I did it to finish my car and it's still not finished. It just nickel and dimed me after the loan was exhausted. I have a pile of parts but it'll be a while before I can get to the other portions of the project. For a regular guy like me without sponsors or resources of a big shop, I would just do one piece of the puzzle at a time when you can afford it. I now have a car payment on a car I can't drive.
I have done it, a home equility loan. It wasn't a good idea especially with cost over runs, and now the housing market. Now I have a "car payment" for 10 more years, unless I pay it off early, which I am working on.
However, I would not have had the money to save to get it done. I have had an absolute BLAST with this car over the last four years, a few ASCS events, a few autocrosses, and just driving it, sometimes making the car payment woth it.
That's all that matters brother. If you can afford it and enjoy it as much as you can, go for it!
Trust me guys, I have thought about this for awhile. The thought of getting a loan started after I had been looking for a new performance car. I really miss having a fast/fun car. I really liked the Audi S5 and was set on buying one. Then it dawned on me. If I bought this Audi it would only set my project back further. A lot further.. So I thought why not get a loan for my Mustang. Lots of people have loans on new cars, why not get one for my project?? The more I thought about it the more it made sense. I have great credit and qualify for a low interest rate which persuades me even more. I'm thinking about getting a loan for 20-30k
Another reason for getting the loan is I want to be able to enjoy my car while I'm still young. I started this project 8 years ago and had a goal was to have the project done while I was still in my 20's. I'm turning 29 this July and realize that I probably not going to reach my goal. This is something that is not a big deal to me anymore but I still want to be able to enjoy my project before I settle down and have a familly.
Dude, you're only 29. I'm only 3 years behind you. It's OK to take it slow with these things. Don't go and add debt to your name because you're eye balling 30.
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"I should have just started smoking crack. Its just as addicting and WAY cheaper..." --unknown
Life is full of lessons. Borrowing money to fund a depreciating asset, that requires maintenance, insurance, gasoline, and isn't your daily driver is not a wise financial decision. We've all made them but you only get some many mulligans before you end up like 95% Americans at age 65, dependent on someone else to keep the ball rolling. If you need to borrow money to fund toys, you are not in a good financial position at age 29. It's easy to think, I'm young, I have plenty of time. The sand is funneling quicker than you think.
Brian Hobaugh SCCA National Tour June 2014
First Hemi 'Cuda Convertible Ever Built
Short clips: Goodguys Pleasanton autocross and pit videos
This is something that is not a big deal to me anymore but I still want to be able to enjoy my project before I settle down and have a familly.
and 
and after a few years this is what you'll look like 
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