Financing Options

[twobjshelbys]

Originally Posted by eschaider

For those readers who are contemplating this sort of adventure, you should know that there will be others who are going to disagree with my argument. In the end, it is your money and, ultimately, your decision — choose wisely!

Completely agree. The lower tier cars are now selling at the same level that I paid for my CSX in 2008...

Building is an open ended money pit. You're much better off buying an already finished and sorted car.

[patrickt]

Originally Posted by twobjshelbys

You're much better off buying an already finished and sorted car.

Unless you want the car built exactly the way you want it, in every respect, and you don't care about the cost and you have no plans to ever part with the car... other than when you part with everything else in this world.

[twobjshelbys]

Originally Posted by patrickt

Unless you want the car built exactly the way you want it, in every respect, and you don't care about the cost and you have no plans to ever part with the car... other than when you part with everything else in this world.

The typical person inquiring here has no such aspirations. Your group have already done their research (probably by READING the topics here first).

[CompFi]

Lots of good advice above from those with much more experience than me. Certainly not intending to contradict any of the above counsel

But simply answering the question as posed in the OP.

A possibility that I did not see mentioned above, Have you tried your credit union? Your credit union MIGHT offer you A comparable rate for an unsecured loan As you might get on a Home equity line of credit from a Traditional bank

And that approach will not get you in hot water With the taxman.

But your interest rate will largely depend on your overall credit history and your history with the particular credit union.

May the Force be with you (as you will probably need it)

[1795]

Of course, you could always take out a loan against your 401K if you had one with enough money in it. Then, you would be paying yourself the interest. However, there may be limits on how much you can borrow from it and the term is usually short.

[1ntCobra]

Originally Posted by 1795

Of course, you could always take out a loan against your 401K if you had one with enough money in it. Then, you would be paying yourself the interest. However, there may be limits on how much you can borrow from it and the term is usually short.

I do not recommend taking a 401K loan unless you are certain you plan on staying with the company and you are sure that the company is doing well. I took a 5 year 401K loan a bunch of years ago to pay for part of my divorce. I planned on staying with the company and thought the company was stable. I was about half way thru the loan term when the small company I was working for ended up un-expected laying off most of the employees. I think there is a grace period to pay the balance back in full when your employment ends. If you do not pay the balance back in that time frame, the balance due will then be considered a distribution to be taxed as income with a 10% penalty.

[patrickt]

Originally Posted by CompFi

Lots of good advice above from those with much more experience than me.,,

Yeah, maybe rethink selling a kidney....

[1ntCobra]

Originally Posted by CompFi

Lots of good advice above from those with much more experience than me. Certainly not intending to contradict any of the above counsel

But simply answering the question as posed in the OP.

A possibility that I did not see mentioned above, Have you tried your credit union? Your credit union MIGHT offer you A comparable rate for an unsecured loan As you might get on a Home equity line of credit from a Traditional bank

And that approach will not get you in hot water With the taxman.

But your interest rate will largely depend on your overall credit history and your history with the particular credit union.

May the Force be with you (as you will probably need it)

I think an unsecured loan will always be higher interest rate than a Home equity line of credit.

If you use part of your home equity line of credit for non-house things, you can report that on your taxes correctly without getting into hot water with the IRS. When I was doing my taxes last year I recall TurboTax asking me questions about what I was using my home equity line of credit for.