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

[payney8]

^^^ Truth i have a mate who is in 40k debt for just shit basically. Tv's,beds, bought a boat and sold it and used the money on nights out. Stupid shit. Im about 10k in debt but that is cause i made a few bad desicions. I have a full time/permenant job though so im trying to pay it off by the end of the year.

[Turf1600]

Or you could put a tiny bit of effort into not sounding like a douchey-bitch.

Look, I'm not going to sugar coat my opinions so that I don't offend a bunch of 80's sedan owners on the internet. I had serious points to make and I feel that I made them clearly. If you don't like what I'm saying or how I'm saying it then fine you don't have to. I don't care. So like I said, if the result of all this is that I sound like a "douchy-bitch" then I'll have to live with it. Don't try to drag me into a name calling festival. I'm not going to engage.

[KirkerBezerker]

Or you could put a tiny bit of effort into not sounding like a douchey-bitch.

Your the only person coming off as a "douchey-bitch" (very witty btw) in here.

Turf is talking to a bunch of 18 and 19 year olds about how to not fuck up their credit, not 30 somethings who have hit tough times (you).

NO DEBT FTMFW!

[KirkerBezerker]

Actually your not the only "douchey-bitch" in here! Stanley Rockerfeller is a "douchey-bitch" as well.

[mitch500]

loc's are not so bad. i got one from RBC. 20k for 6%. my visa and loc is always at zero, i never carry a balance...
but when i want to buy something on my visa and don't have the money until my next pay cheque i will buy it on my visa for the points then pay it off with my line of credit.. then at the end of the month i pay the loci of entirely....

go way to build credit. thats how i have a 818 credit score ;)

[Bene]

just to make sure this horse is dead.

it's a terrible idea to "invest" 20k of anyone else's money on a brand new car that is actually worth 20k.

It's borderline retarded to do it on a car that will never be worth more than 5k.

One possible exception would be if you actually are making an investment into your shop or race team. Both of which are worlds I know next to nothing about, financially speaking.

[Turd]

Sold my E30 to pay off student loans. As much as I liked the car, its not worth carrying debt and 'paying it off' (cake and eating it too). I drive a $500 dollar Volvo, its how you drive it that makes it fun ;).

[Fusion]

The only vehicle ownership investment that can pay off is one that directly creates profit (courier service, trucks for home movers etc.) or collectibles, ie. an E30 M3 in great condition should gain value and in 10 or more years you will probably profit.
I've never bought a new car, and probably never will. I can't live with the fact that the value plunges the moment you drive out the dealership, and further loses a major percentage every year. No matter how you take care of it, no matter what you do.

My daily driver calculation is easy. I'm willing to pay 9 cents per mile, 9$ per 100miles. This price does not include consumables (tires, fuel, pads)
So if I buy a 10k car (cash in full, my planned upcoming DD) I should keep it for approx. the next 110k miles, which is about 6 years for me.
If I don't keep it the whole 110k miles, I want to sell it for whatever the 9c/m is. So if I do 55k miles, I want to sell it for 4950$ in about three years.
Maintenance adds up to the miles, so if I need a 450$ clutch job, add 5000 miles I "need to drive".

Not saying this is the most amazing strategy in the world, but it works for me. That of course doesn't work on the E30, which I have for fun and it gets new parts when I have some leftover money.

Try one thing just for the hell of it - approximately count the purchase price of your E30 + parts + insurace + whatever (not fuel), divide that amount by the miles you've put on it. Find out the cost of one mile you drive...
In my case its about $1.12/mile... compared to my DD cost of $0.11 atm.
A lady friend of mine has a VW Polo, bought new and financed, that is costing her about 5$/mile.

[nando]

Try one thing just for the hell of it - approximately count the purchase price of your E30 + parts + insurace + whatever (not fuel), divide that amount by the miles you've put on it. Find out the cost of one mile you drive...
In my case its about $1.12/mile... compared to my DD cost of $0.11 atm.
A lady friend of mine has a VW Polo, bought new and financed, that is costing her about 5$/mile.

I'm somewhere around 35 cents a mile. not bad, all things considered. I know my wife spent way more than that on her two previous cars..

but taking out a $20k loan for a car? lol. It shows where your priorities are if all you care about is what people think you're worth because you need a flashy car. Having that much debt is not a good feeling, I think I started with about $25k in debt a few years ago, I'm down to about $10k now (student loans mostly). Every month I'm paying hundreds of dollars that I could be saving or spending on fun things..

[Restoman]

Credit and it's need is the joke of life. No one needs credit. If you resist temptation and make your decisions not based on emotion debt would never find you.

[TheEtaUnderdog]

Credit and it's need is the joke of life. No one needs credit. If you resist temptation and make your decisions not based on emotion debt would never find you.

I'm sure you've never bought anything on credit mr high-and-mighty

[Nairb]

I always carry cash.

U mad?

[daniel]

good stuff here in this thread.

[ck_taft325is]

Look, I'm not going to sugar coat my opinions so that I don't offend a bunch of 80's sedan owners on the internet. I had serious points to make and I feel that I made them clearly. If you don't like what I'm saying or how I'm saying it then fine you don't have to. I don't care. So like I said, if the result of all this is that I sound like a "douchy-bitch" then I'll have to live with it. Don't try to drag me into a name calling festival. I'm not going to engage.

Hey, if you sound like one you do, man. Sorry. You can act above it but you're still talking about it. In fact, you've mentioned in every post.

Now I understand where you're original point is coming from. I actually agree. My point is that you're acting and sounding like a pompous prick. If you actually want your points taken seriously, you shouldn't act like a douchey-bitch. Get it?

Your the only person coming off as a "douchey-bitch" (very witty btw) in here.

Turf is talking to a bunch of 18 and 19 year olds about how to not fuck up their credit, not 30 somethings who have hit tough times (you).

NO DEBT FTMFW!

It's actually assumed that the original poster is about useless. The discussion is less about that and more about the general attitude or opinion that having Credit makes you fairly worthless. Sorry, it came across that way, thus the douchey-bitch. And thanks, I came up with it all on my own.

[ck_taft325is]

I'm sure you've never bought anything on credit mr high-and-mighty

He's a real gangstah. He only buys beat to shit 80's cars and hasn't owned anything less than 15 years old. Duh.