Did you finance your dragster?

[cruzer0198]

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.

[topcat572]

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. :D Wish I knew about Rj then, could have saved$$ on rims,headers,etc. :cry:

[hammertime]

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.

[trajo]

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. :oops:

[Tod74]

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

[bjuice]

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

[Tod74]

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.

[cruzer0198]

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!

[bjuice]

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.

[olds48]

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 :D

[ImBack]

I paid $60'000 cash for my new M&M swingarm dragster turnkey with a Sunser Racecraft 632. Then i woke up WTF :mrgreen:

[Tod74]

I paid $60'000 cash for my new M&M swingarm dragster turnkey with a Sunser Racecraft 632. Then i woke up WTF :mrgreen:

yeah nothing like spending 60 grand to go race for $1100. :lol:

[I972Nova]

Wow Ive only got 60 grand in my 34' MotorHome, 28' trailer and my 02 Dragster....

To each his own... If I had that kind of cash I would buy a new Diamond Race Car for sure...

To the poster of this thread, what i Did was buy a nice car that needed some updating. Its an 02 and I got it for a song then had a new body built and had it front suspended. that is the only way I could afford to have a really nice car. It looks like an 08 now!...

[Tod74]

I'm still hoping to meet and marry a rich woman....trouble is I'm ugly. :cry:

[daddylynch]

Well I borrowed from my 401k to buy a really nice 86 IROC. BJUICE knows the car I am talking about. It was way cheaper to do it that way, I did pay myself back w/ interest so that was good, plus I had the money in just a couple of days and was able to get what I wanted without going through all the hoops from a "normal"lender. I did it so I had it paid back within a year and it worked great.

[Tod74]

Well I borrowed from my 401k to buy a really nice 86 IROC. BJUICE knows the car I am talking about. It was way cheaper to do it that way, I did pay myself back w/ interest so that was good, plus I had the money in just a couple of days and was able to get what I wanted without going through all the hoops from a "normal"lender. I did it so I had it paid back within a year and it worked great.

Yeah I agree that is a good way to go.

[ImBack]

Wow Ive only got 60 grand in my 34' MotorHome, 28' trailer and my 02 Dragster....

To each his own... If I had that kind of cash I would buy a new Diamond Race Car for sure...

To the poster of this thread, what i Did was buy a nice car that needed some updating. Its an 02 and I got it for a song then had a new body built and had it front suspended. that is the only way I could afford to have a really nice car. It looks like an 08 now!... THEN I WOKE UP,IT WAS A DREAM :mrgreen:

[hpleader]

I dont know how old some of you guys are but I am 26, I have an 11 second Olds cutlass and I have poured gobs of money into it, from the ground up I havent stopped. I would love more than anything to move up to a dragster. I couldnt even think about buying one. I would have to finance out my a$$ to get something like that. In todays world-that is what reality is. I have too many payments the way it is. College, tools, house, a kid, my car etc. It will be 20-30 years before I could do something like that. So IMO..like stated before-if you can float a loan-go for it!! And have fun cuz when your gone.....the money will only go to someone else to enjoy!

Justin

[ImBack]

Like they say you never see an armored truck at a funeral! Get the loan race alot you'll have it paid off in no time LOL :D