Idea on how to get a supercharger.
05-02-2008, 12:02 PM
#1
3rd Gear Member
Thread Starter
Join Date: Sep 2007
Location: MO
Posts: 643
Idea on how to get a supercharger.
Ok my car is paid off and i just got finished paying of my intrepid, sonow i have about an extra350 dollars a month. I was think of taking a 5,000 loan back against my car for two years to buy the mongoose kit and some other things. I would get the loan through my bank. I also do put 200 dollars in my roth IRA a month too. So, i am not too terrible with my money, and i have no credit card dept. just looken for some oppinions.
05-02-2008, 12:14 PM
#6
Join Date: Mar 2008
Location: www.cha3nebraska.com
Posts: 47
RE: Idea on how to get a supercharger.
If you take out a loan you will have to pay interest on the supercharger. Find a credit card with NO interest for one year and pay $350-$400 and you will have it paid off in one year with NO interest. Just do some searching for interest free credit cards. Some will go 18 months if you have really good credit. OR just save the money each month until you have enough to buy the s/c. Just my .02
05-02-2008, 12:51 PM
#7
4th Gear Member
Join Date: Feb 2008
Location: Charlottesville, VA
Posts: 1,447
RE: Idea on how to get a supercharger.
Ehhh, I'm with grimreaper on this one for the most part OP.. Use the money that you would've been putting into a car payment and save up for the mods rather than taking a loan out for it. Sooner or later if you haven't done it already you'll be wanting a place to hang your hat, and with the economy going into the sh!tter and gas going through the roof you'll want to be as debt free as you can. I'd save up the cash for the S/C and buy it outright before I put it on credit broham.. The IRA's and other things you mentioned are good, but save the credit cards and loans for stuff you really NEED rather than want.. Just my .02
05-02-2008, 02:04 PM
#9
5th Gear Member
Join Date: May 2007
Location: Smyrna, TN
Posts: 4,524
RE: Idea on how to get a supercharger.
i called national city about a personal loan with a car as collateral and they told me that the car has to be under 2 years old and payed for completely but the most they would give was 2 or 3 thousand.
05-02-2008, 02:08 PM
#10
Super Moderator
Join Date: Jul 2003
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Posts: 14,917
RE: Idea on how to get a supercharger.
I couldn't personally justify taking outa personal loan for modifying my car.
The reason being this: What if the engine blows or the transmission is turned into scrap metal? What if the car gets totalled in a wreck?
You may have your car paid off, but you'll still owe the bank all the money from that personal loan. Now you have a car that doesn't run, or exist anymore. It sure would suck to be paying on something you'll never get to use again.
I could see taking out a personal loan if you have the cash in hand and don't want to strap yourself all at once. I've taken out plenty of personal loans because I didn't want to throw away all the cash I had.
The reason being this: What if the engine blows or the transmission is turned into scrap metal? What if the car gets totalled in a wreck?
You may have your car paid off, but you'll still owe the bank all the money from that personal loan. Now you have a car that doesn't run, or exist anymore. It sure would suck to be paying on something you'll never get to use again.
I could see taking out a personal loan if you have the cash in hand and don't want to strap yourself all at once. I've taken out plenty of personal loans because I didn't want to throw away all the cash I had.