Financing a project.

I was just wondering how many of you have taken loan out against your project car or truck while it is in pieces in the garage. I have a loan against my civic right now and the whole front end is cut off. all the suspension is out and im getting ready to cut the floor out.

I never took out a loan to finish/get parts for any of my projects. I almost did on my Honda a while back when it pissed me off and I just wanted to send it to a shop and be done with it. Then I remembered how much I enjoy working on it, sanding it, priming it, sanding it again, priming it, sanding it again....lol. I have however used my credit card to buy things for my car and paid it off...I guess you could call that a temporary loan if you wanted to get technical.

never take a loan out on your ride for more than it blue books for.

you'll be sad to learn you'll never sell it for more than 1,000 more than it's worth unless it's the worlds best.

basicly resale value sucks.

Jey has an extremely good point. I would never advise that you take out a loan on your project just for the helluva it, but sometimes you get to the point that its the right move for you. DO NOT get yourself in a position where you have to deal with negative equity. Late model anything has a blue book, and regardless of the blood, sweat, and tears that you put in to it you must adhere to that value. Keep yourself in a financial position that you can get out of if necessary.