TSX paid off. Decided not to get EVO. Instead taking out loan to tune TSX.
01-24-2009, 10:46 AM
#82
I WOULD NEVER GET A CREDIT CARD.
I have a job. I am a low voltage electrician. I have been one for 2 years plus I get free education from my work that counts towards a low voltage electronics licences from the state and I am doing a 2 year electronics engineering technology program wish I finish in a semester and I am planning to start automotive school at a community college which cost like nothing per semester, so stop saying I should go back to school or something. I get $1.40 raise every 6months plus cost of living raises starting base pay was $14.00 cause I had some experience from my other job as being a cable contractor. Plus it's a union job. I know my job is a labor job but I am always keeping my eye open for an entry level electornics tech job. Age 20 living at home stacking my cash. I am not dumb guys... I have money saved up to be one year ahead of my payments... and yeah my parents would co-sign I would get around 6.5%...
any more questions or are you fools going to keep preaching cause I just want a list of what I should get...
Its like Janja take a little block (money) off the top and pay the bank off at the bottom while keeping the balance while your savings is still there...
Its like a buffer...
I have a job. I am a low voltage electrician. I have been one for 2 years plus I get free education from my work that counts towards a low voltage electronics licences from the state and I am doing a 2 year electronics engineering technology program wish I finish in a semester and I am planning to start automotive school at a community college which cost like nothing per semester, so stop saying I should go back to school or something. I get $1.40 raise every 6months plus cost of living raises starting base pay was $14.00 cause I had some experience from my other job as being a cable contractor. Plus it's a union job. I know my job is a labor job but I am always keeping my eye open for an entry level electornics tech job. Age 20 living at home stacking my cash. I am not dumb guys... I have money saved up to be one year ahead of my payments... and yeah my parents would co-sign I would get around 6.5%...
any more questions or are you fools going to keep preaching cause I just want a list of what I should get...
Its like Janja take a little block (money) off the top and pay the bank off at the bottom while keeping the balance while your savings is still there...
Its like a buffer...
There is so much information on this forum if you just search. People have bought/installed/photographed and reviewed a very large percentage of what's available on the aftermarket. There's info about what parts have what issues, and plenty of DIY's worth a look at.
Everyone else does their homework when it comes to what to buy, with respect to both what makes sense according to their finances and what they want the ultimate outcome of their mods to be. I've always enjoyed doing mods in stages, as you see what the effect of each part is.
Then you come along with your idiotic $10k loan idea and demand a list of what to buy. Is it really hard to see why you're not getting this? Yet your willing to take a loan in which the interest will equate to nearly 100 hrs of post-tax income at your current job?
It would be a different story if you were "living at home stacking up cash" to make an investment (i.e. buying a house, higher education). But you're a wanna-be blinger living at home... hmmm... I consider that dumb!
01-24-2009, 08:50 PM
#83
Let me help you!
He's 20. He hasn't learned what real financial responsibility is. Let him fail and pay for it for the next 10 years. Tuition was free for me in college, but I got student loans to pay for mods. I'm still paying off my student loans. My accord's mods were nice, but still paying it off after 9 years sucks.
Credit/loans should only be used for necessities that you don't have money for now, or for stuff that you can pay in full within a short time. The longer you have credit/loans sitting there, the more you pay for interest. I deduct my student loan interest on my tax return every year, and it's a 3 digit number. Fortunately I can deduct student loans on my taxes; I don't think you can do it with a bank loan or credit card.
Credit/loans should only be used for necessities that you don't have money for now, or for stuff that you can pay in full within a short time. The longer you have credit/loans sitting there, the more you pay for interest. I deduct my student loan interest on my tax return every year, and it's a 3 digit number. Fortunately I can deduct student loans on my taxes; I don't think you can do it with a bank loan or credit card.
good FOR U!
01-26-2009, 01:15 AM
#86
STi'd
Join Date: Oct 2003
Location: Eight-Oh-Eight
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I wouldn't count on continuing to get those raises, union or not. Employers are going to have to make some tough decisions in the coming months and that will defintely include unions making concessions. Pay freezes, reduction in benefits, etc. as it's already happening all over the country.
01-26-2009, 12:08 PM
#87
Special-K
Here's the funny part... everyone keeps thinking this kids gonna fail..haha. When i was 20/21 i did the same thing.. i took out a loan to mod my Matrix XRS. It wasnt for 10K but for 6K.. I was living home paying for my car myself.. i purchased the car myself with no co-sign... and at that time the sticker price was 21K for the XRS. I had the loan for less than 2 years and was paid off.. So if done right he should be able to pay a 10K loan off within 4 years. This could actually help him more than hurt him. It didnt hurt me..helped me get my TSX myself. I went from a mid/low 600 credit score to 700+ which helped me get a 4.2% APR from Acura/Honda to get the TSX. All at the age of 21.. So it could be done! 10k is alot though..
01-26-2009, 04:21 PM
#88
Instructor
Join Date: Oct 2006
Location: Alhambra, CA
Age: 38
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Don't take the loan. It's not financially wise. You don't know if you'll be unemployed next year and then not be able to afford the payments. That's what is going on with all the foreclosed homes and what not.
You could be happy now with the loan but you might end up with no car if you use it as a collateral. I say, keep saving money while you have a job and use those savings on your car. It might be slower this way, but it'll be more satisfying.
You could be happy now with the loan but you might end up with no car if you use it as a collateral. I say, keep saving money while you have a job and use those savings on your car. It might be slower this way, but it'll be more satisfying.
02-12-2009, 07:38 PM
#94
Three Wheelin'
I really dont think that is a good idea. Taking a loan to mod a car is definitely not the best idea. why not just work and use whatever you have left to pay for your mods. if you are taking out a loan, dont just blow it in modding in your car. just put it a high interest savings
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