Budget Question?

[MrRobatoGato]

I'm back after a week bills suck...

 

I was thinking about taking a loan out and gettin my truck really rolling. I was thinking 5,000.00 Just to get everything started...

 

do you think that be a could starting amount..

[]2eDeYe]

I personally (I hate credit) would have a hard time convincing myself to finance a vehicle I already own. Hell, just financing a new car (that I looove) took me about 6 months to get over...

 

I can understand why it would be a good idea though.

 

$5000 might be a good starting point. My motor, air filter to oil pan will prolly have about $2000 into it by the time I'm done. Not to mention disc brakes, coilovers, new rubber parts and suspension bushings....

 

I think Rusty did the finance thing.

 

I'm on the pay as I go plan :D

[banzai510(hainz)]

5k$

 

you can buy a nice car for thsat amount.

 

Most folks on here is more a hobby I think.

I drive a Datsun everyday but I think maybe find a better datsun that more complete.

Dont be in a rush to spend money. I know I HAMMER people on here but Im a firm believer in not ripping people off. But I will or tell others to charge a large amount for parts if someone might be a fly by type of Datsun owner then only to sell it a fews months from now.

 

I have let alot of parts go thinking Im helping someone only to be dissapointed

[hang_510]

credit is trouble waiting to happen... youll finish the project and then have to sell it to pay off the loan :fu:

 

im on the pre-finance, buy what i can afford now and WILL eventually put it together, its slow, but i managed to still collect parts while going through a divorce.

bought and sold 2 510's got em both running.

now its over(~2 years) :w00t: debts paid :thumbup: and the wagon project will be moving forward this weekend. :drool:

[MrRobatoGato]

Right now I have no credit... my credit score hasn't even started... I'm just stuck cause college and truck equally costing the same price to complete and accomplish.

[dat521gatherer]

unless someone you know bought your truck new and you want it for sentimental reasons you can get the nicest 521's for 5 g's. besides having crazy foose wheels they barely go for 5 g's completely redone or completely original unfortunately. better for me though cause as soon as i have 5 grand to spend i will buy the cleanest stockest 521 i can find. if you have crazy custom plans then yeah $5000 will work.

[datzenmike]

you got $5,000 credit!!!! and you drive datsun??? !!!!!!!!!!!!

 

You on CRACK?????????

[]2eDeYe]

Right now I have no credit... my credit score hasn't even started... I'm just stuck cause college and truck equally costing the same price to complete and accomplish.

 

I say in your case.... I would make sure I have a reliable mode of transportation. Pay your existing bills. Any leftover $ not spend on nessecities ie, your fun money, spend on the Datto. Hard work and a good deal go a long way.

 

Credit can be a long dark path.

 

Hainz,

 

It's more a passion than a hobby.

 

I hope to one day, to have a sweet ass 620 that I built myself (and with a bit of help from you guys). :D

[DanielC]

No!

If you borrow $5000, you could easily have to pay back $6000, if you pay the loan off in a year. Assuming you keep 70% of your gross income, you will have to earn about $8600 to pay back a $5000 loan.

Sorry, I did not take the time to review all your posts, just the one about you having a girlfriend. I do not really want to get personal here, but what if she wants to get married? What if she ends up with a child you helped her create? What if you lose your job, or source of income? What if all three happen?

With the credit problems starting to show up nationwide, I would really consider trying to eliminate as much of my own personal debt as is possible.

Remember anything you buy with credit, you are offering to pay 10 to 20% than the asking price.

[MrRobatoGato]

I guess I want instant gratification...

[kiznook]

Finish school. Get a credit card to buy little shit and keep up on the payments. As for the datto, $100 at a time. I'm sure I'm not the only one here that if I had all of the money I have dumped into my car (gradually over time) when I first started the build, I would have gotten a better car.

 

Sounds to me like you can't really afford it. However, I've seen this done. Shit I helped my friend do a $10k engine swap...all on credit cards. It's cool now, but I don't think he would do it the same again. He too got the immediate gratification bug.

 

Just get it running and on the road. I seem to remember telling you this at least once before

[Bleach]

get a credit card now! Forget the Datsun loan.

You can get a card with a $500 limit with no credit and no job. Put $100 in food and nessecities on it and pay it down slowly. Don't even go over $100 in dept. Hang onto that and when you get done with college you'll have a credit score.

Now, long term credit history is good. Since this is your first credit card you should never get rid of it. Even if you end up paying it off and not ever using it again. Hang onto it. :D

[hang_510]

I guess I want instant gratification...

 

dont we all...:fu:

 

you got $5,000 credit!!!! and you drive datsun??? !!!!!!!!!!!!

 

You on CRACK?????????

 

yup! thats what im sitting on right now :fu:

[fiveNdime]

Its simple for me. I don't borrow money for toys or projects, otherwise I may be borrowing money forever. If you have no credit then It is a good idea. Having a credit card like KIZ said is also a good idea for small stuff like gas or parts purchasing. I personally took a loan out for a 240Z to get credit while I was going to high school. Go to a credit union, they have the best loans

[DanielC]

I would suggest that if you are getting credit advise to not pay off your credit card in full each month, that is just somebody looking to get YOUR money in their pocket by charging you interest.

You will be better off if you carry no debt.

Banks are taking a huge financial loss now because of bad loans. They are looking for any way to make money. They are hoping you get credit cards so thet can charge you interest, user fees, annual maintenance fees, overdraft fees, anything they can think of fees.

Save your money for Datsun parts.

I would suggest you start to seek out financial advise from many different sources. Remember most sources also have their own best interest in mind, so take their advise carefully.

[fiveNdime]

REMEMBER he said he has no credit.

