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Author Topic:   financing a modified
Dirt Newbie

Total posts: 1
posted November 24, 2001 09:10 PM
hello every one this is my first post and i would like to ask a question. does anyone know if there is a bank or finance co. that loans on racecars. i was wanting to start racing by buying a modified operation that has everything to get started but dont have the collatteral. any ideals would be appreciated thanks.

Dirt Full Roller

Total posts: 37
posted November 24, 2001 09:54 PM
I understand what you want to do, but let me give you some advice you dont want to hear. Dont even think about it. Racings like the stock market people can and do loose money and you should only risk money you can afford to loose. If you dont have it wait till you do.

Dirt Administrator

Total posts: 5060
posted November 24, 2001 10:02 PM UIN: 16262997
I agree wholeheartedly. If you can not afford to do it out of your pocket, don't do it. Do not go in debt for is a habit as much as a hobby, just like anything can get yourself in trouble by putting yourself in debt to do it.


Dirt Track Junkie
Dirt Roller

Total posts: 8
posted November 24, 2001 10:14 PM
I agree. And when you finally have everything and are racing, stay home if it means using money that you need for other bills. You can always go next week. It may hurt a little staying home but not as bad as the night you spent the house payment to go racing and then got caught up in an accident and totaled the car.

Dirt Roller

Total posts: 13
posted November 25, 2001 02:38 AM
The other guys are right. Don't go racing on credit. And don't start racing in modifieds if you have no experience. It's not an entry-level class. Even if you're the second coming of Dale Earnhardt, your learning curve will be the cause of other racers getting their stuff torn up. Pay your dues first in a beginners class instead of making other modified racers contribute.

Dirt Full Roller

Total posts: 38
posted November 25, 2001 07:24 AM
Don't do it!!! I've been there and done that and long after the car is gone the payment is still there.


Dirt Maniac

Total posts: 183
posted November 25, 2001 08:16 AM
Do not borrow money to race! If you want to get into racing, find a local racer and help him out with time and labor. All the while learning and saving up a few bucks so someday you can race. Then you can buy a car and be broke again shortly thereafter!

Dirt Full Roller

Total posts: 29
posted November 25, 2001 08:41 AM UIN: 134690359
I agree with the rest of the guy's if you don't have it (money) dont do it. If you want to race you sould think of getting somebody's old street stock and working with it,and get some seat time.don't jeoperdize safty for a little bit of FUN.And when you jump make sure you can land on both feet!!!!

just my $0.02


Dirt Full Roller

Total posts: 52
posted November 25, 2001 08:42 AM
But...What if he wins every night out??? DON'T DO IT!!!

Dirt Full Roller

Total posts: 36
posted November 25, 2001 10:26 PM
I would say racing is like a drug habit. Once you start you got to have more.Remember 1 racing can hurt you. 2 Racing will put you in the poor house if you let it . Only race what you can afford. I think the people that I worry about the most are people like myself that know better and race anyway.

Dirt Forum Racer

Total posts: 79
posted November 25, 2001 11:40 PM
ok guys some of you haven't figured out the way to make a small forture in racing . i mean come on it's so simple just think about it. all you have to do is start out with a big fortune. lol

Dirt Freak

Total posts: 221
posted November 26, 2001 07:43 AM
Flash? Is this a serious question? or are you jokin, lol

Dirt Full Roller

Total posts: 55
posted November 26, 2001 04:31 PM
Hey Guys, let's not beat up on a new guy. He posted asking a serious question because he wanted a serious answer. Remember how it was when you first started. The anxious anticipation of starting your first race in your car, all the while thinking in the back of your mind that you might be the next Richard Petty and actually win. Don't rob him of that and don't steal his dream.
If you want to start, start by going with another guy as has been suggested by some of the others. Then, find a good used car. Notice I said a "good" used car. Don't jump on the first car you find that's in the price range. Then, spend as you can until the car is ready to go. Make sure all the while you cross all t's and dot all i's. Racing is fun, and very expensive. It's also addictive. As for an answer to your question, I do know of a few places that lend money if you have good credit, such as the Kentucky finance and American General Finance people, but I strongly discourage it. In the end, it's your decision and your money. Just keep in mind that these wonderful people will charge you anywhere between 20-30% interest on the money.........Have fun and..........See ya at the track!!


