Loan to do things to car - is it worth it

[Callum14]

Hello, sorry if this is in the wrong place

Some of you may have seen me posting away with Ideas and asking for help with my VX Calais, and I have an Idea but I'm not sure if it's the "right" choice..

I'd like to do what I wish to my car -
Lower
19's - 20's
exhaust
fix shitty paint

I calculate everything will end up being ~ $2000-$3000. I'm impatient and I just want to get these over and done with, so my question, is it worth taking out a personal loan and paying it back over 12-24 months? I have a stable job which pays $23000 (after tax) a year, so I can pay for it, but I'm not sure if it's a good idea.. I'm going to start looking for a job that pays more, but not till after Easter.

What's the thoughts?

[Macca86]

Good luck getting a personal loan for that much. Most places have a minimum of $5k now. Under that and they'll just offer you a credit card instead.
Havings said that, if you can afford about $60/week from your pay, just get the $5k and have some leftover (or pay it straight back off the loan!) Just be aware its dead money. If you spend $3000 on your car it wont add $3000 to what you can sell it for.

[Drawnnite]

my opinion. NO.

you earn approx $500 a week (so lets say $300 after you pay everything else eg phones, bills etc)

3000/300 = 10 weeks.

its not really that long to save. the amount you want.
also gives more time to get everything sorted out
plus its such a small amount. no way is it worth a loan for that =P

[Callum14]

I wish I could save $300 a week :/ It's also to pay people back, put money aside, so on. I think $5000 would be better, like you said I can put it back on the loan, and when I get an increase i can pay it off quicker.

I would save, but it's either 10 weeks of nothing, or a year (or 2) of paying $30-$60 a week, and I can put my tax back on it.

[Callum14]

And I could resell the wheels at a later date I guess

[Drawnnite]

the only problem is that its not something that you "need". (more a "want" thing)
i still suggest you go without and once you have it. then spend it.

just look at the people in society who live "beyond" their means.
also look at the people who constantly put things on "credit"
to me it just brings more trouble.

even if you put $100 aside a week. thats approx 1/2 a year. (put it in a savings account for some extra bonus $'s)
or do it in parts. eg paint once you have the x amount to do it.
wheels when you have y amount to do it
and then lower when you have finally saved z amount.

[wraith]

It's rarely worth getting a loan to do things to a car. That 5k loan just became 6k with interest.

[ClairBear]

I don't think taking a loan out to do mods is a good idea. Better to save here and there and do each mod as you get the money.

Have you considered things like being defected if your mods are illegal (for instance too low) which means not only fines to have the defect removed but paying for instance to get the original shocks and springs put back in to clear the defect.

Another consideration is insurance if you are under 25 for instance. Premiums can either rise or you can be refused insurance on a modified car with certain Companies. Either way make sure you notify your Insurance Co if you do any modifications.

All food for thought.

[MikeCuzzy]

I vote 10 weeks of nothing, unless you need the loan to secure a better credit rating or something.

[elmaso]

save, that extra $1000 (or more) would be nice to keep yourself, not to be taken over time by a loan repayment.

[Krisp]

if you thought it was worth it, you wouldnt have told the world about it, you would have just done it

[Callum14]

If I can put $100 I'll keep at it. This is week 1... Let's see how I go..

[Troy711]

No








.

[ari666]

spending any money on a car at all is a waste. let alone money that isnt yours, i say no.

[Lumps of cheese]

No way known, be patient and save up.

[MikeCuzzy]

spending any money on a car at all is a waste. let alone money that isnt yours, i say no.

Don't say that! You'll hurt the Impala's feelings :P

[doms1]

Who cares you only live once,pay it back quicker and away you go

[wraith]

I have a bad track record when it comes to savings so what I did was made a new account with a different bank put over some funds when I got paid and before I knew it I had 3k sitting in there.

[Jaymz]

I have a bad track record when it comes to savings so what I did was made a new account with a different bank put over some funds when I got paid and before I knew it I had 3k sitting in there.

Plus one for this too, although my scottish blood takes over, so i can save really easily!

I created a new account with a different bank here in NZ and have an automatic payment that goes from my main account to it after each pay day, so i don't see the money (read spend it).

$300 a fortnight has got me a tidy sum in the other bank account at the moment. It should be going towards my retirement (keeping in mind i'm 26) but i have a strong feeling i will be blowing it on a '68 or '69 Camaro instead!

But I agree with the comments about saving the money and spending it on the mods as you get enough money to cover them. There is no telling what the future holds, so taking out a loan isn't worth it.

Plus in the time it takes you to save the money, you priorities may have changed and the idea of spending it on car modifications might not seem like such a good idea.

[RedVz91]

I say don't do it, I got a loan to buy my car $19,000 over 7 years, didn't really think about it all that much till the day I signed the contract and saw that if I payed the minimum over 7 years I would get to pay back something like $27,000 yay me.. -_- so when i sell the car it probably won't even be worth $10,000.

Just save dude..

[Trayner]

quick question is it a v6 ? like for on your p's ?

A lesson I learnt , If i could go back in time i'd go and buy a shitty pulsar or excel or something and the only mod would be a stereo and speakers .
Then save all my money that i would have spent on my cars while being on p plates and saved up for a much better car . Instead of wasting it on mods and wheels and such . I reckon ive owned about 12+ set of rims easy . Think of all the money that could have gone to a nicer / newer car

[Darren_L]

if your car was off the road getting a full rebuild, needing the parts to get it on the road then I could understand.
But you can do your upgrades one at a time, and keep the car on the road. Save up & buy your wheels, then your suspension, exhaust etc... just be patient, it will take you a lot less time to do it this way then it will to pay off the loan.

[greenacc]

Waste of money mate. by the time you pay it off you could have already smashed your car and you'll still be paying.
Learn how to save money now and you'll never need a personal loan again.

[Reaper]

Awww fuggit - don't listen to the wowsers, you only live once. Get $10k, do the job properly - get a zorst, fully sik stereo, bag it, tint the windows - nah, just paint them black and some epic cool 22's. Don't forget the chev badges.

Reaper

[VRCALAISS]

get a flexi loan through westpac they gave me 3000.