If you had $2000 to spend on the stang...

jermy82

jermy82

Founding Member
Feb 2, 2002
446
0
0
Sherman, Illinois
#1
So I guess this started this weekend when I went out and test drove Mach 1. In all honestly of course I wan't gonna buy it, but I wanted to see how it felt. They did a credit check as I bull****ted with the salesman and not to my surprise I really have no credit. So I think I'll take out a small loan, say $2000 to just blow on my car (have a friend cosign for me). I was originally stuck on just doing heads...probably Twisted Wedge...but don't know if I need to deal with different roller rockers or other stuff for them...sorry not too educated on the subject. I haven't ruled that out, but I do need to finish my exhaust, get an intake manifold, torque converter, and shift kit. Maybe not all at once....hell, I don't know. Just give me your suggestions. Keep in mind that if I do heads there's pretty much no way I'm gonna install them myself so take into account install costs. Tell me what you think. Thanks.
 
#4
ahh...i missed the no self installation thing....2 grand aint gonna cut it then....and im not sure how much the average shop will charge to do that....id think about waking up the AODE then with a stall and a shift kit....and an intake manifold....



Anthony
 
#5
get 2500, then get stall/shift , and a nice used blower less hassle and you could probably install yourself with minimal probs ....then work for a few months to throw on some used inj's and a maf
 
#6
Unless you are buying a new car, or refinancing a car, that loan will be a signature loan and you will get raped on the intrest. If you know you can pay this off in a year, I would look at summit, they have 1 year no interest on $500+ purchases with their new credit card.

Otherwise, just save up because it isn't a good idea to get so leveraged that you can't fix your car if it breaks.
 
#7
I say get 2500 and go with Heads, cam and intake... well pretty much what vipern94five-0 said. See if you can find some parts like the manifold used too, that'll save some $$$
 
#8
I can definately pay this off in a year or less. I could almost pay for it with cash now, but I want to do the loan thing for credit reasons. If the cosigner has pretty much perfect credit I would think the rate would be lower, but I could be wrong. Besides, how much interest could it possibly be for this small of a loan for a year or so.

CivicEater--Really want to go for the NA combo, but thanks for the suggestion.

331 Cobra--Thanks for the advice on summit. Doesn't sound too bad, but with pretty much zero credit history, could I even get the credit card in the first place?

I think if I do an intake (350-400)...could probably install myself, catback (250-300) could definately do myself, and torque converter/trans. cooler (300 give or take) which I don't have a clue on install, that would make me pretty happy and open it up for heads a bit better for some time down the road. That's only a grand for parts and that would be easier to pay off quickly and then maybe with a little bit of luck and some footing established I could do another one of these on my own next time. Just what I'm thinking right now. Keep the suggestions coming and thanks for the opinions so far.
 
#10
I have the credit to get a loan for full blue book on my mustang, I'm not sure how much my bank would loan me for a new car. I got 3.95% on my car loan and a signature loan was 13%. It isn't any better than a credit card.

The reason is that a signature loan has no collateral. That sounds like what you are trying to do.

Almost any one can get a credit card if they have a source of income. If you can't get a summit card, try to get a visa. You won't get the zero interest for 12 months, but you will build your credit, and you can shop anywhere.
 
#11
331 cobra said:
I have the credit to get a loan for full blue book on my mustang, I'm not sure how much my bank would loan me for a new car. I got 3.95% on my car loan and a signature loan was 13%. It isn't any better than a credit card.

The reason is that a signature loan has no collateral. That sounds like what you are trying to do.

Almost any one can get a credit card if they have a source of income. If you can't get a summit card, try to get a visa. You won't get the zero interest for 12 months, but you will build your credit, and you can shop anywhere.
Click to expand...

As far as collateral goes, I have my Mustang and a Thunderbird both in my name and they're both paid off. Didn't take out a loan on them, just paid cash. Would that help as far as an interest rate?

1105--I'll think about it, but I'm gonna have to lean towards a no. I'm willing to try almost anything myself, except heads/headers cause I'd rather pay someone a bunch of money to do it right than screw my car up by my own accord and have to pay even more. But hey, I asked for suggestions right...lol.
 
#12
Having something to back your loan up will save you about 2% points. Having a great co-signer is great for getting the loan because the bank feels better about getting their money back, but it doesn't help with interest. Go put the money in the bank and get a loan against it. That will let you do it by yourself and at the best interest rate for your situation. And don't forget, there is a bank on every corner so make them work for you, not you for them. One last thing, most banks do not report to a credit agency so you need to get the visa if any way possible, they report every month wether you pay good or bad or at all.


Paul
 
#13
cat back is a must, along with stall, shift, and a 65mm TB.... you might also look to do some cosmetic things too, i.e. white face guages, shift knob, e-brake knob, a classy tach on the dash, maybe some a-pillar guages, or take out the silly clock pod and put some guages there. Those are the little things that I always put off for speed type parts and always wish I kinda did because it definately personalizes the car more. Plus when your cruisin top down in the vert everyone can see all the pretty goodies... just a thought, good luck!
 
#18
I have a rule, and that rule is that no car toys get bought on credit, period. I can either afford to do it with cash on hand, or I can't afford it at all. It's folly to get into debt buying stuff that loses all of its value the instant you install it.

Dave
 
#19
I agree with what dave said.

Just get a CC to build credit, just be responsible and you will be fine.

But, if you are gonna get the 2k, i would get heads and cam. Thats the hardest thing to install, and once its outa the way everything else will be easy.
 
#20
I truly appreciate the concern over not taking out a loan or putting car parts on credit. You're all right, and I know it. This really isn't a matter of going in to debt. If I only take out a loan for the things mentioned in my last post, I could pay for it just the same with cash tomorrow if I had to. My only objective is to build credit cause I know it's not gonna be a problem at all to pay it back. I like the idea of doing the credit card, and I probably will here before too long. 5.0 to 95--what exactly do you mean exactly by putting the money in the bank and taking a loan out against it?

Other than that I'll go with the before mentioned mods I think. Cosmetic can be put on hold. I just wanted my Cobra wheels and I'm pretty happy with how it looks. Anything else to add, let me know. Thanks.
 
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