Additional factors for your consideration:
- Age group? 20-30, 31-40, 41-50?
- Is this a hobby or you planing to go professional?
- Is wife earning income?
- Own a house? Fully paid?
- Do you do budgets every month?
- Do you invest? How much a month?
- Do you save? How much savings a month?
- Own's estimation on driving talent? Have you competed in GoKarts before? (Generally you graduate from Gokarts before going into production car racing.

From the above, like what others are hinting... you will need to decide where is your priority. e.g. is house a better investment? Invest and earn more to be financially stable? Save more for a rainy day (afterall you are in a single income situation).
Also, not sure if you are aware how much investments it takes to go pro (especially in the early stages). All are self financed. Some consider motorsports as one of the more expensive sports.
And personal loans from a financial planning perspective. Decreases your loan eligibility more.

No right or wrong in life decisions. Just need to focus on what your priorities are.
if you focus on yourself, then race forward. Wife and Family will have to sacrifice while you use resources for self entirely.
if you focus on family, then forget about it. You sacrifice your desires... save / invest money in things which can grow your wealth so you and family can have better standard of living.
or find some middle ground... take % of your income for racing hobby or for investments.

only advise is to plan ahead to anticipate any challenges (be it your racing desire or wealth growing opportunities) so that you have back ups if things go bad.