My friend got Porsche using a home equity loan, I was wondering if this is common, all I know is my Uncle said its a bad idea to do that
|
-
08-15-2020, 03:23 PM #1
-
08-15-2020, 06:33 PM #2
-
08-15-2020, 06:40 PM #3
-
08-15-2020, 06:44 PM #4
-
-
08-15-2020, 07:46 PM #5
-
08-15-2020, 11:56 PM #6
-
08-16-2020, 06:34 AM #7
A loan is a loan.
If your bank will give you a loan against your house for a lower rate than the dealership will then why the hell not?
This isn't really a question about home equity loans, its a question about taking a loan out to buy a fun car.
The answer to this depends on a lot of factors, mostly whether or not this loan will screw up your financial plans for the future.
Having a fun car is more of a life changing experience than you might think. I got in just to have something fun and fast but ended up making hundreds of friends over the last 6 years, I was not anticipating that.
If I really wanted to I could do cool car stuff with friends 7 days a week, there really isn't another hobby that compares to this.Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
-
08-16-2020, 09:34 AM #8
-
-
08-16-2020, 10:09 AM #9
-
08-16-2020, 10:35 AM #10
-
08-16-2020, 10:54 AM #11
-
08-16-2020, 01:53 PM #12
-
-
08-16-2020, 01:56 PM #13
-
08-16-2020, 02:23 PM #14
-
08-16-2020, 02:59 PM #15
Not a good idea IMO.
Lots of lulzworthy posts ITT.
Nosirrah makes some valid points.
No self brag, and I'm not even going to post details about the make and model car I bought brand new. Hint: Starts with a P and the model has 3 numbers (not electric). Purchased brand new, $168k MSRP... Not a single piece of pussy was thrown at me since I bought it other than two teeny boppers in a Ford Focus asking if I will be their sugar daddy.. Nothxjeff... You know what I get a lot of? Dude's trying to be my friends and haters. That's it.
-
08-16-2020, 03:07 PM #16
-
-
08-16-2020, 03:16 PM #17
-
08-16-2020, 03:33 PM #18
Pretty much. There is nothing wrong with that though as long as you are actually looking to make car friends to do car stuff.
This summer about half of the cruises I have run ended up picking up additional cars at the start point. We have had people randomly join cruises as well.
This is a shot from my cruise yesterday, I have known some of these guys for only a few months.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
-
08-16-2020, 03:39 PM #19
-
08-16-2020, 03:44 PM #20
-
-
08-16-2020, 03:50 PM #21
-
08-16-2020, 03:51 PM #22
-
08-16-2020, 03:57 PM #23
NSX. I am retired, 5 years ago. I co-founded a software company and it did quite well.
The 488 to is owned by a guy with a similar story. Retired, sold his parts machining company and retired.
The guy with the Huracan I think actually did though. He is an electrician (owns his own company) and also owns multiple rental properties. I am pretty sure he tapped into equity for the car loan.Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
-
08-16-2020, 04:04 PM #24
- Join Date: Apr 2012
- Location: Alberta, Canada
- Age: 39
- Posts: 26,184
- Rep Power: 235277
Get the feeling OP just wants people to say that his friend is stupid for taking out a loan to buy a Porsche. In reality, whether or not it's smart hinges entirely on your financial situation and not the fact that a secured loan was used to buy the car
There are plenty of scenarios where it would be smarter to use a loan rather than doing something silly like handing off $100-200k of available funds
-
-
08-16-2020, 04:08 PM #25
-
08-16-2020, 06:21 PM #26
-
08-16-2020, 07:58 PM #27
-
08-16-2020, 08:15 PM #28
-
-
08-17-2020, 07:04 AM #29
Dumb or not depends on the interest and repayment time. Rates are low now so a straight up purchase you'll do OK regardless, but the cool thing about reworking the house financing is you can maybe write off that interest and stretch the pay back time so it's less painful on the monthly bills... and you'd own the car outright.
-
08-17-2020, 07:38 AM #30
- Join Date: Jan 2006
- Location: United Kingdom (Great Britain)
- Age: 49
- Posts: 16,192
- Rep Power: 60251
This will go over your head but I’ll say it anyway
It’s literally just you and one or two others on here who are legends in your own mind and try and flex on young men on this forum. I know other people here, and in real life, who are genuinely successful and I don’t give them any flak at all.. because they aren’t obnoxious about it.
A greater gift from god would be, to see ourselves as others see2023 bertie awards 2024 nominations
https://forum.bodybuilding.com/showthread.php?t=184693083
Bookmarks