Got pre-aproved for a line of credit for 20g's

[Stanley Rockefeller]

from my bank.


Soooo tempting to invest into my ride. Oh the things I could do to the little grey ghost

Also tempting to just say F it all and but an e46 for less than the cost of mods to the e30. But out where I live in Van, it's all about the late model Ferrari's, M3's etc.

A classic 88 e30 always gets attention for being a little different


What are your thoughts? invest in the e30 or just buy something newer...if so, what shoudl I consider????

[Farbin Kaiber]

Do not accept line of credit, save for mods as intended.

[balooshinakus]

First of all, a car is not an investment, so you aren't "investing" it into your car.

What you should do is decline the loan, why would you put yourself into debt to mod your car? It should be common sense that you don't get into debt for non essential items like car mods lmfao..

[evandael]

Don't. Do. It.

Paying interest on a depreciating asset is one thing, paying interest on modifications that hold little of their original value on a car than can be totalled without batting an eyelash is just absurd.


LoC loans have preposterously high interest rates. Nothing good can come of this.

[Eecen]

Hookers and blow.

Then when the card gets maxed out, cut it up and move to a different address.

[Stanley Rockefeller]

why decline the line? esp. if I have no need for the funds right away? why use my own money when I can borrow it at a lower rate than credit card, then pay it back at a better rate than a credit card offers?

honestly, even tho cars arent' an investment since they depreciate, if you plan on having it for years later, I can't see it NOT being an investment (sure they depreciate as all cars do, unless your buying a rare car that's appreciating in value).

[Stanley Rockefeller]

LoC loans have preposterously high interest rates. Nothing good can come of this.

Not this one...not with my credit history...

[Restoman]

You are doing exactly what they want you to do. Cars are NOT investments. Even a very nice one requires maintenance and insuring, maybe on in a billion cars has actually been an investment. You can do what you want, but taking that loan will not improve your lifestyle one bit.

[5ickride]

Like others have said, you shouldnt borrow money to mod your car...thats just retarded. Line of credit is better spent on renovating a home where the upgrades will actually increase the value of your asset. You should save enough "disposable" income to throw into your ride. Thats just the smart thing to do.

[Stanley Rockefeller]

You are doing exactly what they want you to do. Cars are NOT investments. Even a very nice one requires maintenance and insuring, maybe on in a billion cars has actually been an investment. You can do what you want, but taking that loan will not improve your lifestyle one bit.

I know cars are not investments...even e30's. regardless of what you purchase you will lose money.

My logic is:rather than blow money (wether its from a LoC or savings), why not just put it towards to e30, than I'd have a kickin, sweet reliable ride (no motor swaps etc.).

On the downside, if the car were to get into an accident, I'd be f'd HARD (as I've seen many times on this board).

Fair 'nuff, just buy something newer if I decide on something to purchase

what if I get it and not draw from it....will it affect my credit rating?

[freeride53]

Save your money ;)

[Jand3rson]

from my bank.


Soooo tempting to invest into my ride. Oh the things I could do to the little grey ghost

Worst idea I have ever heard. Not a single thing I've done to my car since I've owned it was done on credit. All paid for in full.

Those of you that think it's a good idea to mod your car on credit cards, I have 2 words for you, and the OG's will know what I'm talking about.

Mike Swale.

[T Verdier]

Don't do it. Gas is gonna be $5 a gallon people are getting laid off left and right and you want to get $20k in dept? I'm about $6k and that was from being a dumb 18-20 year old who had very bad spending habits. You know it's a bad idea when a car forum tells you to save your money and not spend it on your car.

[Stanley Rockefeller]

So how much have you guys spent on your e30's? (not motor swapped)

[James]

Best idea ever, do it.