Hey. Does anyone know if you can finance parts through your bank? I've got perfect credit. Anyone done this? Thanks.

-Danny

 

you could get a loan... but that is not the same thing... and i dont think financing parts is possible.

chile

 

Ok...that's what I meant. I'm not familliar with all these "big words" yet. But anyway, yea, will a bank give you a loan to work on your car? Do they give "hobby loans"?

 

You'd probably need a 'personal' loan if you could get one. I have to be honest though - financing parts for a car is not the smartest financial choice you can make.

 

Yea. I know. But I just got out of high school and am really looking forward to being in debt till I'm 30.

 

What kind of parts are you thinking of finacing? If it's a bunch of smaller stuff, wait and buy it one at a time, like an up-pipe one month and the down-pipe the next. Now if your talking a major expensive part like a stroker motor or something then I guess this would be a decent way to do it, just be carefull.

EDIT: Nevermind! Don't do it! Anyone who has just finished high school shouldn't even be thinking about loans. Go and find yourself a good paying job and get yourself sorted out first.

 

Yea that's a good idea. My original line of thinking was that I wanted to do the Vishnu Staged Packages but I wanted to do the whole package at once so I could save money...but I forgot about intrest on the loan. So I guess I'll just have to put in some overtime.

 

take it from me and the millions of others who got credit cards their first year of college... don't buy what you can't afford... stay off the plastic... pay off your current loans first (school/car).

I was lucky and got a good job after college and paid off my credit card right after school, but I know a lot of people that got into really bad situations with credit cards and ended up with bad credit etc etc.

 

if you just got out of high school then you dont have PERFECT credit. it takes years bro.... and you only start credit when your 18....

 

for this whole time i thought u were at least 25... lol no man debt is not cool, in the long run it makes ur credit really bad! just work and save and fix up your car slowly. unless u plan on getting sponorships, i dont see any other way. there is no easy way out of anything without any consequence in the end

 

perfect credit, no credit

same thing i guess

 

no credit is just like having bad credit, but i guess a little better... perfect crtedit is having a score like 800 and above. which i highly doubt a high school student just out will acheive. my dad is 53 and he has never missed a payment and never has been in debt except cars and our house (technically loans). took him 10 years to build a 500 rating.

edit: also good credit can be established by having a job, one u have for a while. and paying taxes. oh my dad is a cpa so he tells me these things and all the short cuts and stuff. if your really want a quick buck i say go to school and apply for fafsa and try to get grants and stuff

 

Yeah, sometimes, good credit helps a smackload. I can't count the times when good credit worked in my advantage, especially when buying cars, homes, etc.

Invest in your car one mod at a time at an affordable pace. I feel that improving your driving skills is the best investment at this point. As the mods come, feel your car out, learning its characteristics with each mod. When you feel that you've mastered your car at that level, purchase your next mod. By the time you've modded your car all you want, you'll have the skills to handle all of it, not to mention you're debt-free. Now how great is that?

 

Hehe yea...Thanks for desuading me from making a stupid mistake.

 

Actually, good credit is started by having credit cards, using them and paying them off on time. The longer you have had an account open, the better. You asked about financing parts - a home equity line or credit card is the only way...so you need to ask yourself this: Will I be able to pay off my loan (credit card bill)? How long will this take? Then you will know if you can really afford it or not. Good credit and financial independance require executing on a plan. The first step to doing that, is to formulate a plan. And that is exactly what I suggest you do. Best of luck.