 

A loan for the car would be a good one to start with. I may suggest the best way to borrow money and get credit would be this. If you have a parent that has some money in the bank, you can borrow against that money. The bank will loan you cash, because your parent has the money if you falter on your loan, and they don't care what you do with it. My brother did this for a car loan. Plus the interest is low. You are the secondary on the loan so you don't get as much credit, but you will still get some. A credit card is a decent way but like he said don't pay it off. Leave a couple bucks on it so the interest isn't much.

[exit64]

Here you go. Now take the 2 ger I just saved you and send it to me.:D

 

http://portland.craigslist.org/clk/car/626378470.html

[fryanbacon]

Here you go. Now take the 2 ger I just saved you and send it to me.:D

 

http://portland.craigslist.org/clk/car/626378470.html

 

 

holy crapsun that's a sweet datsun

[MrRobatoGato]

See with 5k I could buy datsun that someone else fixed up... wheres the fun in that..

 

 

I'm still living with my parents and so my current living condition permits me to take this finacial adventure... I pay no bills and I get free room and board till I move out... I work 30 hours a week and the pay is good.

 

 

I guess the original question become If you were to get 5k loan what would you do and what finial advice do you have?

 

I basically needed to know if 5k would get this truck driving and looking good.. or should this price be a little lower... I have to take a loan out for school anyways.

 

Here are the plans body is goin to a shop as soon I find one the equipment tools and materials and novice skill level doesn't sound appealing...

and then i'll do all of the engine work electrical brakes interior myself.

[LAYEDOUTB2K]

i dont have any financial advice but this kinda reminds me that my dad let his '69 roadster go for only $8,000 so he would have enough money to finish his 510.

[exit64]

OK, here's a serious answer for you. First make a list of what you want to do to your Datsun, paint, engine, wheels, you get the idea. Then decide what you want the most. I always build for drivablity. That means reliable and safe is my first goal. Motor starts every time, good tires and bomber brakes. After that stuff is sorted out is when I start to fuss with the cosmetics. What's the point of having a car that looks great but is mechanically a POS? I have bought and sold a few Roadsters and always approach them this way. That way if I want to sell the car the hard stuff is done and you can ask more $$ when you cut it loose. I always buy the cars that some guys started and then either figured out that he wasn't as good at putting it back together as he thought he was, or he got in over his head finacially on a project and just wants to get some of his money back. There are some sweet deals to be had that way if you are patient and know what you are looking at. I find that I stay way more motivated on a project if it runs and drives than if it just sits on jack stands and gets buried under other projects. Whatever you do, good luck and take pictures of the whole process.

[Icehouse]

Credit is a good thing to have but.... It comes with a price though. I got a Sears card when I was 18 and had a bill on it for 5 years straight. It helped my credit score, at the same time I'm sure I waisted 100's of dollars haha.

 

I think it wouldn't be a bad idea getting a small loan and using it for a clean stocker. With school and work you aren't going to have as much time to fix her up. Make sure its a good driver, that way you can use it as your daily. I drove a lowered stock 521 around for a long time while I went to school, it looked exactly like Hainz's truck stock hub caps and all. I barely had enough free time to keep my 3 datsuns running let alone fix them up.

 

 

So if I where in your shoes I would get a loan for max 2.5k (to build credit) Wait for a clean stock 521 to pop up, maybe post a want add. Use the rest of the money for new weber, breaks, TR3. The rest of the money, if there is any, it can be for an emergency problems, like Hainz says have a spare engine being built. I've been daily driving datsuns for a long time (not as long as Hainz) and it can be a lot of work, like fixing something on the side of the road in the rain... Or spending the better part of the weekend do a motor swap.

 

 

Get a clean one and drive it! Save your other one for the "monster" build!

[MrRobatoGato]

I guess all the NW rain is making me impatient... I have a daily and I get a ride to work cause paying for parkin is a nightmare situation... all the advice is great thanks for the input..

[Figbuck]

Anthony, your truck is in a million pieces right? You have to do something like what exit64 was talking about. Put together a list of projects and try to estimate how much time and materials you think each might consume and add it up.

 

Do you know how to work simple spread sheets. I use them all the time to play "what if". Once I have a scope of the work I go through and put worst case, best case estimates side by side. I have been ask to do that kind of stuff for construction projects. Some times the design is driven by the budget. Sometimes the budget is driven by the design. I you don't have any money then your design is definitely driven by your non existent budget.:lol:

 

Sometimes in life, time is of the essence. The cost of something doesn't have to relate to the world of business. It doesn't have to be a good deal. It seems like every year of my life has gone by faster than the one before. I want shit to happen right now. I'm not as concerned with the cost as with running out of time.

 

Five grand could get it cleaned up, painted and put back together. Another five grand could get the motor, brakes, electrical and give the interior a little love.

 

I drove my truck into the ground for thirty-five years. I paid something like $1950 for it brand new. If you dumped ten grand into it and drove it every day for ten years it cost a grand a year for reliable transportation. You know everything that was done to it so you can keep it running and not every pay for a mechanic like normal people. I don't think thats out of line.

 

People ask me to build crazy shit for them all the time. I always say, I can build anything if the two necessary ingredients are present... time and money! Always the better question is what are you going to do, not how much is is going to cost. What do you get for the how much is what I always want to know.

[hang_510]

I got a Sears card when I was 18 and had a bill on it for 5 years straight. It helped my credit score, at the same time I'm sure I waisted 100's of dollars haha.

 

:lol:

i got a sears card when i was 17...cuz a friend of ours was homeless and living in a friends trailer in a backyard and needed pots and pans.

well, sears was giving away a pan (5 styles) for anyone who filled out an app.

we all did so he got a nice set of pans, i was the ONLY one(everyone esle was over 18) who actaully got a card :fu:

and yeah, i got a lot of tools becuase of it :D