Credit card or loan to complete a project?

I cannot speak for other people and each person has their own priorities etc... but personally, if I don't have the money in my back/cash in my pocket then I just wait until I do.

I am very passionate about my hobby, but would rather not get into finance to fund it. I guess being self employed, putting food on the table and paying the mortgage are a higher priority than paying off loans when I don't always know when I am next going to get any money.

For people with a regular & stable income this is probably a very thing.

No matter how much I love my cars, as long as I've got something to drive....everything else can wait until funds allow.

Yeah thought as much. Its looking like abandon ship time. Really gutting - Ive put so much time, effort and money into my project but now, I think I'm going to give up.

Can you not just put it on hold until finances improve? That's why my project is taking so long - when I don't have the money for parts / materials, things just have to take a back seat.
I try to sell things in order to buy other parts, that way I'm not pouring money I don't have into the project. I wouldn't ever consider using credit to finish a car. That's just me though, I don't do credit cards or loans at all.

Dude, DON'T GIVE UP!

I would say put some money aside each month towards to car. If you can't afford to do that then you can't afford a loan anyway.

By putting it aside each month, you can buy bits as you go...like little targets to acheive. That's what I do. It's actually quite a good mojo boost when you have enough saved to buy bits you really want....then you can't wait to get them fitted etc...

I liken a loan (sudden pot of money) to getting a massive load of CD's to listen to. You're initially so excited at having all this music opportunity that you fire the first CD into the player. The album is only a few tracks in but you're wanting to listen to the next one...then the next. You don't give any of the albums a real chance and they all end up pushed to one side, not fully appreciated.

Buy one album....just one....then play it. Because you don't have another one to distract you, you really 'listen' to this album, you have time to get into it and you discover a truly great album that you probably would have skimmmed over if played with 10 other albums.

Having a lump sum will seem initially exciting with the prospect of getting everything done, but trust me, nothing beats the excitement of working towards and earning each step of a project. Like the single album, you'll get to take your time enjoying each step rather than throwing someone elses money (which you will still owe plus interest) to get it all done at once....where is the fun in that?

Seriously Dude, we all have down patches with projects, but it's getting through to the otherside under our own steam that makes it all the more rewarding.

Here's a few cars for you googled under 'mojo car' Just for you...

Looks like the offspring of a Dalek and a Group4 security van!

Anyway, what's all this about 'odd'?? ;D

Cheers mate, I know exactly what you mean about just getting one thing done at a time, after all - its what I've been doing for years. In fact I'm still doing it as I spent more than I should a few days ago on a second hand turbo that should arrive next week.. Ive been in the garage every day doing what I can for free - stripping engine and getting it ready to pull out.. BUT when I work it out and look at all the bits on it its just stupid. The amount of stuff I need to fix the engine and then prevent it from blowing up again is ridiculous - I could sell my daily but then I'm in the same boat when the project breaks again no money and no car. Thanks for the mojo lift attempt, I do think its time to hang the spanners up and focus my energy on looking for a career instead of working a curse word job with no money and spunking any cash I make on stupid bits for an old car

I'd say it depends on the loan to be honest, its very nice being able to save and use the money on the car, but on the other hand if you have borrowed the money at least you can use your finished project while your paying it back.

I got a car loan out way back to buy a car as i got fed up with saving for it and i didnt regret it, having said that, it was a fairly small loan, personally i reckon a year of paying something back is enough for me as I'm likely to want to be changing cars by then anyway.

I had to get a loan off my mate to finish my 24v Cortina when i lost my job and it just needed a few bits to complete, far better than having the car sat in the garage almost but not quite complete i thought.

hmmm, tricky one. If it HAD to be one or the other, go Loan! Cheaper finance and it don't keep spiraling, u have a set amount to use, and that's it, Credit cards u keep going back to, they keep upping the limit, next thing u know u're £8k in with no way out. Not done it my self, but known folks who have!

Only time i've moded a car on the credit card was my Fiesta, just after the body work was tidied up, wheels fitted, i was feeling dead chuffed until one day i realised how much of the wrong attention it was getting from the wrong kind! I'd overlooked the effect going from a bag of nails fiesta on steels to a nice piece of eye candy would have on the local scum. I hadnt got the money, but wasnt gonna wait, so i had an alarm fitted £350 on the credit card! Paid off asap!

I feel your pain running a car on a student budget as I do is hard. All I can say is save hard look for bargains and do people favours. The last is probably the most important as in my experience they tend to return that favour. But don't give up unless you have to use the time your waiting to afford the bits to do all the little jobs that you always intend to but never actually get around to doing.

Paul