Dirt Roller

Total posts: 20
posted November 26, 2001 06:02 PM
for real,, never borrow money to race,,its like borrowing money to walk into a casino,,and your odds are prob better in vegas! buy something u can pay for on the spot or dont get started.

[This message has been edited by XMod (edited November 26, 2001).]

Dirt Roller

Total posts: 11
posted November 26, 2001 08:48 PM
X- MOD COULD NOT HAVE SAID IT BETTER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Originally posted by XMod:
for real,, never borrow money to race,,its like borrowing money to walk into a casino,,and your odds are prob better in vegas! buy something u can pay for on the spot or dont get started.

[This message has been edited by XMod (edited November 26, 2001).]

Dirt Full Roller

Total posts: 40
posted November 27, 2001 03:00 AM
Flash please take the advice that has been given to you. I myself have gone into debt by racing. I haven't borrowed money but I have a good name and good credit with the ppl I use in racing. I owe them money and they have been really good at letting my pay a little at a time so I can race at the same time. I can honestly say that 1/2 my paycheck goes to racing debts. If I had it to do all over again I WOULD NOT use credit to race. I am single and rent from my parents, and I am addicted to racing. I race a modified now but I raced a ministock for five years before I even thought of jumping into a mod. I do not wish my racing experience on anyone, and if I can prevent someone else from falling into the same pit I am in I will try my best to. But by all means if you want to race go ahead and do it, just don't borrow money. Sit back and think about what you are about to do, weigh your options and make a decision. And take into consideration what has been told to you on this site. No one is lying to you.

Dirt Full Roller

Total posts: 51
posted November 27, 2001 06:51 PM
Racing is the quickest way to make a small fortune........

However it requires starting out with a large fortune.

Dirt Forum Racer

Total posts: 98
posted January 10, 2002 11:36 PM
If you want it bad enough you can find a way. Just come up with a better idea.

Dirt Full Roller

Total posts: 28
posted January 11, 2002 11:39 PM
Ask yourself one question : Do I have to
buy this today? If the answer is NO, then
start saving money until the answer becomes
yes. I have known people that have borrowed
money for racecars. Most of the money was loaned by a banker who knew them . It's also
known as a signature loan. Their credit was
already established . Unless you have the
same amount of money tied up in investments or CD's etc. I would NOT recommend borrowing
money for a racecar. I have done some "creative" financing of my own with
low interest credit cards ,but never an out
right bank note. The credit cards I used had
special promotions for 90 days or 6 monthes
"same as cash" . This way I wasn't charged
interest because I made sure I made the payments. One more thing , a friend of mine
said something to a group of people that were
pressuring him to hurry up and get his racecar together. It went something like this: Ya'll go on ahead . I'll get out there
when I get ready.They have been racing cars since there was cars . I 've got the rest of my life to race and if I don't live that long
it won't matter no way!

dirt mod 70
Dirt Full Roller

Total posts: 59
posted January 12, 2002 12:15 AM
<<<<<WORDS OF WISDOM>>>>>>



Dirt Forum Racer

Total posts: 97
posted January 14, 2002 12:01 AM
I started racing Bombers when I was 16 I didn't have any payments, cars, nothing but a bomber race car. I fell into love with it bought a b-mod, and grew up I guess. Along with my age came street cars, rent, and college. These hit me hard, but I am too much in love with it to quit now, so I find a way to make it work without any sacrifices. Yeah, If you have a girlfriend, that probably won't help if it's at all a situation like mine.

Dirt Forum Champ
Total posts: 885
posted January 14, 2002 02:02 AM UIN: 54865418
there is alot of good advise on here guess i agree with all of you first of all mods are not the place to start out unless you have a good crew that has been around mods for a long time to help bring you to speed real fast even then it's not realy a good idea as for taking out a loan visa or master card is a good place to try lol myself i run a bomber and am thinking about a b-mod but i race on my income tax refund so when it's gone i 'm done buying and there has been times that i had to sit out a couple weeks or race every other week cause thats when i got paid so i could buy the parts i needed to fix the car but i always made sure that the food was on the table the diapers where on the butts and the roof was over the heads before i even thought about the car. one more thing that other have touched on if you tear that thing up the first nite how are you gonna pay to fix it and still make that loan payment. bottom line if you can't buy it outright or trade something for it you don't need it

Dirt Full Roller

Total posts: 48
posted January 14, 2002 12:24 PM
hey, did you hear about the racer that won the lottery? He just kept racin' till it was gone........

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