Who has......

[sambo]

A bank loan to build / complete / power their old skool ford??

 

It's just that i am seriously thinking about getting a fat loan out and doing everything (within reason) to my mk1 in one big hit. That way i will be nearly content with my car and wont have to do anything for a while.

Things like bubble arches, new spray job (alan mann colours) full resto, get the atmo cosworth engine in there, fit a bias pedal box, rear discs, perspex windows etc.....mmmmmmmm.

[Noodles]

Never had a loan, doin it on a shoe string, the only loan I had was from the bank of dad when i paid for the car but thats just been paid off now

[james p]

i have to save then buy the bits dont have the secrurty to pay off a loan cos my job is poo

[sambo]

Trouble is, i just borrowed the cash off my dad to get the new engine! just been scoping the net for rates and 3 grand over 2 years would be around 160 quid a month. Not too bad really, when you consider that most people get loans to get themselves a new car etc and im driving around in an old banged up clio that i got for free! Just feeling REALLY tempted to go for it and get the mk1 i always dreamed of.

[Daggle]

I remortgaged my house to buy my car, but now I would love to have a small loan just a couple of grand to really finish the car off, but that would seriously stretch by finances, so its back to working overtime and saving...

[kms]

So long as you can afford to pay the loan over the stated time then it's up to you.

There are some really good rates at the moment - most of them only apply if you are borrowing more than £7,500. And if you're quite clever and taking loans out over short periods of time you can transfer the balance to a Credit card with 0% interest - only problem with that is you control how much you pay and not the lender.

 

I've had loans in the past and probably will in the future.

We just remorgaged our house - not for more money just to get a better rate and we got a reserve account with it for £10,000 - it's a bit tempting knowing that I could write out a cheque for that amount and it would all be fine

I need to keep Simon away from it though - we have got a lot of work to do to both of our OSF to get them finished but hopefully we can do it without breaking into the reserve

[Stu_B]

I know loadsa people who spend 3 or 4k on a car just to get from A to B, they don't even like it and the second something goes wrong they'll pay to have it fixed or buy another!

I have a car I'm passionate about that has hardly cost a thing, yet I think twice before spending any money on it!! I need to sort my priorities out!

 

Sambo if you can afford the repayments then go for it! I'm seriously thinking about it as soon as I get my own garage/driveway!!

[antz]

i use THE BANK OF DAD and pay him back at 0% interest rate

 

or

 

i have to wait until payday or do some dealing on ebay

[sambo]

I know loadsa people who spend 3 or 4k on a car just to get from A to B, they don't even like it and the second something goes wrong they'll pay to have it fixed or buy another!

I have a car I'm passionate about that has hardly cost a thing, yet I think twice before spending any money on it!! I need to sort my priorities out!

 

Sambo if you can afford the repayments then go for it! I'm seriously thinking about it as soon as I get my own garage/driveway!!

 

I really like your way of thinking man! I needed someone to say 'yeah sam, thats a great idea!' now i shall make a few enquiries!! (rubs hands together)...

[Ian1300]

I'm in a simalar situation. I either wait for a bit and save the cash or just get a small loan to finish it how i want it done or just do bit by bit? Its a tough one.

 

But if you don't mind tying yourself down a little and you can make the repayment s then go for it and have the escort you've always dreamed of!

[sambo]

Been thinking about it and i reckon i will need a lot more than 3K. I might just get a smaller loan and get a rear disc conversion, alloy rad and bias pedal box. All that little lot will be around 850-900 !!!!

[mk2_escort_chick]

Cars are never complete- there will always be something that u will wanna do to it.

I dont like borrowing money or credit cards etc.

Just gotta save, save, save!

[james p]

another prob with the loan is what if you write the car off tomoz youre still guna be payin for a car you smashed up in 3 years time

[Chris!]

another prob with the loan is what if you write the car off tomoz youre still guna be payin for a car you smashed up in 3 years time

Go for it mate

 

Insurance will pay off the loan

[Rick]

dont spend what you haven got.

 

think about it!

[Vista]

I've financed my car and most of the work on it with a succesion of 0% credit card deals over about 4 years. Pay off as much as you possibly can each month and transfer the balance onto the next card when the 0% period runs out. It takes discipline and be sure not to let it build up too much but you can do the car completely interest free if you plan properly.

[brettp]

i got in deep s...t money wise building my car still owe a fortune and the bast...d thing still aint done must owe me about 40k still the rate old fords are going up in value i might get my money back in about thirty years

[pelvins]

i borrowed money to finish a project £6000 but i underestimated how much i needed , be aware !! ... , but now its finished im glad i did it as i would never have done it otherwise. the most important thing is make sure you car afford the repayments go for it

[marky4]

most peaple get a loan to buy thier daily drive so why not the osf as long as you can afford it

 

i saved up for 3 years to get my rs but had a loan for the daily drive so didn't want 2

[Twinkle]

i originally took a couple of thou on the mortgage to but the twink and for that from deals i now have the toad, prefect and the range rover!! oh and i still have the twink engine which i am tryin to sell

 

you could say i come up smellin of roses all for £2000

[bomber1]

just dont end up in the s##t with money then have to sell the car i done a sierra saph on loans and i was paying it all off a year after i sold it so the escort gets done as funds allow might not be the best but its all paid cash and the daily driver is the cheapest car i can find with mot when i need it i finish paying my loan off in november this year. the only loan i will have now is a morgage. just think of what can change in ur life in 3-4yrs then the comitment of 2-300 hundred quid going for that time imo anyway.

[60ftman]

Built mine on cash I didn't spend smoking and drinking.

Owes me £8k (or so!) but that's over five years.

It's nice to know that we own it all outright, and no-one can come knocking on the door and ask us to sell it to pay back a loan.

 

Think about it long and hard before you borrow the cash