07-18-2009, 02:57 PM
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#11 (permalink)
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Retired admin
Join Date: Dec 2008
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Quote:
Originally Posted by Modshack
Don't do it! It'll be a downward spiral from there. A good friend just had to sell his Prized Mustang because he got in over his head. Used a Home equity loan to finance his Supercharger. Car's gone, He's still got the loan.. bad way to go especially now since the house is worth less than he owes on it..  .
I won't get into the "I want it now, We're the entitlement generation" thing as it may not describe you at all, but if you can't afford to pay for it outright you probably shouldn't be doing it. Times get tough and you need to sell that $25K worth of stuff, it may only be worth $5K... |
Nail on the head. Most financial experts would say that even financing a car is not a good idea, much less specific mods for a car. That's a good way to find yourself in real trouble, real quick.
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