Bank Loans??

[Nitrus0nous]

Does anyone here have some good info on bank loans? I want to swap an sr into my car, but saving $ is a pain. I'd rather try and get a loan, and just make payments that way. Im sure i could always go ask the bank and ask questions, but sitting here asking u ppl is easier. Would the bank give a loan without knowing exactly what its for? Would I just be able to say that i'm "fixing" my car instead of "swapping motors", or would they actually look into it somehow.

[mynameisjonas]

i took out a loan for the same thing. i just told them i needed a new engine and that was that. they didn't give me any problems at all. unfortunately my 4runner took a crap and i had to use the money to fix that instead

[Nitrus0nous]

I know all banks are different and everything, but what kind of interest are you paying? and how much did you take out?

Also, you're in PA and i'm in delaware, and i was just wondering what shops/sources you were planning on using.

[Nitrus0nous]

oh yea btw im only 20 and i guess my credit isnt too great, but im sure i'd be able to get someone to cosign for me if necessary. still not 100% sure, it might be a loan for SR for my hatch or for anice ol' s14...hmmmm

[Nitrus0nous]

or a gsxr. DAMN DECISIONS!

[mynameisjonas]

i took out $4000. my banks interest rate was %12 for a personal loan. i'm also 20 but i have a decent amount of credit so i was able to get it without a co-signer.

as far as the engine goes, i was just gonna try to find a good deal on one from somewhere and put it in myself. but i have heard that heavy throttle and pretty much any of the links on the left are pretty reliable for engines etc.

[Nitrus0nous]

Yeah. I dont know about getting it installed myself, because right now this is my only car, so if i get it done, it WILL be done right. And the only way for that to happen is have a shop do it..heh. I dont think my friend would want to do it for me since he already swapped a new ka in for me. And didnt want to do the 5spd swap.

also, heavy throttle would most likely be my choise as well

[TurboTuli]

I just applied for my first loan, but it was an auto loan, which im told is a lot easier to get than a personal loan without any credit becuase of the collateral(the car). I have no credit history at all and applied for $5000 for an s14 I found in my area. I hope to hear back from them tomorrow. The rate she said I would get was like 7.5% for 3 yrs. Good luck to you.

[240SXedUp]

You might get the money right away... but if you just saved for the engine you'd end up saving alot of money.

[mynameisjonas]

yeah that's true, practically a third of my payment goes toward interest every month. adds up quick

[Nitrus0nous]

Yeah. I'm thinking that too. I'm gonna save for at least a year, cuz then i'll have it pass inspection and get another 2 year sticker, then get the swap so its tagged for 2 years before i have to worry about emissions problems.

[240SXedUp]

Ya.. a loan for an SR is a waste of money. You'll be paying at least 1/3 more than it costs.

[Nitrus0nous]

i want fast now though. that seems to be the problem...who knows.

[240SXedUp]

Why cant you wait?

[Nitrus0nous]

oh i can, and most likely will. theres always the 'I WANT IT NOW' feeling.

[Dattebayo]

You can get better deals on local used sr's and stuff. Why just yesterday i got a deal for an SR engine set for cheap, under $500. It had spun bearings, and thats cheap to fix usually. Check around the parts and equip. page for wonderful deals such as this.

[Nitrus0nous]

i think its time to replace my stock suspension too, so that should hold me over till i can save enough.