Take a loan out for truck

[psdan000]

ok so what do you guys think...im thinking about taking a loan out to get some much needed things done to my truck. its in need of a tranny, and with injectors on the way to my door i figured i better start thinking about it. i know i know, not a very smart thing to do to go and blow up my tranny without the money to replace it, but hey im young and dumb what else can i say. plus id like to get some body work done and have it painted. first off, is this even possible? good idea? bad idea? things to look out for? any input is welcome. thanks

dan

 

[b unit]

cash is king

 

[95_stroker]

Taking out a loan isnt an entirely bad idea. But the interest rates have to be in your favor to do so. Cash is king as mentioned, but not always a reality. Would it be better to borrow a couple grand now and get your affairs in order while you are prepared or when you blow up your tranny and arent prepared? Only you can answer that Dan. In either case, you had better be planning on driving the money out of your investment.

 

[WD40]

Take a loan out for truck , I have done this in the past. Had to drive that sucker for another 5 years and still didn't come out on it. I see that you are young and have a long ways to go yet.
Most of the time when you fix one thing, then something else brakes and you will need three or four hundred to fix that. It just never ends.
This is free so take it for what it cost you. Just remember that credit is real easy to get but hard to pay off.

 

[BJS]

You've got a few choices

1. Self control or simply don't get programs that will toast your tranny.

2. do the injectors and in a few thousand miles of light driving (when money allows) upgrade the torque converter & install a shift kit (transgo tugger) & wait on the body work.

3. Take a loan out get more power get addicted and want even more so you'll be in debt and wont' be able to even think about it because you'll already have 1/2 the value of the constantly depreciating truck out on loan.

From my experience I find it far more rewarding to have waited saved because when I finally buy it I know that it is something that I really wanted. For you it sounds like the transmission is the big possible cost to you in the near future. So I'd say try to prolong what you have until you can have at least 1/2 the $$ on hand for the transmission or until you break it. Depending on what transmission you want and your ability to save $$ (or pay off a loan) you may be able to stick the money away to pay all or the vast majority off in cash when you can get the transmission of your desires.

 

[powerboatr]

Oh no
I have a just a few questions/comments for you to piggy back on a few others words of wisdom.

getting a loan to keep up with the jones is a bad way to keep up
I dont know how old you are but like it was said, power is addictive, where does your quest end????
injectors, tighter tranny, new gears, tuners/chips, bigger tires.
What is your end goal?

do you own a house? if you do is it worth, 20 k more than you owe? if it is and your dead set on a loan, then get a home equity which has a much lower interst rate based on your credit score, which I hope is above 650 if not, it wont be the most favorable of rates.

if you do not own a home, then your stuck with a signature loan or worse yet a title loan

again based on your credit a signature loan even with perfect credit will cost you in the range of 10-18% APR

a title loan (BAD BAD BAD) is maxed out by the legal limit set by your state, which can be in the range of 32% or higher in some states.

then there is the famous credit cards, again interst rates are freaking crazy and are hidden with all kinds of ways to raise your rates based on oddities in your payment schedules, do you know most credit cards and utility companies purposely have your payment due on a saturday, the reason is you know most banks dont process payments on sat or sun. so if they get the check on sat mail delivery, you dont get a credit till monday which is now technically LATE, which allows them to raise your rate, because unlike the irs credit card folks dont care what day the letter was post marked, they only care about when they post it as paid to your account.

so if you can milk the tranny for a few more months and SAVE up the $$ to get it repaired that would be the best thing, or atleast have 3/4 of saved so if you have to take quick tranny loan your not left holding a big ball of interest on a truck.
you said injectors are on the way, well do they have to go in right now???
can they wait till you get the tranny work done and add your power enhancements after the tranny is up to snuff??


either way, think it all through to the last detail, before you make a decision.
your not hooked up expecting a baby are you? or will you be soon? or thinking about getting married if your not already?
life changes FAST and never when your prepared for it, it always waits for you to get comfy then bam, a load of bricks.
old dude signing off

 

[Tx_Atty]

one small thing to consider in addition to all the above - your truck is 10 years old - you will be hard pressed to get anyone to lend you $ against it as the collateral. A credit union will be the best shot. this is assuming you do not already have this arranged...

 

[psdan000]

thanks for the advice guys, yes i am young (20) and still in school and live at home. the truck is in my name so looks like i would have to do a title loan. i just figured maybe taking a loan out to put toward my truck instead of buying a new vehicle would be the better choice...maybe not. looks like ill be saving my pennies for a tranny! ive been baby'ing this thing for awhile, its got 167k on it and it just feels like sometimes its going to fall apart. i rely on this truck as my everyday driver and sometimes pull a trailer with it too. thanks again for the help. ill keep in mind what you all have said.

Dan

 

[pdt1081]

thanks for the advice guys, yes i am young (20) and still in school and live at home. the truck is in my name so looks like i would have to do a title loan. i just figured maybe taking a loan out to put toward my truck instead of buying a new vehicle would be the better choice...maybe not. looks like ill be saving my pennies for a tranny! ive been baby'ing this thing for awhile, its got 167k on it and it just feels like sometimes its going to fall apart. i rely on this truck as my everyday driver and sometimes pull a trailer with it too. thanks again for the help. ill keep in mind what you all have said.

Dan

Still in school? As in College? Two words, student loans! My school allows you to borrow up to an additional $5000 a year for extra school expenses (room, board, transportation, etc). If you haven't already, you can fill out the FAFSA and get a Federal Stafford loan which is interest free until 6 months after you leave school. Other private loans (Sallie Mae, CitiAssist from Citibank, etc) are very low interest 4%-10% and require no payments until 6 months after you leave school. Needing a transmission for you daily transportation at school is a very legitimate reason to borrow extra. They don't need to know the reason you need the tranny is because you're adding power.

My other suggestion to you would be to hold off on the injectors and put that money towards a transmission. There's a lot that can be done with a motor in stock trim that a stock transmission can't take. Putting the injector money into a transmission would allow you to get a hotter tune installed.

 

[psdan000]

not a bad idea, didnt think of that one. injectors are already paid for. already have a chip and one of the guys around here has the ability to reprogram my chip for free so ive tried a lot of different tunes. ill look into the student loan though. thanks for the tip