petepete

If you only owe 6k you could probably refi it for 20k Thats 14k to build the motor and do it right.

fordfanboy

Never ever NEVER finance mods...period.












Never finance a car if you don't have to...

underdog

Remember the mustang is a toy and with all toys, if you can't pay cash for it then you don't do it.

4mySon

CASH IS KING! If you have to think about if you can afford anything... you can't.

petepete

One of the richest peopel in the worl donald trump has no money of his own all loans from the banks so much they wont let him go bankrupt

moosestang

Well I charged mine and then paid it off via the internet, but if you have good credit and a major credit card you should be able to secure a decent fixed rate loan of 3.99% with a transaction fee of 3% of course.If you don't have a credit card with more than a 6k credit limit then I don't know what you can do. Credit cards are not the devil like many people here would have you believe and they are a great way to build credit if you don't own a house or have a car loan in your name. It's when people charge something large like a supercharger and can only make the minimum monthly payment that they get into trouble.

Let's see, my wife and I both make $30k per year with her actually making 32. We have no kids, no college loans (no college) and her car is paid for. I still owe $19k on my car and $39k on my house. I owe nothing on my credit cards, but have owed as much as $7k before getting married 7 years ago. I bought a motorcycle on a credit card, yes you can do that. The key to me getting a supercharger is no kids!

moosestang

Well that is unrealistic for the majority of people. And if you can afford to pay cash for a $25k car then you'll most likely finance a 60k car. It's what we call living beyond your means in this country and i'd imagine most of the people here do that with the house they buy.

I love the lady that was on the news lately crying about how no one will give her a $400k loan for the house she's trying to buy in California. You couldn't pay me that much to live there!

moosestang

You're assuming the bank will give you that much for a used Ford?

fordfanboy

The sad part is that $400K gets you a run down house in the ghetto out here...[] The damn ARM loans are what's getting a lot of people in trouble. Heck the foreclosure rate is the highest right now than it's been in 20 years and 70% of the ARMS haven't even matured yet. In a few more years (probably after the election), interest rates are going to go back up and a lot of people are going to be hurting.

If you are looking to buy a home anywhere, wait a couple years and, trust me, it will be well worth the wait snatching up one of the millions of properties the banks will be sitting on...

MustangGT0405

Well I have bought 2 motorcycles on credit cards when they were throughing around those 0% interest for 18 months. Both times I paid the bike off in 17 months and didnt pay a penny of interest. On the other hand I would not put a S/C on a credit card if I was paying like 15% on it.

As for me now I am saving my $ for a new clutch and Whipple HO for when my warranty runs out and then I will put it on. I financed 20 grand on my 07 gt so I will probably owe about 9 grand still on the car at that time. I got a pretty good fixed rate on my car (5.5%) so I figure the fun of the S/C is worth not paying down that debt.

Its a personal choice, but there is something to be said for delayed gratification. Take your time and when you are financially comfortable to do it, you will.