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Author Topic:   financing a modified
flash43
Member
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.


3dirtLm
Member
posted November 24, 2001 09:54 PM
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 racing......it is a habit as much as a hobby, just like anything else...you can get yourself in trouble by putting yourself in debt to do it.


jammin


Dirt Track Junkie
Member
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.


ZIGGY
Member
posted November 25, 2001 02:38 AM
Don't do it!!! I've been there and done that and long after the car is gone the payment is still there.


30owner


Gene
Member
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!


BSracer8
Member
posted November 25, 2001 08:41 AM
But...What if he wins every night out??? DON'T DO IT!!!


Mod6M
Member
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.


jlfastride
Member
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


ford5
Member
posted November 26, 2001 07:43 AM
Flash? Is this a serious question? or are you jokin, lol


modracr41
Member
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!!

------------------


XMod
Member
posted November 26, 2001 06:02 PM
X- MOD COULD NOT HAVE SAID IT BETTER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
quote:
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).]




sideways34
Member
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.
IF YOUR SIDEWAYS YOU GOTTA TURN RIGHT!!!!
SIDEWAYS34


NWModracer
Member
posted November 27, 2001 06:51 PM
<<<<<WORDS OF WISDOM>>>>>>

HOW DO YOU MAKE A SMALL FORTUNE IN RACING????

START WITH A LARGE ONE!!!!!!!!

powercar821111
Member
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.


racer17j
Member
posted January 14, 2002 02:02 AM
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


cage86j
Member
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........