Financing Performance Parts?

[5ohh_kenny]

Wondering what everyone’s opinion is on financing performance parts.

I see the option for affirm on most retailers websites. They are offering 10% financing for 1-3 years which seems rather high. How often do people really use this option?

I’ve been eyeing the hellion TT kit for awhile now but 10k(built to my likings) is out of reach right now after buying my house. Why can’t the likes of @LethalPerformance & @beefcake offer in house 0% financing like most jewelry, home improvement, or furniture retailers? Is it simply a question of corporate size and profit margins?

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[FreePenguin]

If ya gotta finance it, it aint worth it, its an optional item with 10% interest. CC is 13-23. Isn't much better than that- other than purchasing a car and house I guess before someone throws that out there.

 

[Zelek]

Very large purchases like cars I understand financing, but financing even more parts for the car? That's just going to get you into trouble. That means you probably can't afford the parts in the first place. I have enough money to buy a supercharger right now without any financing and I'm still having trouble fathoming spending 7k+ on an option for fun.

 

[aleccolin]

Short answer - bad idea.

If you must, get a personal loan from a credit union.

But really, just don't.

 

[Torinate]

I agree... cash in hand... I too gasp at spending the money for all the doo hickies and extra stuff that I don’t “need”. I’m always looking for a sale or deal etc and will usually wait for the right one to come along.

I personally will finance a need (house, car etc) but gotta pay cash for my “wants” (supercharger, travel, parts etc).

YMMV.

Keep putting money aside in the cookie jar and have a goal in mind. Keep your eyes open for deals and even the used market.

Good luck!

 

[ahl395]

It's really personal opinion and depends on your priorities.

I've financed parts, and then financed repair bills from breaking more parts. If i wanted to afford everything I have I would have had to wait several more years of saving. To me it's worth it to pay a good bit of interest to have it all now. Again, it's really personal opinion.

Many people aren't willing to be in debt for a car, personally that's fine with me lol. I rent a single room to save on rent so I can have my car. It's all about your own priorities.

Just keep in mind if you break parts from a power adder, you'll need to finance that repair bill too. It can be a slippery slope. My motor went and is sitting for 6 months while I pay down my existing bills so I can afford a new motor.

 

[5ohh_kenny]

It's really personal opinion and depends on your priorities.

I've financed parts, and then financed repair bills from breaking more parts. If i wanted to afford everything I have I would have had to wait several more years of saving. To me it's worth it to pay a good bit of interest to have it all now. Again, it's really personal opinion.

Many people aren't willing to be in debt for a car, personally that's fine with me lol. I rent a single room to save on rent so I can have my car. It's all about your own priorities.

Just keep in mind if you break parts from a power adder, you'll need to finance that repair bill too. It can be a slippery slope. My motor went and is sitting for 6 months while I pay down my existing bills so I can afford a new motor.

Out of curiosity: how did you finance the parts? How did you like the process?

I think there is something to be said about having a part to enjoy now vs waiting till you can save up the money. But how much that is worth I am not certain.

 

[shogun32]

lots of CC offer 0% for 6mo to 12mo. Paypal will do the same. Just as long as you can KEEP to the program and pay it off by the alotted time it's an easy thing to do. Affirm et. al. are however counting on you to not pay it off in time and to hit you with all of the accrued interest charges. Offering credit at time of sale is very successful in getting people to buy stuff they wouldn't if they rationally thought about it and were honest about their financial situation. It's a boon to retailers (people click Buy) and Affirm/Paypal make bank on interest charges.

 

[ahl395]

Out of curiosity: how did you finance the parts? How did you like the process?

I think there is something to be said about having a part to enjoy now vs waiting till you can save up the money. But how much that is worth I am not certain.

Financed via personal loans and credit cards. A 0% intro APR card is the best way to do it, but dont forget to look at the APR *after* the intro rate in case you dont pay it off before the intro period ends. I also have a large card at 9% interest so even with a large balance that I carry the interest doesn't eat me alive.

How much that is worth is definitely up for personal opinion.

 

[engineermike]

Personally, I wouldn’t buy performance parts unless you can pay cash for them AND have enough extra money to pay for any carnage that occurs after they are installed. I even go a step further and say you shouldn’t pay for mods if you haven’t paid off the vehicle.

 

[Evolution IX]

No, just no.

 

[96gt4.6]

No.

Wait until you have the money saved to pay for the upgrades.

If you have to finance the performance parts, on top of a financed car, you're living beyond your means and it will end badly financially for you when it breaks or has issues that you will have to pay for up front, or finance more.

 

[Stymee]

I can and have gotten cash back cards at 0% for 18 months

if u put 4K on the card u get $500 back so if I buy a $8k blower setup it costs me 7k and I have 18 months to pay it off, or I could just roll it to another 0% card again

The way the stock markets going, no one is getting my cash. Things are going to well financially to give up your cash

 

[engineermike]

if u put 4K on the card u get $500 back so if I buy a $8k blower setup it costs me 7k

What card is giving 12.5% cash back!?!!

 

[Stymee]

What card is giving 12.5% cash back!?!!

Just go online and look, there out there buddy, you open an account and spend 4K and get back $500, I also believe it’s a 3 month window so once u open the card u better be ready to purchase

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