Join Date: Jun 2003
Location: Wichita Falls, TX
Personal opinion, don't take a loan to modify your rig, especially from your parents, IMHO never take a loan from family.
If you can't afford to cash flow your mods I'd hold off until you can, especially @ 16. Good financial habits start early. Besides, modding your Jeep will increase operating costs which just further compound your financial burden. If you're having trouble affording the mods, wait till the maintinence costs catch up to you (IE Ball joints, U-joints, possibly axle shafts, brakes, clutch, etc which all wear faster as a result of larger tires and lift).
Probably not the advice you're looking for but you did ask and its only worth what you paid for it. Its generated from a guy who did dumb stuff at your age though, so it is tested, FWIW.
13 GC Overland - (Wife's DD) 5.7, stock
Past Jeeps: 99TJ, 78CJ7, 91YJ, 01WJ, 03TJ, 05KJ