Here is an example. Say you are younger (like we are), we work and we have a steady amount of money coming in each month...We try saving $6k but being young it's just hard to do that. When we have this financing option with monthly payments that WE KNOW WE CAN AFFORD with this job, this is a fantastic option! In my eyes, it is just forcing me to save my money. I agree, one should not mod their cars if they dont have the money, but rethink what I said and tell me if you agree with that...
OK speaking as a financial type (work for a bank in a position I deal with this sort of stuff every day) if a friend/relative said that to me, I'd punch them in the head. why can't you save for it, it isn't any harder than paying a bill, other than the fact you are building up an asset you could go and spend on something stupid before having enough to buy your upgrade. I understand the 'gotta have it NOW NOW NOW' itch, but you need to be able to decide when you can buy an itme or when its best to wait. Look at a worst case, if the job goes away or something happens financially are you stuck with a loan payment you can't afford? If the mortgage problems in the US teach people anything, it should be to avoid unneccessary credit.
Now each to his own, and I can understand why parts/service companies like to have the option available (heck, my job is to lend money to people) but seriously, don't look at it as pennies from Heaven and go nuts with it.
Here is an example. Say you are younger (like we are), we work and we have a steady amount of money coming in each month...We try saving $6k but being young it's just hard to do that. When we have this financing option with monthly payments that WE KNOW WE CAN AFFORD with this job, this is a fantastic option! In my eyes, it is just forcing me to save my money. I agree, one should not mod their cars if they dont have the money, but rethink what I said and tell me if you agree with that...
OK speaking as a financial type (work for a bank in a position I deal with this sort of stuff every day) if a friend/relative said that to me, I'd punch them in the head. why can't you save for it, it isn't any harder than paying a bill, other than the fact you are building up an asset you could go and spend on something stupid before having enough to buy your upgrade. I understand the 'gotta have it NOW NOW NOW' itch, but you need to be able to decide when you can buy an itme or when its best to wait. Look at a worst case, if the job goes away or something happens financially are you stuck with a loan payment you can't afford? If the mortgage problems in the US teach people anything, it should be to avoid unneccessary credit.
Now each to his own, and I can understand why parts/service companies like to have the option available (heck, my job is to lend money to people) but seriously, don't look at it as pennies from Heaven and go nuts with it.
Well I hope you haven't punched too many people......On a serious note, I would not finance something without a full proof plan. I don't expect to lose my job, but I know anything is possible. If I were to finance and did lose my job, I have secure money I can tap into if I get COMPLETELY stuck or screwed. This is not for everyone of course. What about your car or your house? MOST people finance for those right...while expecting to be able to make the payments for them with a job (that they could also lose at any moment). Anything is possible but I am not going to live my life with that mentality. I am in no means going into debt or screwing myself over, but I am not going to live by the "what if" crap. You only live once and by saying this I am in no way implying that you should be an idiot and go take loans out for everything you want, but sometimes it is alright. I know a good amount about this stuff for my age but I know I have a lot to learn. The best way to learn, is to experience. That is my .02 cents.
my only point is if you ever want to be financially independant, dont take out loans like this which also includes credit cards. If you have any credit card debt AND you finance mods you will be a slave to the man for the rest of your life.
Full proof plans. Tell that to the people who bought houses with those low interest balloon loans thinking they had a full proof plan for 5 years out. Tell that to the many people who thought they could afford the payments on that new car, only to find out in a year or two they were choking on that $600/month payment.
I have seen it way too many times, where someone buys a blower on their credit card, and even before they had a chance to pay it off, blew their engine or wrecked the car.
I have been there and done that, and I can tell you from hard lived experience, if I cannot pay cash for it, then it can wait.
Sorry, but I have to dissagree, there is no such thing as a full proof plan. Things come up that are unexpected, and there goes the full proof plan.
< Message edited by RedGTvert -- 12/9/2007 7:26:13 PM >
Full proof plans. Tell that to the people who bought houses with those low interest balloon loans thinking they had a full proof plan for 5 years out. Tell that to the many people who thought they could afford the payments on that new car, only to find out in a year or two they were choking on that $600/month payment.
Well considering I have more money stashed away then the blower is worth...yea ummm, I would call that a full proof plan for me Thanks!
If I read 'full proof plan' one more time, I'm gonna snap. Its 'fool proof plan'!!!!
If you like to throw money away, I highly recommend financing all your mods. Why pay $5k for something when you can spread out the payments and pay $6k?
I went to Dillards today and bought a $300 suit. They gave me 10% off for putting it on a Dillards charge card. The interest rate on the charge card is 16.99%. I did good, right?
Haha yah this did get kinda outta hand. We're just trying to watch out for you Mickey, that's all
Im older than you Philip! (not to say younger people cant give advice but I dont need help with this stuff) lol...I am just informing people of what HCM is offering. I didn't post this saying "hey guys, i now plan to ruin my life and finance all my mods". I am not financing ANY mods! If I find it feasible for me in the future to do so, then maybe I will, who knows. And to Polks comment, although extremely sarcastic as usual, I know what you mean. The financing for these mods is stuck at a 5% additional cost. So for some people, paying $200 more to have their Saleen blower 8 months earlier is worth it...to each his own!
Mickey, I may be young, but trust me when I say I have seen almost everything!
But if you can do it, def do it, get that thing blown!
I am on the same boat as you man trust me. I've lived all over the world and have seen what most people haven't. I have an incredible job making very good money and I am still struggling to pay off my car. You must either have help paying for your stuff or you made it in the market or something because damn!
Well not right now but I mean previously. Like I have said in other topics and this one, he has taught me A LOT. But I'm not ashamed of him starting me out. I'm a first generation American from my family, my father immigrated from Europe and struggled A LOT.
Well not right now but I mean previously. Like I have said in other topics and this one, he has taught me A LOT. But I'm not ashamed of him starting me out. I'm a first generation American from my family, my father immigrated from Europe and struggled A LOT.
This is like Chididdy all over again haha...no worries Philip, I hear ya
Printable Version
RE: Man Oh Man Do I Have Good News! - 
...On a serious note, I would not finance something without a full proof plan. I don't expect to lose my job, but I know anything is possible. If I were to finance and did lose my job, I have secure money I can tap into if I get COMPLETELY stuck or screwed. This is not for everyone of course. What about your car or your house? MOST people finance for those right...while expecting to be able to make the payments for them with a job (that they could also lose at any moment). Anything is possible but I am not going to live my life with that mentality. I am in no means going into debt or screwing myself over, but I am not going to live by the "what if" crap. You only live once and by saying this I am in no way implying that you should be an idiot and go take loans out for everything you want, but sometimes it is alright. I know a good amount about this stuff for my age but I know I have a lot to learn. The best way to learn, is to experience. That is my .02 cents.
