out a loan to cover costs of modding their cars?

Im seriously considering it, but i would liek to know peoples thoughts on this matter first? has anyone regretted it? or has anyone been glad they did?

Im in a very stable job and earn a decent wage, saving just seems un-realistic on top of all the other things. but if ive got it coming out my account on a specified date at the start of the month i will be okay. i will just have to adjust to it.

Cheers in advance!

[andrewparker]

Cue loads of people saying finance is the work of the devil!

[Deako]

If you can get a very competitive finance rate, can afford the payments, will get value out of them before you sell the car. Then why not?

Try to loan over the shortest period possibe and hunt for the very best rate you can find. Depending on the value of the mods, you might only pay a very negligeable amount in interest.

Another option would be a 0% purchase credit card.

[Janner_Sy]

I have put some on the credit card, but thats 0% interest anyway.  

Demon tweaks offer finance iirc so thats another option for you.

If your struggling wih the cost of modding, which isnt exactly the cheapest hobby , you should hound the for sale section on here.  Thats the best place to pick up bargains and theres always second modifications popping up in there.

[samdem]

yeah see, ive always been against getting loans but the way i see it. im going to have the car for atleast naother 2 years and with mods maybe even longer.
150 per month for a year/ year and a half shouldnt make much difference to me, i will just have to cut down on a few luxuries maybe.
what happens if i come into a sum of money, can i pay back alot more one month? I'm really not sure how it works!

[Deako]

yeah see, ive always been against getting loans but the way i see it. im going to have the car for atleast naother 2 years and with mods maybe even longer.
150 per month for a year/ year and a half shouldnt make much difference to me, i will just have to cut down on a few luxuries maybe.
what happens if i come into a sum of money, can i pay back alot more one month? I'm really not sure how it works!

Due to the changes in recent years. All loans are now flexible. Meaning you can make overpayments. The best way to overpay is to get the term of the loan reduced, not the amount of the payments. This is the most interest friendly approach and offers the largest savings. You can of course pay the loan in full at any time. Overpayments and paying the loan off in full are usually subject to 30 days of interest being applied to the account first.

[tony_danza]

Just fund it wisely, credit cards at 20%+ APR probably arent the best way, look for a deal. You're purchasing something that is probably going to lose 30-50% of its value instantly and cost you labour to fit on top. Should anything happen, it's not as simple as selling it all to pay the debt.

[Andy]

i always save the money up to pay for my mods

[rich83]

Ive never had a loan in my life with the exception to Student Loan and mortgage... if one cant afford it... dont buy it 

[samdem]

Deako - Thanks for the info. i may go in and speak to my bank aswell before maing a decision, seems there is alot to think about.

Tony - Yep you are right about it losing its value instantly, my job seems stable but i suppose anything can happen..

This is a tough one, i was looking to borrow money for exhaust, remap, wheel refurb and tyres.

[zerolag]

I guess if you can get enough on a 0% credit card over 12/18months, and you are religiously paying it off, then I can't see the difference than saving the money up; other than you getting your mods sooner.

You should defo. work out how much it's going to cost you otherwise though, might be an eye opener.

[GTI-Pirelli]

Try setting up a direct debit into another account. It will come out of your account on a specific day (just like a loan repayment). Then when the pot is big enough:

GO PLAY.

I did get my DV and REVO stage 1 map while I was still paying the finance.

[Top Cat]

Loans to mod?

Ok i will have £ 10,000  not paying more than 5% APR though. 

PM me for bank transfer details. 

[Dan648v]

Don't get in debt, it'll soon take the fun out of your 'financed' mods!

[liver]

if you cant afford to mod, dont mod

simple in my eyes