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Discussion Starter · #1 ·
Although I generally like my 2011 Genesis 2.0 MT, there's a lot of love she needs, and soon. Unfortunately, I don't currently have the money for everything I'd want to do. It would probably take me 2-3 years to save up for the ~$5,000 worth of mods I'm considering. But I can't handle being stock anymore, I need some goodies!

Fortunately, I have somewhat of a solution. By the time I graduate college next year, I'll be roughly $20,000 in debt. So I was considering throwing on an additional 2-4k worth of school debt so I can enjoy my car's potential a lot sooner. Heck, I was even considering taking out more school loans and putting it toward my car loan since my school loan interest rates are much lower. So what do you think, good idea? Bad idea? Absolutely insane idea?
 

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Aww yeee
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Being a broke college student I've done some stupid stuff to help fund my car, but never that stupid. Just save up for one thing at a time and try to plan it out. You don't need everything at once
 

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Is it a government loan or a private loan? TBH, either way it's a poor decision. If you're gonna take out more school loans, just do more school and potentially get a better job.

If it's a private loan, you'd be batshit crazy to take out more to mod your car. Those are the only loans that are impossible to get out of if you can't pay them. Bankruptcy won't save you. Worse, since you can defer them for years, they just sit there and compound interest while you're busy working up to feeling comfortable paying them off.

You're better off building credit and going bit by bit on low limit credit cards, paying them off as you go. The debt never gets overwhelming, you continue to build credit which will be very important to you soon, and you still get to have your cake and eat it. Plus, going slow gives you time to learn how to mod your car right.

BTW, if you use an interest calculator to look at the difference between $20k over a few years and $25k over a few years, you'll see why you'd be nuts to raise your private debt higher than you have to. A Stafford loan is a pretty good deal, but you should really use that for increasing your earning power so you can mod a GTR in 15 years, rather than getting bolt-ons for a Gen now.
 

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GCMafia
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What the what?
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Go for it! It's a supremely bad idea, but you'll learn a lot from it. You'll probably keep acquiring loans, and making more mistakes, but the experience is worth it. At least that's how it was for me... Not anymore, but I am still feeling a loan from 2010.

There are two ways to learn life lessons: From other peoples mistakes or from your own...one hurts a lot less.
 

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Advenio Pariter
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I drove an old paid-for slightly beat-up POS throughout college...which I paid for myself (college and the car). I got my B.S. in San Diego (UCSD) and a number of people advised me to drop-out of school until I could afford a better ride. In So. Cal. your car is your life. I explained I have a frame, a V-8 and no insurance. I am King of the Road! I bought my first new car after I graduated and had a full-time job; a base LeBaron GTS (in red!). I am still stunned by what college kids drive these days. Save your money until you land on your feet and have some semi-steady income coming in. If you are not in a STEM program you may have some difficulty landing a job. I think azgencoup has a good idea.
 

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Start hooking
^ lol

I've been there and done that. It isn't a good idea. I took out a two year loan for $2,000 to pay for an engine swap. Granted, I was glad I did it every time I hopped into my Z but seven months later I realized if I had just been cheap, patient, and saved up my money instead of taking out a loan I would've been much better off.

Just save up little by little and you'll get there. It's better to take your time on these things. Just go at it bit by bit and eventually you'll get there. I'd recommend just saving up and first going for whatever has the biggest bang for the buck potential.
 

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wannabe guru
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Yes stupid idea.....listen to the older generation
 

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GCMafia
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^ lol

I've been there and done that. It isn't a good idea. I took out a two year loan for $2,000 to pay for an engine swap. Granted, I was glad I did it every time I hopped into my Z but seven months later I realized if I had just been cheap, patient, and saved up my money instead of taking out a loan I would've been much better off.

Just save up little by little and you'll get there. It's better to take your time on these things. Just go at it bit by bit and eventually you'll get there. I'd recommend just saving up and first going for whatever has the biggest bang for the buck potential.
Lmfao I thought u were saying the I been there done that about the hooking! Hahaha


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not joking, start delivering pizza's on fridays, saturdays and sundays during football season. Depending on where you live you can actually make some pretty good coin if you're desperate for extra mod money.
 

