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Author Topic: Loans to mod?  (Read 3732 times)

Offline Top Cat

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Re: Loans to mod?
« Reply #30 on: January 11, 2013, 02:37:21 pm »
Always have done. They worked out a fair bit cheaper when i started and i also factored in the fact that my borrowing amount was fixed so will be a lot cheaper to afford in 25 years time. My wages and inflation go up every year but the amount borrowed shrinks due to inflation. I did everything with safety margins. the endowments i took out for the final payment were based on 3% growth which at the time was easily achievable, savings rates were 6% then.  :signLOL:
The problem has been all the get rich quick guys who borrowed the money, interest only without any investment for the final total. And the banks gave them it because the market was rising.  :fighting: And now the same banks are stopping all of this type of lending because of there lack of scrutiny over there own loans.  :booty:
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Offline Tortaruga

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Re: Loans to mod?
« Reply #31 on: January 11, 2013, 02:42:46 pm »
OP - a compromise could be:

- you save £150 per month over the course of a year
- you carry out small, cheapish mods over the year to 'scratch the itch' e.g. shortshift, led lights. There is a thread somewhere with 'best mods under £50' or words to that effect.
- at years end you have a pot of cash to do your big mods or blow in Stringfellows

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Offline berg

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Re: Loans to mod?
« Reply #32 on: January 11, 2013, 02:48:46 pm »
Quote from: richwig83 on January 11, 2013, 01:08:43 pm
Ive never had a loan in my life with the exception to Student Loan and mortgage... if one cant afford it... dont buy it  :happy2:


i think this is right.

dont think it would be wise personally to do it that way but etto
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Offline MC71

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Re: Loans to mod?
« Reply #33 on: January 11, 2013, 02:50:43 pm »
Quote from: Top Cat on January 11, 2013, 01:40:36 pm
Quote
Loans to mod?

Ok i will have £ 10,000  :innocent: not paying more than 5% APR though.  :happy2:

PM me for bank transfer details.  :happy2:

 :congrats:

Not a fan of credit but it more than has its place today, just not the way I was bought up. My parents would say "if you haven't got the money, you can't afford it".

I use our retirement fund savings!  :rolleye:  I even have the blessing of SHMBO as she gets to spend the equivalent on herself, £1k since Christmas on handbags and perfume (her not me)

If you can afford the repayments then why not.

 :happy2:

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Offline edd666999

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Re: Loans to mod?
« Reply #34 on: January 11, 2013, 02:54:52 pm »
personally id do it month by month depending on what you can afford.

Buy 2nd hand an item a month or one over 2 months, keeps you happy and your not paying interest nor are your mod losing that much value

IMO
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Offline rich83

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Re: Loans to mod?
« Reply #35 on: January 11, 2013, 03:29:11 pm »
Quote from: andrewparker on January 11, 2013, 01:51:04 pm
Quote from: richwig83 on January 11, 2013, 01:08:43 pm
Ive never had a loan in my life with the exception to Student Loan and mortgage... if one cant afford it... dont buy it  :happy2:

I subscribe to Oscar Wilde's theory:

"Anyone who lives within their means suffers from a lack of imagination"

Seriously though. We put £40k into home improvements last year, largely financed by a loan. We've done exactly the same in the past. The way I see it, I can benefit from it now, or I can scrimp and save for years then finally get it. Essentially you've got to be able to afford the loan, so what's the difference. If you're prepared to pay and the finance is cheap then why not?

Home improvements/extensions are different as you will actually see a return on your investment.
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R32UK

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Re: Loans to mod?
« Reply #36 on: January 11, 2013, 03:29:35 pm »
do it!!

save the economy  :grin:
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Offline Baz300

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Re: Loans to mod?
« Reply #37 on: January 11, 2013, 05:29:00 pm »
I have really just been modifying my car month by month, its scary to think about the amount of money I have spent so far on mods but at least they are paid for.

I would hate to still be paying for them and wishing I never botherd with the mods.

If you are saying that you will have to cut back on a few luxury s to pay the loan what will happen if for example the clutch goes and you have to find a large sum of money to get it repaired?
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Offline Raffe

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Re: Loans to mod?
« Reply #38 on: January 11, 2013, 07:51:03 pm »
Don't finance mods, save the money!

From my experience there's  nothing worse than still paying for something once the initial joy/novelty value has worn off and you want 'the next thing' whilst still paying for the last.

Plus what you may find once you have saved the money is it will make you question how much you REALLY still want those mods as you see your stash of savings disappear.

God luck on whatever path you take  :happy2:
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Offline Greeners

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Re: Loans to mod?
« Reply #39 on: January 11, 2013, 07:57:18 pm »
Your here for a good time, not a long time!  :jumpmove:

Could be dead tomorrow and not have experienced the slippy slope of modding!  :laugh:
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Offline gobbleplease

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Re: Loans to mod?
« Reply #40 on: January 11, 2013, 08:26:29 pm »
Go for it !! If the repayments are not a problem SPEND SPEND SPEND !!!
Every car I've ever owned has been funded via a loan and if I want something for my car like coilivers it goes on my credit card !


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Offline dmac1969

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Re: Loans to mod?
« Reply #41 on: January 14, 2013, 07:34:05 pm »
Quote from: gobbleplease on January 11, 2013, 08:26:29 pm
Go for it !! If the repayments are not a problem SPEND SPEND SPEND !!!
Every car I've ever owned has been funded via a loan and if I want something for my car like coilivers it goes on my credit card !




^^^^^^^^^^ THIS!  :happy2:
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