Hi everybody I was just thinking on what to do either get a loan on the house and build my car complete already or take like 1.5 or 2 years to fully build it. I will have top pay the bank eventually but the interest rate is not as high as the credit cards. Plus its a loan based on the value the house has gained since we bought it so it basically my money. Do you guys think its a good idea or its not worth the it and just build it little by little.

The loan im thinking about is around 30k which is what i need to build it.

Let me know what you guys would do if it was you. This is the only thing i will pay so basically my pay check will go to this evrey month.

 

ok you have
2004 350z touring Chrome Silver - Greddy TT-Walbro fuel pump-Type RS BOV-Autosport Wiring-Megan Racing Test Pipes-Defi BF Imperial Boost Gauge White-Innovate Motorsports A/F Wideband Gauge Kit-Greddy Full Auto Turbo Timer-Blitz SBC i-color Boost Controller-Custom 3 inch dual exhaust with HKS Hi-power TI, Crawford Cast Plenum, and NGK Iridium Spark Plugs Made 373 rwhp @ 6.5 to 7 pounds Coming soon AAM 3 inch turbo back pipes with W/G Dumps

What else you plan on getting thats going to cost 30k?

 

house. (for obvious reasons)

 

ultimate longblock from SGP, tranny completely upgraded, drag suspension, complete fcon set- up looking for over 1000 rwhp, all gauges, all oil coolers. Something like that n looking to brake into the 9's on slicks thats what i want with 30k or a little more.

 

what do you mean by that.

 

Should i do it or not???

 

Bro, your car is already hooked up, besides the faster you go the more problems you're gonna have! THen you're gonna end up dropping more money. Put that into the house. It's a smarter investment, and well, if you ever sold your house you can get that money back. not with a car!

 

As a financial advisor . . . WTF are you thinking? Depends on your situation, but quite honestly there are other financial priorities than taking a loan to plug into your car. Unless taking this loan out is an investment for marketing or somehow makes you money money, don't plug more money into a depreciating asset.

 

Usually people use their home equity/loan for a new car/another car not to sink it into a already very nice car. If its not broken, why fix it. I say wait the 1.5-2 years for when you have money.

 

Don't do it! Thats my opinion... Only put money in the car that you have aready saved up. Don't make yourself go more in debt so you can mod the car. If anything happens to the car, like if its stollen, totaled, etc, you will still have to pay that money back if you take out the loan. Like others have mentioned, if you're already taking out that money, then invest it in something that will gain you more money, then with the money gained you can take that and put it towards modding the car a little more. Also, if you're going for a 1000rwhp, that $30K will be gone fast! Remember, the more power you make the more problems you will run into. Since you don't own your own shop, you will most likely always have to pay someone else to do the labor, which can get quite expensive.

 

Take the money out..... And import a skyline..... yeah a skyline.....

 

Thanks for the advice guys. I was just thinking about it becouse my car is not a daily driven car and i would just really use car for racing and weekends.

 

You are not the sharpest knife in the drawer, to even consider something like that. Even if you had an auto tranny, and 1000whp, its no guarantee YOU have the ability to drive a 9 second car, get real man....baby steps man, baby steps, try hitting low 12's first.

 

hahha this thread is funny, im getting a third mortgage to buy me some spinner wheels.

 

ya, i would not do it. 1000rwhp might hold for a little while even if you did a turbo-hydro 400 trans swap, but the motor will need to constantly keep getting rebuilt. only one person has tested up to this range, and they could not sustain 900 crank hp without blowing the radiator cap off. yes it was sleeved and 1/2" head studs too.

 

Ok thanks

BTW alberto your drawing conclusions to quick i have only gone to the track once you cant just say o your not the best driver i know that im not but give me a chance here. Im not going directly to just swap everything out and start going for a 9 or a 10 ill learn the car first.

But thanks again guys i think i will go little by little.

 

if you're really pretty sure you'll be able to pay it down in the next 1-2 years, taking a little money out to do some upgrades won't really hurt anything, but 1000whp? dude, don't go doing that.

First of all you bought the wrong car for that - much cheaper ways to get there on other platforms - buy a used dragster race car or something cause 1000whp is going to be worthless on the street. YOU WILL NEED RACE TIRES - period to use 1000whp. Even then you might still have traction problems. So you won't be able to just drive the car on the street and expect to use 1000whp.

It ain't going to be cheap to do something like that and none of us really care about 1000whp - that's some sorta fantasy race car only thing. To even want that is just for bragging rights. You will not be feeling good going into debt and spending more and more money to fix stuff that you thought was working right. If you were a company that races and would eventually be recouping some money selling specialty parts etc and get a tax break on everything at tax time cause it's your job - that's one thing, but taking out whatever $50k loan to **** it away on 1000whp is asking for bad news.

you still gotta find an insurance company to insure you right? Sounds like you're building a purpose built race car, not a street car

 

As you can see the overwhelming response is don't do it.

It is your money, but if anything you should be trying to pay off the mortgage _faster_, not slower. Just a few extra payments a year will save you tons of money on interest and pay off the loan a lot faster. Many loan companies will allow you to pay 1/2 of your monthly bill every two weeks and saves you a lot o money. Once you pay off your house you can buy a second home or rental property and start to pay that off.

The basic idea is to pay off your house so that when you retire you have no house payments or you can sell the house and buy an cheaper residence and live off the difference. When you can't even drive any more you can even sell the house and buy an immediate Joint and Last Survivor annuity that will pay you and your spouse a fixed amount until you both pass away.

Sure your house has appreciated in value, but so has a house of comparible size and location, so you have gained nothing if you want to move when you retire to a house of comparible size and location.

IMHO, you need to look at your house as part of your retirement fund, not a piggy bank.

Just imagine yourself looking toward retirement with two properties and no house payments . You can do it!

 

ok guys

 

I'd have to agree 100%. I'm in the mortgage industry and it's sad to see the amount of people who cannot retire when they hit retirement age because they had kept refinancing their mortgage over and over again to pay off bills... So here they are at 60+ years old with a big, fat 30 yr mortgage still to pay!