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SUN★WORKS
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Dont take out extra loans. Im a college student (23). Find another way.

Look for a job where you can make commission. I used to work at GNC (great in a college town). You could easily make $100 a day. Which is awesome when your in college..

EDIT: or listen to snoopy. You can make great money delivering pizza.
 

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Aww yeee
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not joking, start delivering pizza's on fridays, saturdays and sundays during football season. Depending on where you live you can actually make some pretty good coin if you're desperate for extra mod money.
This. I literally saved my pennies from delivering pizzas to finally get my coils. You'd be surprised how much you can make if you work at a fairly busy pizzeria.
 

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, SJ is the man
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As a 24 year old that busts his ass for every dollar he makes, that is the dumbest thing you could ever do. As soon as you install those parts you're paying interest on something that holds zero value. That's like buying a car on a 7 year loan with high apr just to make the payment lower. If you can't afford it, don't buy it.

It's also a slippery ass slope, if you're going to do all that, why not get some HRE wheels and a gtx turbo too. Only another 20$ a month more when it's a 10 year loan. Think about it. That's idiotic.


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Wow, I feel old lol.

I had a friend that used his student load to buy a bike, when we were in college.
he wrecked it in like 3 months.

lesson learned
education>parts
 

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your doing it you'reself
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By the time I graduate college next year, I'll be roughly $20,000 in debt. So I was considering throwing on an additional 2-4k worth of school debt so I can enjoy my car's potential a lot sooner. Heck, I was even considering taking out more school loans and putting it toward my car loan since my school loan interest rates are much lower. So what do you think, good idea? Bad idea? Absolutely insane idea?
sounds like college didn't teach you what you needed to learn.
 

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Discussion Starter · #18 ·
I definitely appreciate everyone's advice. For one, aside from living with my parents, I also bust my ass for everything I have. Also, if I were to follow through with this idea, it's not like I don't have any income to pay it off or that the loans will be paying for all the mods--I'll be initially contributing out of pocket, too (and obviously, even more out of pocket later). So it's not like I'm just some kid with no income who wants to add some swag to his car.

I know it's more money spent overall, but the way I see it is that I'm already spending a good deal of money for a nice car, why not spend a little bit extra to have it the way I want it? If I didn't want an enjoyable car I would have gotten something way cheaper to begin with. I just want to have some modest mods (e.g., bolt-ons, coils, headlights and a few other goodies) by this time next year. It'll be like a mini graduation present to myself. I just want to get some basic modding out of the way and start really enjoying the car. That way I can focus on other things, like the dang car loan, graduate school (if I decide to go), and all the ladies I'll be getting with my modded Gen :)
 

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, SJ is the man
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Do what you like, but being 25k in debt instead of 20k is a lot more debt than you realize because of the interest. You should focus on things like paying off your student loans, car payment, and not living at home. That will eventually make you way happier than new damn headlights. Seriously though. Instant gratification is for the young and the rich.
 

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I definitely appreciate everyone's advice. For one, aside from living with my parents, I also bust my ass for everything I have. Also, if I were to follow through with this idea, it's not like I don't have any income to pay it off or that the loans will be paying for all the mods--I'll be initially contributing out of pocket, too (and obviously, even more out of pocket later). So it's not like I'm just some kid with no income who wants to add some swag to his car.

I know it's more money spent overall, but the way I see it is that I'm already spending a good deal of money for a nice car, why not spend a little bit extra to have it the way I want it? If I didn't want an enjoyable car I would have gotten something way cheaper to begin with. I just want to have some modest mods (e.g., bolt-ons, coils, headlights and a few other goodies) by this time next year. It'll be like a mini graduation present to myself. I just want to get some basic modding out of the way and start really enjoying the car. That way I can focus on other things, like the dang car loan, graduate school (if I decide to go), and all the ladies I'll be getting with my modded Gen :)
I'm sure the ones that did take out loans felt the same way you did, and most probably regret it. In the end its your decision, don't think what the"older" people say is going to change your mind. Id advice you against it but it looks like youve already made up your mind, live and learn i guess?
 
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