So last week I decided that since I need to pull the engine for a transmission swap, I might as well just get a bigger engine while I'm at it. So now I plan on doing a 5-speed H22 swap. Anway, here's what I can't decide...

should I just save up some money from each paycheck (and tax returns will help lol) and slowly save up for the swap? My goal is to have this done by my birthday (7/23), so at the beginning of July, I'll probably look at how much money I have and take what I need out of my bank account (I'm saving up money in a secret hiding place lol... my parents would flip s*** if I took $3k out of my bank account at once lol)

Or should I just go and take a $3500 bank loan out (which should pay for everything I need for the swap) and get it all done at once? I have not established credit, and obviously it'll take me longer than 6 months to pay it off, so I'll be building credit with this. My problem is that next fall I hope to be going to WyoTech (and hopefully working part time stocking shelves or something at the Wal-Mart that happens to be across the street lol), so I'm not sure I'm going to be able to make payments while I'm at school.

What would you guys do? I've already realized that my planned transmission swap and turbo kit idea would probably cost more than $3500, so an h22 swap is actually my cheapest "go-fast" option


(and for the record, this is in off-topic because it's regarding bank loans, not necessarily my civic lol)

 

save. fu(k loans, that just gets you in debt. debt isn't good. save your money. h22 is the way to go.
/thread.

 

Taking out a loan can be a great way of building good credit. I took out a loan on my car, even though I had the money to pay it all in cash. I didn't want to clean myself out completely, so I did it this way. The cool part is that my credit card let me take out a deferred payment loan until 2010, which means that I only have to pay 2.9% interest over the course of the 5k loan! The best part is that since it is through a credit card company, all those on-time payments show up on my credit reports, so everyone can see what a responsible guy I am, while I pay off my car. I'll be paid off in 2009, and will not have had to strain myself too much in the work department.

As long as you have a steady job and can make those payments, I would go for it. Try to work something out with a major credit card, and ask your parents if they could co-sign. My guess is that once you get all this finance junk figured out they will be happy that you spent the time researching what you are worth/and ways of building good credit.

 

I was in your same shoes a few months ago... i finally said **** it, and decided to save, but now i have changed my mind and what i was going to swap i decided not to. cause it would require premium gas and with forecasted gas prices would be more headache then pleasure, so if i do swap i'm just gonna go with something simple that will get decent mileage and only have to use regular gas

 

If you're still with your parents (like me) a loan would be a good idea since you prolly dont have many bills to pay, the only reason I haven't got a loan is that I havent located an engine to build on yet

edit: depending on how fast you get the motor out (if you do swap it) you've got a buyer for your z6 right here. DIBS!!!

 

I voted to save up. Just get a rebuilt tranny with a warranty. I wouldn't even bother with trying to go fast in a car. I'd get a moto for that. Save the car for being economicaltransport until you can afford a nice house with a nice garage to keep your nice cars and bikes in.

If you want to build credit, look into cheap real estate that can be made profitable. Buy a house for $10K and fix it up while living in it, to rent or sell later. Financed for 30yrs, payments would be in the neighborhood of $100-200/month, depending on your rate, insurance, taxes, etc.

Learn to buy assets, rather than liabilities.

 

I think it's best to wait untill you know you have enough dough in case something goes wrong. There are many variables that come into play with a swap (so I hear [8D]). Just my .02

I'm saveing up aswell and it kills me thinking about how much longer I got to wait [:@]. But once i'm all prepared, and have more than enough saved up. I know there wont be as many surprises. Like they say good things come to thosewho wait... blah blah blah

 

If your bad with money i wouldn't advise to taking out a loan. I took out a 5k loan last year and haven't paid it off yet, missed countless payments and generally screwed my credit over for life. I am whittling away at it aggresively now, but i hate that i let my credit go to absolute garbage before i even start out my life in a serious manner. But at least i learned at this age with just 5k instead of 20k or more or (dare GOD!) a mortgage! that would be a lesson learned the hard way.

 

Well that would be what my cbr600 is for [8D]... but I want a fast car too... with an h22 swap, I would literally have the fastest civic in the county. That has a pretty big appeal to it ... actually, it's kind of funny.... I got the cbr for the gas mileage more than anything... 60mpg is a little better than the 30 I get with the civic lol

and I'll probably end up just saving for it... it's going to suck though. But what I was figuring is that right now, I have more than enough to do the swap sitting in the bank, I'd just rather not touch it (it's my gas/car & bike insurance/food/rent money for when I'm at school), but I figured if I took the loan out, I could just pay the rest off with that money when I get to school if the loan wasn't already at least 90% paid off.

 

If your good with money do the loan and build up your credit its a nice little incentive when you start out on your own to have good credit and you benefit from it to. BUT, if your not sure that you will be able to make the payments while going to school I might suggest, saving til you know for sure if you will have the dough that way you can take a smaller loan. For me just to get my first loan for 1k was pretty tough I could not imagine 3500. But yest with a swap of that caliber make sure you research alot. Especially with the suspension neck of the woods