how do I get a loan? (need help)

JOKINGFG2 · 05-23-2007, 11:39 AM

sup everyone, I have a 06 civic si and a 99 civic hb, now the thing is I want to do a swap for my hb and throw some bolt ons to my si. Well my question is what do I apply for? Do I get a personal loan or a auto loan cuz its money spent to my cars. Or do I hace to even give them a reason for what Im going to use the money for. I need some financial advise. This is my first time applying for a loan besides my si.

any advise or or helpfull info will be greatly appretiated.

thanx

ps sorry if this is the wrong place to make this thread but I wasnt sure where to put it so feel free to move.

xSi · 05-23-2007, 11:41 AM

Quote:

Originally Posted by JOKINGFG2

sup everyone, I have a 06 civic si and a 99 civic hb, now the thing is I want to do a swap for my hb and throw some bolt ons to my si. Well my question is what do I apply for? Do I get a personal loan or a auto loan cuz its money spent to my cars. Or do I hace to even give them a reason for what Im going to use the money for. I need some financial advise. This is my first time applying for a loan besides my si.

any advise or or helpfull info will be greatly appretiated.

thanx

ps sorry if this is the wrong place to make this thread but I wasnt sure where to put it so feel free to move.

you can get a personal loan for a few thousand but you need collateral like a house or something

JOKINGFG2 · 05-23-2007, 11:44 AM

Quote:

Originally Posted by xSi

you can get a personal loan for a few thousand but you need collateral like a house or something

well I dont own a house so what else can I use, wow I never knew you had to give collateral to get a loan......thats a first.

***SiliconX*** · 05-23-2007, 11:59 AM

Banks typically won't give you a loan for stuff like that unless you put down a pretty siazble downpayment, and if you're doing that, you might as well just save the money yourself.

You DEFINATELY don't want to through one of those lending places because the interest is insane, you'll end up paying back 25-30% of the loan in interest.

If borrowing is what you really want to do, you might want to look into a Line of Credit at your bank as the interest rate is pretty good.

I'm not too hip on financing stuff though so don't take my words to heart, just throwing some thoughts out.

bluesunit · 05-23-2007, 12:02 PM

Credit card?

janaka · 05-23-2007, 12:26 PM

a loan to mod a car? are you ****** insane?
are both cars fully paid off? i hope so, if not then go to statement #1
is it THAT important to do a swap in the other car AND mod the Si to go into debt for it? really? think about it. that has to be the WORST financial decision ever.
let me guess you are 19? 18 maybe?
anyone older than that needs to read statement #1 again

07si sedan · 05-23-2007, 12:36 PM

^ i have to agree, borrowing money to mod a car that depreciates is not a wise investment.

for the loan try your bank or maybe a credit card. depending on your credit the credit card might offer a special deal.

xSi · 05-23-2007, 03:00 PM

ive gotten loans for my cars in the past to modd theres plle thats gotten it for vacations and stuff it sucks cause it does depreciates thats why i dont do it anymore lol

xSi · 05-23-2007, 03:02 PM

Quote:

Originally Posted by xSi

you can get a personal loan for a few thousand but you need collateral like a house or something

it depends in the amount you want 2000 you dont need but hitting like 5 yeah

***Cybergypsy*** · 05-23-2007, 03:07 PM

don't!!!

***SiliconX*** · 05-23-2007, 03:39 PM

Quote:

Originally Posted by 07si sedan

^ i have to agree, borrowing money to mod a car that depreciates is not a wise investment.

Modifying a car isn't really a wise investment anyways. Neither is buying a new car period for that matter.

spocheld · 05-23-2007, 03:54 PM

Ok, here's my 2 cents. You can go to your bank, or I would reccomend a credit union if you belong to one because their rates will be better. Yes, for a personal loan you do have to provide some type of collateral against it, and your car counts for that. Back when I was in college I needed a loan to have my engine rebuilt in my Camaro so I got a student loan with a low interest rate, that I'm still paying for, damn car!

Anyways, there are two sides to every story. If you can save 200-300 a month and buy everything in like a year, why not get a loan and get the items now and put that 200-300 on the loan and pay it off in a year. You will be out the interest on the loan but if you think it's worth it go for it.

I recently got a cash advance on my credit card for 1.9% for a year (to buy an engagement ring, not for mods), you can also do something like that.

mattSi · 05-23-2007, 04:12 PM

Borrowing money from a bank to modify a depeciating asset FTL!! Paid off or not...still a bad decision IMO

JOKINGFG2 · 05-24-2007, 01:31 AM

Quote:

Originally Posted by spocheld

Ok, here's my 2 cents. You can go to your bank, or I would reccomend a credit union if you belong to one because their rates will be better. Yes, for a personal loan you do have to provide some type of collateral against it, and your car counts for that. Back when I was in college I needed a loan to have my engine rebuilt in my Camaro so I got a student loan with a low interest rate, that I'm still paying for, damn car!

Anyways, there are two sides to every story. If you can save 200-300 a month and buy everything in like a year, why not get a loan and get the items now and put that 200-300 on the loan and pay it off in a year. You will be out the interest on the loan but if you think it's worth it go for it.

