+1!

 

I buy all my parts on credit card.

And then I just pay on them as the year goes on. When I sell the car, I part it out, and pay off my credit card, works every time.

 

That is the smartest way if you have a good rate. Taking out a loan for parts is ridiculous unless something major went on you and you cant afford it and don't have a high limit on your card.

 

I would at least maybe try to get a personal loan from your bank.You credit score will determine what APR you pay.Like some have said you may as well save your money.

 

If you are gonna finance car parts, which I don't recommend then use the equity in your home if you have it. If you own a house with equity the best way is to do a line of credit. Right now lines of credit are really low because the FED has lowered the core interest rate. Then since it's a real estate loan you can write off the interest at the end of the year.

 

I actually end up with about 2k cash in hand when I usually part my cars out. Then I use that 2k to put into my next ride and its a never ending story.

My 3065 kit, I financed it and my tax return/extra $ from work/some investments I made already paid it off in less than 3 weeks.

 

Financing mods is even more pathetic than driving a $+30K car and living with mom and dad.

 

I have a 30k car and live with mom and dad..........so? I go to college.

 

And that makes a difference?

 

Its called a credit card.. ever hear of them haha. You dont need to take out loans... get a low rate credit card.

 

I used to live at home too but I just didn't want to pay rent so I bought a riverfront loft

 

Dont ever finance parts unless you know you have money coming to you. I did that to my evo and spent I dunno around 20grand plus the price of the car and I just got myself into debt. Just leave your car the way it is Malik Im sure its fast already. I wouldnt recommend using your credit cards or financing just the fact if something else breaks when you have the new parts on the car then your **** out of luck. Just stay away from loans. I felt miserable after I spent all this money on my car. Plus the fact that the cost of fuel is sky rocketing is another factor you shouldnt be spending money on your car. But if your really desperate and want to make your car faster than just find another job or work overtime at your current job if its available.

 

You can just refi the car with cash out. Car rates are pretty low now.
This is a much better option than using credit cards if you're looking to do something major.

 

Bad Idea. Just save for your parts. For me, it feels better to save THEN buy something than it does to buy THEN pay.

Good luck with whatever choice you make.