I was wondering if anyone knows a place that I can finance a supercharger and just pay monthly for it. I know places like that exist since my friend did that with APR, a tuning company for Audi/VW. Any help would be greatly appreciated since it is so hard for me to save 4000 dollars up.
Any bank can give you either a personal loan, or a revolving line of credit, assuming you have a good credit score. Personal loans carry higher rates than do auto loans and such, but lower rates than a credit card. The bank I work at does a personal loan at a best case rate of 7.99%
A revolving line of credit is basically a credit card without a card. You can go into the bank and make withdrawls off of it when you need to, or use it to protect your accounts from overdraft (bounced checks) These run about the same rates as a credit card, 13% and up.
If you have good credit, somebody will loan you money for anything.
Financing a supercharger is just bad new, did you stop to think what if by chance you lose the motor? Then you would have to take another loan to replace the motor, not worth the risk in my opinion. Buy bolt ons for now and save up for the blower, and an emergency fund as well. my .02
Financing a supercharger is just bad new, did you stop to think what if by chance you lose the motor? Then you would have to take another loan to replace the motor, not worth the risk in my opinion. Buy bolt ons for now and save up for the blower, and an emergency fund as well. my .02
There are two, sometimes three, things that you should buy on long-term credit.
1. Houses
2. Education
3. Cars, if you have to.
Anything else financed longer than 30 days is asking for trouble. I spent 3 years of my college career wanting to spend every dollar I had on Mustangs, and much of the past 4 years still wanting to spend that way. I haven't, and I'm glad I haven't.
I was gonna buy an exhaust on a credit card simply because I'm buying it private party and it might sell (it's a good deal) but in 2 weeks I'll have the $$ to pay off the credit card. Just don't want to wait the 2 weeks to get the $$
That's true also, I've bought many under $400 items on my card. But then again I've paid it off in a month or two.
He's talking about a supercharger. Let's say the $3770 investment for a Cobra Killer kit ($173 per month @ 9.99% for 2 years, approx $400 in interest)but something goes amiss. Fuel pump craps out and you mangle a few rods and pistons. Now you've got to throw another $3300 (Livernois, first one I found) into a new short block. It'll cost you almost $326 a month almost 8000 over the 2 years.
Summit has a dedicated perfomance credit card at 22.99% (adjustable). Miss a payment and it jumps to 24.75%.
I just got out of this mess, finally paying of the credit cards from my first divorce. That was over six years ago. All it takes is a few small hiccups to take those 5.99% cards and make them over 20%.
Save you're money and have some in reserve. Nothing ever goes as planned, you can ask almost any gearhead.