I recently got a cash advance on my credit card for 1.9% for a year (to buy an engagement ring, not for mods), you can also do something like that.

what if for example I'm just paying every month for my ek, say I dont have my si anymore. If Im still paying off a $4000 loan for my ek can I still use that as collateral? Or can I still even get a personal loan in that fact?

dominodave · 05-24-2007, 01:50 AM

Credit cards may be easy to get. Banks want to make money and they make money on credit cards.

Picture this: a two year loan at 10%. Your payment will be $92.29 per month. You would have paid $2,214.96.

A three year loan would be $64.53 and $2,323.24.

That's a waste of $323.24.

Think about it.

05-23-2007, 11:39 AM	#1 (permalink)
JOKINGFG2 Senior Member Join Date: Feb 2007 Location: Hawaii Posts: 209 Jon iTrader: 0 / 0%	how do I get a loan? (need help) sup everyone, I have a 06 civic si and a 99 civic hb, now the thing is I want to do a swap for my hb and throw some bolt ons to my si. Well my question is what do I apply for? Do I get a personal loan or a auto loan cuz its money spent to my cars. Or do I hace to even give them a reason for what Im going to use the money for. I need some financial advise. This is my first time applying for a loan besides my si. any advise or or helpfull info will be greatly appretiated. thanx ps sorry if this is the wrong place to make this thread but I wasnt sure where to put it so feel free to move.

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05-23-2007, 11:59 AM	#4 (permalink)
*SiliconX* is stuck at work... Join Date: Nov 2006 Location: Calgary, Canada Posts: 1,379 Eric iTrader: 2 / 100%	Banks typically won't give you a loan for stuff like that unless you put down a pretty siazble downpayment, and if you're doing that, you might as well just save the money yourself. You DEFINATELY don't want to through one of those lending places because the interest is insane, you'll end up paying back 25-30% of the loan in interest. If borrowing is what you really want to do, you might want to look into a Line of Credit at your bank as the interest rate is pretty good. I'm not too hip on financing stuff though so don't take my words to heart, just throwing some thoughts out.

05-23-2007, 12:02 PM	#5 (permalink)
bluesunit Senior Member Join Date: Dec 2005 Location: New Orleans, LA Age: 28 Posts: 297 iTrader: 0 / 0%	Credit card?

05-23-2007, 12:26 PM	#6 (permalink)
janaka Senior Member Join Date: Jul 2006 Location: Cambridge Posts: 561 iTrader: 1 / 100%	a loan to mod a car? are you ****** insane? are both cars fully paid off? i hope so, if not then go to statement #1 is it THAT important to do a swap in the other car AND mod the Si to go into debt for it? really? think about it. that has to be the WORST financial decision ever. let me guess you are 19? 18 maybe? anyone older than that needs to read statement #1 again

05-23-2007, 12:36 PM	#7 (permalink)
07si sedan Senior Member Join Date: Apr 2007 Location: Dsm IA Posts: 857 iTrader: 1 / 100%	^ i have to agree, borrowing money to mod a car that depreciates is not a wise investment. for the loan try your bank or maybe a credit card. depending on your credit the credit card might offer a special deal.

05-23-2007, 03:00 PM	#8 (permalink)
xSi Member Join Date: Apr 2007 Location: The O.C (orange city) Posts: 88 Xavier iTrader: 0 / 0%	ive gotten loans for my cars in the past to modd theres plle thats gotten it for vacations and stuff it sucks cause it does depreciates thats why i dont do it anymore lol

05-23-2007, 03:07 PM	#10 (permalink)
*Cybergypsy* Resident Caraholic Join Date: Apr 2006 Age: 48 Posts: 8,101 iTrader: 3 / 100%	don't!!!

05-23-2007, 03:54 PM	#12 (permalink)
spocheld Senior Member Join Date: Sep 2006 Location: Fresno, CA Age: 25 Posts: 1,445 Jeff iTrader: 2 / 100%	Ok, here's my 2 cents. You can go to your bank, or I would reccomend a credit union if you belong to one because their rates will be better. Yes, for a personal loan you do have to provide some type of collateral against it, and your car counts for that. Back when I was in college I needed a loan to have my engine rebuilt in my Camaro so I got a student loan with a low interest rate, that I'm still paying for, damn car! Anyways, there are two sides to every story. If you can save 200-300 a month and buy everything in like a year, why not get a loan and get the items now and put that 200-300 on the loan and pay it off in a year. You will be out the interest on the loan but if you think it's worth it go for it. I recently got a cash advance on my credit card for 1.9% for a year (to buy an engagement ring, not for mods), you can also do something like that.

05-23-2007, 04:12 PM	#13 (permalink)
mattSi Senior Member Join Date: Nov 2006 Location: AZ Age: 25 Posts: 777 Matt iTrader: 1 / 100%	Borrowing money from a bank to modify a depeciating asset FTL!! Paid off or not...still a bad decision IMO

05-24-2007, 01:50 AM	#15 (permalink)
dominodave Senior Member Join Date: May 2007 Location: Nor Cal Age: 41 Posts: 3,125 iTrader: 0 / 0%	Credit cards may be easy to get. Banks want to make money and they make money on credit cards. Picture this: a two year loan at 10%. Your payment will be $92.29 per month. You would have paid $2,214.96. A three year loan would be $64.53 and $2,323.24. That's a waste of $323.24. Think about it.