I'll be honest with you.

1. You're crazy. No offense. I will explain why.

Why?: You want to finance a car for 7k. You want it to be a DD and some sort of " race car. "

Problem?: If your car breaks down because you were " RACING " in it what are you going to drive? You already mentioned you want this to be a DD. I am going to assume this will be your one and only vehicle that you drive. Why make it a race car? Do you really want to be making payments on a car that isn't driveable after you break it?

2: It is stupid to finance 7k for a race car/dd.

Why?: If you do not have 7k for a DD/Race car then don't buy it. 7k is not hard to save. Plus if you go to a bank they will ask you what you want the money for. They aren't going to lend you money to buy a old car especially if it's been used and a bused. (Tons of miles). Your best bet is a buy here pay here place. A bank isn't going to loan you money for a 90's or early 00's car with 100k + miles on it that you want to modify or bought modified. I highly doubt you will find a 5 year old car or newer for around 7k that is build worthy and from your list you're wanting to buy a old car.

Problem?: You have to pay to play. So called " Race cars " regardless if it's a part time DD, street, drag, or whatever wear and tear faster than a OEM vehicle. Which means you will be spending more money to maintain it.Save up your money. Get what you want and build it little by little. In the mean time get yourself a DD that you can keep to stay as reliable as possible. That should be your DD. Your so called race car can be your weekend warrior or your track car.