Need opinions
11-05-2008, 07:06 AM
#11
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My Ride: 2005 545i /w Sport pkg - SMG - Nav - Premium pkg - PDC - Ready to begin my modding! =)
Originally Posted by PhiNally' post='712869' date='Nov 5 2008, 08:10 AM
Alright so I have a dilemma that I want your opinions on even though I?m sure I know what everyone is going to say. I am going to be getting enough money in the next 6 months to cover the mods that I want to get done to my car with a no interest loan. What are you opinions, please any wisdom by anyone would be good.
Option A: Do mods that I want, i.e. body kit, rims, exhaust.
OR
Option B: Pay down my car loan and cut about a year and half off of my loan?
I know the reasonable and intelligent thing to do is pay down my loan but is that really worth it? Thanks everyone.
Option A: Do mods that I want, i.e. body kit, rims, exhaust.
OR
Option B: Pay down my car loan and cut about a year and half off of my loan?
I know the reasonable and intelligent thing to do is pay down my loan but is that really worth it? Thanks everyone.
11-05-2008, 07:07 AM
#12
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Speeding it on both seems to be the best way for both. The only problem is I am getting rims after winter regardless, 20" not sure which ones yet. With rims I think the 545 looks ridiculous without a more aggressive body kit, ie reiger or mtech still undecided on that. And then if I get the body kit I need dual pipes, I?ve always had dual pipes and for this 545 to not have them seems to out of place. So for me I feel like if I do one the others just follow suit?
11-05-2008, 08:08 AM
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I'm a newbie to the forum, but not a newbie to life and cars 
I personally think credit (debt) is generally a bad thing and will avoid it whenever possible. Last time I financed (whether HP or lease) anything was back in 1990 and I decided then I'd never use it ever again. It gives you a nice warm glow knowing that if you lose your job, you've got no major debts that need paying each month.
Saying all that, naturally I'd say pay down the debt.
Last year my sister asked if she could have a loan from me. She wanted to have her bathroom remodeled and didn't want to wait however long it would take to save up (as they would have to live with the current bathroom all that time). I loaned her the $15k and 15 months later she's only managed to repay $1.5k of it. I don't mind how long it takes to get it back (or if I ever get it back at all - she's my sister), but it's probably feeling like a great burden trying to pay it down. I recently told her to think of it as an investment on my part in her house. If she ever sells it then she can pay me back out of the proceeds. I wonder whether your interest-free loan might be a similar kind of thing. Like I said, stay away from taking on credit (even if it's from family/friends).
I personally think credit (debt) is generally a bad thing and will avoid it whenever possible. Last time I financed (whether HP or lease) anything was back in 1990 and I decided then I'd never use it ever again. It gives you a nice warm glow knowing that if you lose your job, you've got no major debts that need paying each month.
Saying all that, naturally I'd say pay down the debt.
Last year my sister asked if she could have a loan from me. She wanted to have her bathroom remodeled and didn't want to wait however long it would take to save up (as they would have to live with the current bathroom all that time). I loaned her the $15k and 15 months later she's only managed to repay $1.5k of it. I don't mind how long it takes to get it back (or if I ever get it back at all - she's my sister), but it's probably feeling like a great burden trying to pay it down. I recently told her to think of it as an investment on my part in her house. If she ever sells it then she can pay me back out of the proceeds. I wonder whether your interest-free loan might be a similar kind of thing. Like I said, stay away from taking on credit (even if it's from family/friends).
11-05-2008, 08:08 AM
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Originally Posted by mhs525' post='712893' date='Nov 5 2008, 10:38 AM
Option C: pay something extra toward your car loan and get the mods over time as you can afford to pay cash. Half the fun of modding is researching, dreaming and choosing what to do next. If I do everything at once that I want to a car I get bored with it and start looking for my next car, and that costs TONS of money 
11-05-2008, 08:10 AM
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Originally Posted by PhiNally' post='712927' date='Nov 5 2008, 11:07 AM
Speeding it on both seems to be the best way for both. The only problem is I am getting rims after winter regardless, 20" not sure which ones yet. With rims I think the 545 looks ridiculous without a more aggressive body kit, ie reiger or mtech still undecided on that. And then if I get the body kit I need dual pipes, I?ve always had dual pipes and for this 545 to not have them seems to out of place. So for me I feel like if I do one the others just follow suit?
11-05-2008, 11:43 AM
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Originally Posted by DD_545i' post='712985' date='Nov 5 2008, 12:08 PM
I'm a newbie to the forum, but not a newbie to life and cars
I personally think credit (debt) is generally a bad thing and will avoid it whenever possible. Last time I financed (whether HP or lease) anything was back in 1990 and I decided then I'd never use it ever again. It gives you a nice warm glow knowing that if you lose your job, you've got no major debts that need paying each month.
Saying all that, naturally I'd say pay down the debt.
Last year my sister asked if she could have a loan from me. She wanted to have her bathroom remodeled and didn't want to wait however long it would take to save up (as they would have to live with the current bathroom all that time). I loaned her the $15k and 15 months later she's only managed to repay $1.5k of it. I don't mind how long it takes to get it back (or if I ever get it back at all - she's my sister), but it's probably feeling like a great burden trying to pay it down. I recently told her to think of it as an investment on my part in her house. If she ever sells it then she can pay me back out of the proceeds. I wonder whether your interest-free loan might be a similar kind of thing. Like I said, stay away from taking on credit (even if it's from family/friends).
I personally think credit (debt) is generally a bad thing and will avoid it whenever possible. Last time I financed (whether HP or lease) anything was back in 1990 and I decided then I'd never use it ever again. It gives you a nice warm glow knowing that if you lose your job, you've got no major debts that need paying each month.
Saying all that, naturally I'd say pay down the debt.
Last year my sister asked if she could have a loan from me. She wanted to have her bathroom remodeled and didn't want to wait however long it would take to save up (as they would have to live with the current bathroom all that time). I loaned her the $15k and 15 months later she's only managed to repay $1.5k of it. I don't mind how long it takes to get it back (or if I ever get it back at all - she's my sister), but it's probably feeling like a great burden trying to pay it down. I recently told her to think of it as an investment on my part in her house. If she ever sells it then she can pay me back out of the proceeds. I wonder whether your interest-free loan might be a similar kind of thing. Like I said, stay away from taking on credit (even if it's from family/friends).
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