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Old 27th April 2007, 11:58   #16
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Some posts here have been moved to a New Thread (Sam's take on "pimpin" your ride.). Lets all please leave this thread to discuss the actual topic. It's not as far fetched as people make it out to be.

Last edited by Rtech : 27th April 2007 at 12:25.
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Old 27th April 2007, 15:41   #17
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My personal opinion would be to stay away from personal loans as far as possible. Itís very easy to fall into a debt trap these days... what with plastic money offering unbridled liquidity at short notice, most people fail to read the fine print and donít realize the exorbitant interest rates that these instruments carry. Many of these end up taking a personal loan for repaying credit cards and the cycle goes on...

Personal loans should always be the last fallback optionÖ because after that one is left with no other source of funds except for begging at friends and relativesí doors. If you take a personal loan for non-essential requirements, it might get difficult to tide over emergencies later.
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Old 27th April 2007, 16:48   #18
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OK, now that we're back on topic, Abhibh, it doesn't make sound business sense to me. If he was going to recover the money invested, maybe it would be an option. But what is he doing here - paying 18 to 24% (depending on Bank) interest to spruce up an OLD car, he will be paying EMIs for the next 3 to 5 years, by the time he's debt free, its time to sell the car anyway I'd think.

I wouldn't do it...........
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Old 27th April 2007, 17:57   #19
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loan from a bank fro mods?..it doesnt make sense to me atleast.

alternate way is to borrow money from friends/relatives and pay back at his convinience, if he is so keen.

or else waiting for sometime & save some money for mods, it makes more sense than borrowing at any time.
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Old 27th April 2007, 18:30   #20
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I am curious to know the car we are talking about here.

Also is there a requirement to pay 1.5 lakhs upfront,cant things be done one at a time as and when cash permits.As pointed out personal loans are quite expensive[18-24%] and you feel a pinch with regards to EMI's due to their relative short repayment periods ,but anyways look at the PSU's compared to the private banks if indeed he is going forward.

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Old 27th April 2007, 19:38   #21
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Could a guy mortgage his car as the collateral. The idea is to keep the car as the Collateral for the Pimp my car Idea and pay interest rates as you would do for a Car loan.

And no i dont like the idea of Pimping the Car on borrowed money, but since this was for suggestions hence my thoughts.
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