This is not about money. I have good equipment, but without understanding the direction of the sheet metal fibers you will do nothing.
Take your time. You do must will shaping more. You will succeed. Bend the hem upwards, where you want to weld it, then cut it.
You have to try. Definitely don't give up. And don't accept stupid cutting advice.
My friend has minimal equipment and does great things. He always laughs at me. But he has been doing the same work for 20 years. The same type of car. He can't even see it anymore.
I made rear fenders in this thread. Learn paper template. You will see the shaping directions. You will use 1 template for both sides. A bent hem, up or down will keep you in shape. Then you can cut.
It is written in fairy tales that the directly road leads to hell. Think about future technological steps. Good luck.
http://www.allmetalshaping.com/showthread.php?t=18867