Hey guys,

This year I've pushed forward in my business harder than ever before, reinvesting almost all of my profit back into the business.

BUT I'm sick with a fever. I haven't done any mods besides wheels since I bought the Z in 2006, and I already got a detailed plan/quote from Sharif for about 26k for a crazy good reliable setup @ around 500whp.

Now my problem is....... I don't really want to drop 26k cash on this when it could be reinvested into my business for a higher return than the APR would be on your typical loan.

So....... Is there any company that would give me a loan just for whatever I want, like this? What's the best way to get a 20k loan? My credit score is still low because I haven't been building it long. I do have a house and my Z and an 08 Accord. The Z is almost paid off.

 

I don't think it would be a good idea to take a loan out to FI your car..

 

To clarify, I meant to say I could pay the cash if i wanted to, but since my ROI is a larger % than the interest I'm thinkin I'd pay on a loan (under 10%? not sure), I am wondering about getting a loan instead so I can spend the money on biz now.

 

If you have cash, but it means not investing into your company right now if you spent it, then invest it into your company for now. When you have cash that has no use to you, then spend it on your car or whatever you want to spend it on.

You are getting an itch, but it is an impatience that will hurt you in the long run. Your business either HAS use for the money (i.e. something you can invest in) or it DOES NOT have use for the money. If you have no viable investment vehicles for your company right now, then wait a little while to stack more green for when you do.

How long have you been in business? What type of business is it?

To actually answer your question, the only types of loans you can get for this are personal loans (14-25% interest with good credit; non-collateralized), factoring (selling future receivables), credit card receivables financing (selling future credit card sales if your company does CC transactions regularly; hit me up in PM if you want to consider this option), or borrowing the money from an individual/private investor.

 

If your car is paid off, you could get a personal loan with your car as collateral. Rates are close to 10-12% for good credit.

It might make sense to borrow 75% and pay the rest out of pocket. Getting the full loan amount will basically depend on your income and credit. A five year loan will run you about $565/month @ 11%. Also, you'll be paying about $7,900 in interest over the life of the loan on top of repaying the 26k.

 

GREAT POINTS! Thank you for your response. It's not just an itch though...

I am not social. I have a girlfriend and a few close friends. I don't do the same things for fun that everyone else seems to enjoy. My entertainment in life is:

1. play music with friends
2. enjoy cars
3. work out really hard (HIT, www.crossfit.com, www.rosstraining.com)

These are the only things I like to do, period. I stay at home all day working. I work so hard on my business so I can get the cars I want and live a basically stress free life.

My business is affiliate marketing on the web. I have a lot of sites all selling products in various niches for affiliate commission. I've spread it out a lot this year so in case something happens to one i'm not affected much.

What I'm getting at is that well....... I want a 2009 Gallardo but it's gonna be at least another year before I feel like I can spend that kind of money on a car. I am getting depressed because my greatest source of joy has taken a back seat for 2 years now and I can't take it much longer. I watch top gear reruns every day. I go to sleep listening to top gear. I have a problem? Maybe... I just love cars.

Even at 14-15% interest that's not getting close to my ROI on biz spending. The issue is...... There will always in my whole career be room to spend more and create more sites... It's like opening more stores. I could stop working for a month and make the same, but it wouldn't GROW at all.... and I can't stand wasting that time

 

Thanks for the information. Maybe I'll just pay my Z off on the 3rd of June and go from there. I don't have good credit yet though... Not enough history so my FICO score is still 650, even though I've never made late payments or had high card balances. Hopefully it will go up soon.

650 is bad, right? So not fair.

 

I'm not a naysayer, but if you currently don't have $26k sitting around doing nothing for you, then in 1 year from now it is highly unlikely that you will have $100,000's sitting around doing nothing for you. It sounds like you are doing well. Props for that. If you have cash just sitting in your account, then you obviously haven't had the right investment opportunity for it yet. If it is just going to sit there, it is infinitely better (especially if you ARE trying to build credit) to buy the turbos outright, instead of financing that project. Financing something like that is a very bad idea for a lot of reasons and quite frankly is for those that are desperate to "keep up with the Joneses" and don't have the money on their own. This doesn't sound like you, so don't do it.

If you want to build credit quickly, there are a few good ways to do so using a little bit of the money you have saved.

 

If it's gonna hurt my credit at all I DEFINITELY don't want to do it. I'm depending on my credit being good when I want to get the gallardo later on as I won't want to buy it cash.

I'm no longer interested in getting a loan for turbo project. Thanks to you both for really educated responses. You helped me decide.

have a good day

 

No problem. Hopefully, you can just payoff the Z, pay cash for all mods, and build some more credit over the next year.

 

Agreed. thanks bud

 

What about this intake?: https://my350z.com/forum/showthread.php?t=224447

And this suspension?: https://my350z.com/forum/brakes-and-suspension/286060-what-s-my-first-suspension-upgrade.html

And this exhaust?: https://my350z.com/forum/intake-exhaust/286069-which-exhaust-sounds-most-exotic.html

And the $15,000 here?: https://my350z.com/forum/engine-and-drivetrain/286352-15-000-budget-what-to-do.html

And the clutch and flywheel?: https://my350z.com/forum/engine-and-drivetrain/287897-lightest-clutch-flywheel-combo.html

Sorry but this is all talk.

 

11 year olds with internet connections should stick to Wiggles forums.

if you couldn't tell this kid was a joker from the second post... well...

 

If you think I'm joking check out some of my sites .... www.webhostingbreak.com www.phenforum.com.

No need to be like that, man.

 

Have you noticed that those are pretty old threads?

Also, I never ended up buying any of that **** because i couldn't convince myself to go through with it when I should be reinvesting. I AM aware modding isn't a great habit to get into.

 

Actually, I guess there's no way I can prove those are my sites since I have domainprivacy on. So, go ahead with your snide remarks and all... I'm an *** who doesn't participate enough in this forum anyway. Sorry for not giving back more, just asking questions. BTW that's not sarcasm I haven't helped anyone here.

 

yeah I am 100% not clicking on any of your mlm sites. thanks though.

 

mlm? man, you truly have no concept of what I do.... it's called affiliate marketing.... like... here:

1. I do research to see if there's enough people searching for something like "productname reviews" (productname being whatever the product is that i'm considering promoting)

2. Build a site offering tons of information about the product and related information to help them solve related problems. I use this site as a platform to sell the product as an affiliate.

MLM is where you meet a guy with a shiny car and a rolex and he talks to you about starting a home business and only people at the top make money.

lmao man, i know you like to be confrontational, but maybe.. uh... check into things a bit more before you are so rude to people like you have been to me.

 

potat-oes, pota-toes.

come back when you have that lambo and I'll apologize.

 

Sorry to ruin your night.