Titling a Rock bouncer for loan purposes?

[kody29]

I took parts from old rig one axle wheels and engine block other than that bouncer is new I set budget at 15k and ended up with 36k but no expense was spared rear steer new fuel injection all AN fittings its bad ass. I work in commission job I got a signature loan for 20k for it and paid it back in one year so it all depends on you and your job and budget. Started my daughters build 4 months ago its all cash should be done by December.

 

[TacomaJD]

Probably doesn't matter though...If you are financing a $50k bouncer, what's another $100 a month for extra interest.

 

[TBItoy]

Bet they've got a fat interest rate too Lol.

I've done many signature loans at local banks, but they've never been over say $10k. Once the amount gets past that point, they start wanting collateral, and the interest rate with signature loans, in my experience, has always been higher than loans secured with collateral.

Nope. I could get 50k for ~4%.


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[kody29]

I got 20K @7.49 though my local credit union this was signature loan.

 

[BUG-E J]

I got an actual vehicle loan on mine so the rate was really low.

 

[TacomaJD]

Nope. I could get 50k for ~4%.


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Dayum! that's a deal.

 

[whiskeymakin]

Nope. I could get 50k for ~4%.


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What bank is this at! No collateral?
Sig loans around here at credit unions are always around 9%

 

[TBItoy]

What bank is this at! No collateral?
Sig loans around here at credit unions are always around 9%

Pretty sure at that amount it would be secured


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[pholmann]

I guess I am naive in thinking that most folks paid cash or paid as they built. I didn't realize folks were financing so much of these. very interesting. I mean there's obviously a lot of different tax brackets on this board. I assumed most that financed them just pulled equity from their house to make a purchase that large or were loaded.

 

[smbroady82]

interesting

 

[whiskeymakin]

I'm not financed. Just buy parts when I have a little extra cash. I was just curious about the 50k at 4% you could do a lot with that.
I keep a line of credit open incase I really want something, or just for a quick flip and don't have the cash freed up.
I like using the banks money lol. I don't mind paying a convenience fee (interest)

 

[Jduck]

I guess I am naive in thinking that most folks paid cash or paid as they built. I didn't realize folks were financing so much of these. very interesting. I mean there's obviously a lot of different tax brackets on this board. I assumed most that financed them just pulled equity from their house to make a purchase that large or were loaded.

I agree, I figured if people were borrowing money it was either home equity or 401k loans

 

[whiskeymakin]

Had someone buy a jeep from me a long time ago with 401k loan.
Not sure I'd do that, but it is an option

 

[KPatterson]

Guy who bought my last rig took out a loan through his landscape company. I didn't ask questions, he showed up with cash. I started collecting parts for my build almost 2.5 years ago. Cash for everything. It`s now 99.5% done.

 

[patman]

Had someone buy a jeep from me a long time ago with 401k loan.
Not sure I'd do that, but it is an option

Why plan for the future when you can spend money today! Lol

 

[TacomaJD]

Had someone buy a jeep from me a long time ago with 401k loan.
Not sure I'd do that, but it is an option

I have taken out and paid off a few 401k loans, small ones like under $8k. Not sure how everybody else's works, but the way ours is set up is payments are taken out of your check weekly, there is a one time $50 processing fee, then there is 3.5% loan interest that, as I understand it, is also paid back to your 401k account.

This is different than making a hard withdrawal from your 401k.

 

[TacomaJD]

Why plan for the future when you can spend money today! Lol

I try to float the median line I can best describe as planning for the future, but not overplanning. I work with some people that put 20%+ of their check into their 401k, smoke cigarettes, fat, unhealthy mf'rs may not live to be 60 to even see that money!

My partner is 67, still works and hasn't cashed his 401k out yet, and he has been here like 24 years.

The guy that came down and bought my rock crawler from Minnesota was either 67 or 68, retired and living it up, but he has also had 2 types of cancer before then, and last time I talked to him last year, he said he gained another form of cancer. His advice was to plan for the future, but don't forget to live while you are young. Everyone's outlook and opinions will differ, but I'd rather make use of my money and enjoy the **** out of it while I am young and able instead of waiting to be that old man that has to use a cane to get into his shiny new Z06 Vette.

And as liberal as this damn country seems to be, with more and more handouts and welfare programs each year, it's hard for me to imagine a day where social security was done away with, or at least done away with and not replaced with a similar program. I definitely do not want to die a rich man. I want to enjoy the money I earn to it's fullest while still planning just enough for a secure future.

Sorry for the derail. The hardline way. Lol

 

[Zjman]

If I were to ever build one from scratch I think I'd get a credit card that pays ya back, some offer some pretty good deals, pay it off every month or 2 and when your done you prob have a pretty good chunk of change coming to ya, I did this once and got a check for 1800 bucks but that took many years to get that high


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[sexxy]

Bought a cheap wrecked jeep, cash. Then bought a cheap rolling chassis with a couple upgrades to fix wreck. Bought good used parts or got broken parts that I could repair with my broken parts. Build and rig on the cheap. Then when you break it drag it home til you can repair it and go again. I also make sure my jeep is road worthy because no use having something I cant drive to get kids from school in or cannot legally ride the roads. Using what God gave me between my ears makes wheeling more fun. A Dd doing the hardlines no matter how slow is still crawling.

 

[blacksheep10]

If I were to ever build one from scratch I think I'd get a credit card that pays ya back, some offer some pretty good deals, pay it off every month or 2 and when your done you prob have a pretty good chunk of change coming to ya, I did this once and got a check for 1800 bucks but that took many years to get that high


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$180,000 in spending to get that unless you find a 2% card, then 90k. I'm sure you can find some 3x points stuff, some starting points, etc, but a point is a penny. So take the total you will spend X .01. There's your basic points unless you get a higher point card that offroad parts qualify for.