Page 1 of 2 12 LastLast
Results 1 to 10 of 19

Thread: Did you finance your dragster?

  1. #1
    Junior Member SHOW GUEST
    Join Date
    Dec 2007
    Location
    Orlando, FL
    Posts
    9

    Did you finance your dragster?

    just curious...were you able to finance or did you buy outright. If you financed what kind of loan did you use? I am leaning toward financing but hate to pay the high interest rate. Dragsters do not have a title, correct? if they do I could get an auto loan at a lower interest rate.

  2. #2
    Senior Member MASTER BUILDER
    Join Date
    Nov 2004
    Location
    Port Sulphur, La.
    Posts
    139

    title

    My new Worthy came with a bill of sale with the build info and seriel number. Also has a welded plate with seriel number, build date etc. I bought a bare chassis and added parts as money allowed. Doing it this way You can buy the pieces designed to work together for a specific application. Bens car also had wiring diagrams, all the cable lengths, complete water system, trans cooling, and fuel system diagrams to complete it to his specs. Wish I knew about Rj then, could have saved$$ on rims,headers,etc. :cry:

  3. #3
    Senior Member RACING JUNKIE
    Join Date
    May 2003
    Location
    Coldwater, MI
    Posts
    2,998
    This has been a subject on other sites. If I remember right you can get loan to do so but rates were high. IMO .. save up money and buy a base car and go from there. Its hard to have fun racing it when you paying a monthly payment on it. There would be plenty of other options before I thought of doing this, cheaper door car or a older used dragster.
    David Lanning
    IHRA NHRA 387B

    Fleenor Racing Transmission
    419-280-1406
    Lanning Electric
    Complete Drag Car Wiring
    APD Race Engines
    www.apdracing.com

  4. #4
    Junior Member SHOW GUEST
    Join Date
    Jun 2007
    Location
    So. Cal.
    Posts
    1
    Not to through a "you know what in the punch bowl". If you have to get a loan to buy your race car, you have no business racing. Save your money. ops:

  5. #5
    Senior Member RACING JUNKIE
    Join Date
    Sep 2007
    Posts
    4,143
    when your race car is worth more than your house you have issues...lol

    :lol: My dream home is a massively over equiped 4 car garage with a one bedroom apartment above it. :P

  6. #6
    Administrator RACING JUNKIE bjuice's Avatar
    Join Date
    Apr 2003
    Location
    Greenville s.c.
    Posts
    3,239
    I personally have never went out and financed a 100% DRAG car but i have used the banks money for a nice pro-street car..which could have been a drag car (part time)...its called smart borrowing....
    example: if i have (x) amount of money in the bank drawing 5% on a CD and i borrow money from the bank at 6.2%..that means my loan is really 1.2%..thats almost free money...equity lines can be very smart spending ( disciplined spending)..lower intrest, plus its tax deductable...

    2nd- Lets be real here. An Honsest hard working person will never have nothing nice or what they really want unless the have some help...they can never save up fast enough......
    Hey if your lucky enough to be in a situation that allows you to save large amounts of money FAST..then Great!...but reality for many ..they simpley cannot...

    so nothing wrong in doing a little borrowing..as long as it doesn't come before priority stuff such as house payment,education,basic living things...

    So guys don't feel bad if you have to borrow a little...not many men/women walk around with 20 extra grand in their pocket...and sure doesn't have 15 years to save for it....

    i would say my opinion only.. ..but i think history has proved itself here.

    Brian
    Bjuice..

    "I'M YOUR HUCKLEBERRY ! "

  7. #7
    Senior Member RACING JUNKIE
    Join Date
    Sep 2007
    Posts
    4,143
    I know guys who borrowed from their own 401k plan. You pay back interest but you are paying it to yourself. And that money is pre tax money too. Guy I work with just bought a new truck that way. He figured up how much would need to come from his check each week and he increased his weekly contribution to offset the loan. It is like 8% loan I think, but like I said he is paying it to his own account ( I don't really understand the point of that??) and the money is taken from his pre tax income. Maybe some would say that not a good idea ..should leave that money alone but to me it seems like a decent option as long as you don't go overboard.

  8. #8
    Junior Member SHOW GUEST
    Join Date
    Dec 2007
    Location
    Orlando, FL
    Posts
    9
    I am just trying to figure out how I want to do this and wanted to see how others have done it. I have the money but as bjuice mentioned I am making money on it and hate to stop that! I would not plan on borrowing the full amount just enough so I dont clear out the bank account and I woudl expect to have the loan paid back with two or three years...tops.

    I used to run with a guy that had more money in is drag racing stuff than his house, granted is was a nice set-up and he did have a small house!

  9. #9
    Administrator RACING JUNKIE bjuice's Avatar
    Join Date
    Apr 2003
    Location
    Greenville s.c.
    Posts
    3,239
    not to pry ..but how much you lloking to pay for the car...ansd i will throw some options at ya i have used in the past.
    Bjuice..

    "I'M YOUR HUCKLEBERRY ! "

  10. #10
    Senior Member RACING JUNKIE
    Join Date
    Sep 2007
    Location
    Montvale, VA
    Posts
    1,431
    Hey man.You only go around once,and it goes by quickly.If you can float a loan,buy the car you want and still pay the rest of your bills....go for it and have fun!!!Can't take it with you,spend it while you can
    "The problem with quotes on the Internet is that you cannot confirm their validity"- Abraham Lincoln


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Email us - Support@RacingJunk.com
Call us - 866.326.9227
Copyright © 2005-2016 RacingJunk.com All Rights Reserved.

Designated trademarks and brands are the property of their respective owners. Use of this Web site constitutes acceptance of the RacingJunk.com
Terms of Use, Classifieds Disclaimer, Privacy Policy, and Cookie Policy