Ok so heres the deal

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Saleen311

New Member

Dec 8, 2004

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Hampton, Va

Nov 17, 2006

#1

• Nov 17, 2006

• #1

Ive come across a great deal on a house. I can get it for 30% loan to value. I plan on getting a loan for 50% and pay off the car and credit cards. Ill be left with about 20k in the bank and ill save about 400 bucks a month on bills. The mortgage will be around $600 a month and Ill get a roommate. Now, I bought this Mach 1 about 3 months ago. Do I just trade it in for a Cobra or do I put a supercharger on it? If I do I want a twinscrew and get rid of the shaker. Opinions.....

 

K

Kilgore Trout

Fried or Broiled ?

10 Year Member

Mar 30, 2005

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Nov 17, 2006

#2

• Nov 17, 2006

• #2

KB the Mach or get a Terminator...

That's a tough call, how much do you love your Mach? Is it the perfect color with no flaws???

 

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Saleen311

New Member

Dec 8, 2004

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Hampton, Va

Nov 17, 2006

#3

• Nov 17, 2006

• #3

Black on Black. I like it a lot. But Ive always wanted a Cobra. I just settled for the Mach 1. But still Id get more out of a KB Mach then a stock Terminator. I dunno. I could always but a Cobra front bumper on it.

 

DaNd4Speed

Founding Member

Jun 12, 2002

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Patterson, NY

Nov 17, 2006

#4

• Nov 17, 2006

• #4

how bad do you want an IRS? you may be better off keepin the Mach with the live axle in the back if you get really serious with the power.

 

DocG

5th graders > me. They're not bant

Sep 25, 2005

8,297

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Cincinnati area

Nov 17, 2006

#5

• Nov 17, 2006

• #5

I'm a little confused, so you got a house for 30% of its value and are taking a loan for 50% of the value and using the extra to pay off the car, etc.? If so, how long is your mortage loan for? I'd never recommend using a long term loan to pay off credit cards or car payments. While the interest is lower, if your paying for 20 years, you're probably losing money, especially considering your car loses value and you'd be paying on that car long after it was gone by having to pay the house note.

Anyways, keep the Mach I, you've only had it 3 months! Its an awesome car!

 

BooWFO

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May 10, 2005

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Louisville, KY

Nov 17, 2006

#6

• Nov 17, 2006

• #6

Personally, I'd keep the mach then again I'd also take any leftover money and put it straight to the house loan. ie any left after making repairs/improvements.

 

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Saleen311

New Member

Dec 8, 2004

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Hampton, Va

Nov 17, 2006

#7

• Nov 17, 2006

• #7

DocG2828 said:

I'm a little confused, so you got a house for 30% of its value and are taking a loan for 50% of the value and using the extra to pay off the car, etc.? If so, how long is your mortage loan for? I'd never recommend using a long term loan to pay off credit cards or car payments. While the interest is lower, if your paying for 20 years, you're probably losing money, especially considering your car loses value and you'd be paying on that car long after it was gone by having to pay the house note.

Anyways, keep the Mach I, you've only had it 3 months! Its an awesome car!

Click to expand...

Right. Id save money per month but in the long run id be out. But its only $600 a month. I pay more than that for rent on my Apartment. On top of that I would have a roommate who would more than likely pay almost all of that. Then Id be living basically scott free. I could put almost all of my income into the principal and pay it off quickly. Car paid for, own a house for cheaper than rent, Money in the bank, no Credit Cards. That sounds really good to me.

As for the IRS, I definitely dont want it. I probably will end up S/Cing the Mach 1. A Cobra to me is pretty much the name. Id still have a 4v.

 

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Saleen311

New Member

Dec 8, 2004

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Hampton, Va

Nov 17, 2006

#8

• Nov 17, 2006

• #8

Also, I dont need any repairs on the house. Its in perfect shape. Ive helped take care of my Grandmother my whole life and its her way of saying thanks. She owns a lot of houses. So its really no big thing to her.

 

CobraRed_96_GT

Active Member

May 20, 2006

1,421

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UCSD/La Jolla

Nov 17, 2006

#9

• Nov 17, 2006

• #9

Saleen311 said:

Also, I dont need any repairs on the house. Its in perfect shape. Ive helped take care of my Grandmother my whole life and its her way of saying thanks. She owns a lot of houses. So its really no big thing to her.

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sweet i say Kewbra cuz its easy power upgrades and reliable for a S/C'd car. Where as if u KB ur mach and go crazy it'd cost more in mods and you'd be wrenching on it often. I say Cobra if u can find a really good deal and do full exhaust new pully and intake for a fun a$$ time, if u cant find a cobra for a good price around there then keep your mahc 1; they are very nice 4V's

 

DocG

5th graders > me. They're not bant

Sep 25, 2005

8,297

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194

Cincinnati area

Nov 17, 2006

#10

• Nov 17, 2006

• #10

Sounds like a good deal. Owning a home and having no debt is a great thing...wish I wasn't 200k in debt between a house, cars, boat, and student loans. At least I have no credit card debt!

Just don't let that loan go on for 10 years....get it all paid off and you're golden! I still say keep the Mach I