my plan fell through... now what to do?
Apr 20, 2013, 01:10 PM
#1
my plan fell through... now what to do?
Well today i took out a loan for 6k. Reason being was to re establish my credit. I paid my evo off last year, but was unaware that if u didnt constantly stay in debt or have a credit card your credit goes bye bye. Well i found that out when i went to buy a house and got denied. Loan officer told me to take a loan out and hold it for a year to re establish my credit.
Last week i spotted my second dream car. The first being my evo which is paid for now, and this one, a t-bar mr2 turbo coupe. Guy wanted 6500 for it with 141k and wouldnt take 6k cash. Wouldnt budge lower than 6300. 6k was my last offer which i think was still ocer paying quite a bit considering mileage and the paint had quite a few scratches. Interior was flawless for a 91. Car also needed tires. I guess he thought the blue samco hoses and mbc, along with the system made the car so much more valuable. Blue book on the car in excellent condition retailed at 5500 and private party was tops 4500. Last but not least was the car was surprisingly slow. I expected it to be more quicker than it was.
Now my question is... i have 6k dollars sitting here that i can safely spend since i have the loan amount already covered sitting in my bank account. Wtf should i do with this money? Obviously i want to put it in my evo. I already have the stock setup maxed and its a full bolt on car. The current mods are intake, exhaust, o2 housing vta, evo 8 turbo with 9 hotside, headstuds, cams, cam gears, poly mounts, aluminum radiator, torque dampener, ic, ic piping, bov, ported stock ex mani, ported turbine housing, walbro 255, and i think thats it. Setup previously made 357 hp and 354 tq tuned by mellon. Are there any bolt ons im missing or is the next step bigger turbo and injectors with a better bottom end? I dont want to drop all 6k in the car, but i am looking for more power. What would you do and why?
Last week i spotted my second dream car. The first being my evo which is paid for now, and this one, a t-bar mr2 turbo coupe. Guy wanted 6500 for it with 141k and wouldnt take 6k cash. Wouldnt budge lower than 6300. 6k was my last offer which i think was still ocer paying quite a bit considering mileage and the paint had quite a few scratches. Interior was flawless for a 91. Car also needed tires. I guess he thought the blue samco hoses and mbc, along with the system made the car so much more valuable. Blue book on the car in excellent condition retailed at 5500 and private party was tops 4500. Last but not least was the car was surprisingly slow. I expected it to be more quicker than it was.
Now my question is... i have 6k dollars sitting here that i can safely spend since i have the loan amount already covered sitting in my bank account. Wtf should i do with this money? Obviously i want to put it in my evo. I already have the stock setup maxed and its a full bolt on car. The current mods are intake, exhaust, o2 housing vta, evo 8 turbo with 9 hotside, headstuds, cams, cam gears, poly mounts, aluminum radiator, torque dampener, ic, ic piping, bov, ported stock ex mani, ported turbine housing, walbro 255, and i think thats it. Setup previously made 357 hp and 354 tq tuned by mellon. Are there any bolt ons im missing or is the next step bigger turbo and injectors with a better bottom end? I dont want to drop all 6k in the car, but i am looking for more power. What would you do and why?
Apr 20, 2013, 03:18 PM
#4
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I would hang on to the money and wait, then call the mr2 owner in a month, no ones gonna offer him what he wants. You just said the paint and mileage issues are there, everyone else that looks is gonna think the same. His bottom line now is gonna be different in a month.
plus you could probally save another couple hundred by then and offer $6200-6300
no one is just selling becouse cars are taking space etc, theres something else he's looking to buy, as time goes he'll be more motivated to sell.
plus you could probally save another couple hundred by then and offer $6200-6300
no one is just selling becouse cars are taking space etc, theres something else he's looking to buy, as time goes he'll be more motivated to sell.
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Apr 20, 2013, 04:40 PM
#10
Well being you said you wanted to buy a house here is what I would do. I would hold onto that cash make 6 payments and completely pay the loan off. I can understand wanting to put it into the car, but if you do it that way your paying x times the amount of the loan and it will look better on your credit. Then wait another 6 months and try to take out the loan for the house again. You would not get to put parts on your car, but you will build up your credit within a year and the hit to your credit wouldn't be that bad. Just some food for thought.
Apr 20, 2013, 04:47 PM
#11
Not sure on the interest rate, i think around 9%. Ill end up paying back 7300. And i was thiinking the same about holding the money for a month or two and seeing what he says since craigslist has went to s**t. I even told hhim to give me a call when he is tired of being harassed by teens offering xbox's and four wheelers and their hondas that dont run.
And i have thought about a stock frame turbo like a black with injectors and a good set of rods and pistons.
It was one of the nicest mr2s ive seen condition wise. But you could tell its age especially on and near the rear of the car was really scratched up from people leaning on the car working on it. I may even wait till i see it on craigslist and use my girls phone and low ball the hell out of him and get a few friends to do the same to help me out lol. I felt my offer of 6k was very generous. If he calls in a month or even tomorrow, my offer will no longer be near 6k. As you can tell it makes no difference to me mr2<evo mods.
And i have thought about a stock frame turbo like a black with injectors and a good set of rods and pistons.
It was one of the nicest mr2s ive seen condition wise. But you could tell its age especially on and near the rear of the car was really scratched up from people leaning on the car working on it. I may even wait till i see it on craigslist and use my girls phone and low ball the hell out of him and get a few friends to do the same to help me out lol. I felt my offer of 6k was very generous. If he calls in a month or even tomorrow, my offer will no longer be near 6k. As you can tell it makes no difference to me mr2<evo mods.
Apr 20, 2013, 04:51 PM
#12
Just put it in a savings account or a second checking, and set it to auto-pay at the point where it's paid off during the longest amount of time while keeping the interest as low as possible. Just set it and forget it. It'll be like your credit is repairing itself. Don't spend it on something and then be $6k in actual debt. You never know where you'll be in a year. An even cheaper idea is to just a high interest credit card, make small purchases once a month, and pay it off every month. Then you pay no interest.
The resale on the turbo mr2 has always been ridiculous. I've wanted one, but after getting an evo it just doesn't seem like it'd be as fun, or worth the money.
The resale on the turbo mr2 has always been ridiculous. I've wanted one, but after getting an evo it just doesn't seem like it'd be as fun, or worth the money.
Apr 20, 2013, 04:58 PM
#13
Evolving Member
The mr2 would have been a nice car to get before the evo, But now that you have it its never going to stack up to it.
You want a house then hold onto the $$$$ pay it back slow, go get a low ammount credit cards and put all your fuel, insurance, food through it but pay it back everymonth before any intrest chargers go on ( assuming they work the same as here ) and easy good credit for things you will be paying for allready.
You want a house then hold onto the $$$$ pay it back slow, go get a low ammount credit cards and put all your fuel, insurance, food through it but pay it back everymonth before any intrest chargers go on ( assuming they work the same as here ) and easy good credit for things you will be paying for allready.
Apr 20, 2013, 05:02 PM
#14
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The credit car idea is pretty good if you have some self control and don't spend more than what you normally would have. Just make sure to pay it every month.
Hold out for the MR2 if you think it will still be there in a couple weeks or gets tired of being low balled constantly like you said. You could maybe work it to put that toward a house since that was your initial reason for going to the bank in the first place.
Hold out for the MR2 if you think it will still be there in a couple weeks or gets tired of being low balled constantly like you said. You could maybe work it to put that toward a house since that was your initial reason for going to the bank in the first place.
