Guitars on finance? yay or nay?

[Left_Hand_Strat]

just wondered.

I really fancy myself the left handed Kurt cobain jaguar... but to afford it i would need it on finance.... only problem is is it a good idea....

i could severely end up in the shizzle if i get made redundant or whatever from my job so perhaps not a great idea on the economic front???

the only other option is to save and hold out and if I'm lucky in 12 months buy a new one....


could always buy a squier jaguar or jazzmaster but i would need to flip it over

 

[Mr 9finger]

Re: Guitars on finance? yay or nay?

I've bought some gear on finance before. It has it's benefits and pitfalls. The trick to buying gear through financing is paying it off as fast as you can to avoid interest charges and what not. Some of the "deals" some companies show you are actually a trap. Awhile back I seen something along the lines of own this LP Standard for low payments of something like $35 a month with interest free financing for the first 12. Well do the math, that $35 a month isn't going to add up any where near the total cost of the LP and you're going to get nailed with major interest after that. There's also usually fine print saying that if it's not paid off in that time frame, all the back interest gets added back on. So yeah, instances like that sound good, but make sure you read ALL of the fine print.

I have no issue with doing it, but my rule of thumb is, if I can't pay it off in 5 months, I don't need it or I save for it until I can pay it off. I know being across the pond might limit your options, and being a lefty really limits your options, but I'd check and see if places like American Musical Supply or Music123 can ship to the UK or maybe they have a sister store for non U.S. customers.

 

[lex666]

Re: Guitars on finance? yay or nay?

That's why I like to order from places like Sweetwater or American Musical. They let you make 3 or 5 monthly payments without interest.

Most of the gear I buy I try to save up for anyways. When it time to purchase, it nice to know its not cutting into my budget that much.

 

[karpathion]

Re: Guitars on finance? yay or nay?

I've had a MF card for years now. I buy almost everything on it.
The good thing is, if you pay it off in a certain amount of time, you pay no interest.
With the bank that MF uses, it's a year. Works out pretty well!

 

[ImmortalSix]

Re: Guitars on finance? yay or nay?



The only time it's good to use financing is when you can make more money that way.

Example: "0% for 12 months." You see this everywhere - very common. I use these sometimes, because say I buy $2000 worth of furniture, and I have $2000 free to pay for it - why would I finance it?

Well, I'm glad you asked.

If I hold on to that $2000 and pay something like $167 a month, I can have that $2000 (although ever decreasing) in a savings account earning interest.

This way, the $2000 is earning interest for me over the next 12 months, not somebody else.

 

[GuitarStv]

Re: Guitars on finance? yay or nay?

Guitars are a fun item, not an essential item . . . there's always a cool one around the corner. If you can't afford to pay off the bill in full the day that you buy it then you can't afford to buy it. Paying interest is a great way to make other people wealthy.

 

[phil_104]

Re: Guitars on finance? yay or nay?

The only time it's good to use financing is when you can make more money that way.

Example: "0% for 12 months." You see this everywhere - very common. I use these sometimes, because say I buy $2000 worth of furniture, and I have $2000 free to pay for it - why would I finance it?

Well, I'm glad you asked.

If I hold on to that $2000 and pay something like $167 a month, I can have that $2000 (although ever decreasing) in a savings account earning interest.

This way, the $2000 is earning interest for me over the next 12 months, not somebody else.

Bingo.

My ES339 is financed. I will only finance if I get 0% interest, and I have the money, in cash, in the bank. No excuses. This allows me to sit on that money, and also boost my credit score. I'm a young guy, I try and make a financial name for myself as much as I can. I have a 1000$ limit on my credit card. Thus, putting payments on it every month, and clearing it all off every time, has given me the credit score of a 40 year old man who has been fiscally responsible his entire life.

You can, but you have to play it out to your advantage. The messed up thing, is that you should only finance if you don't have to.

 

[ImmortalSix]

Re: Guitars on finance? yay or nay?

Paying interest is a great way to make other people wealthy.

Exactly.

So few people seem to get this. They believe that a bank is doing them a huge favor by lending them money.

A) No company ever does anything unless it makes them money. Commit that to memory.

B) Banks are simple. They borrow money from you (checking account, savings account, etc.), you are letting them hold onto your money. Exactly the same as when you borrow it from them.

C) They lend it to you with a higher interest rate than you lend it to them. Boom, solved.

Your savings account accrues what, 2% a year, and your car loan is 3.9%. Your checking account accrues nothing, 0% interest, and your credit line is 12%.

You starting to see?

I'm willing to bet 100% of your paycheck goes directly to a bank, first stop. Every dollar you make, goes to the bank where they can use it for whatever they want until you ask for it back.

TL;DR: Banks borrow your money at a low interest rate and lend it back to you at a high interest rate.

 

[lex666]

Re: Guitars on finance? yay or nay?

Bank = government loan sharking

 

[Funkfingers]

Re: Guitars on finance? yay or nay?

+1 to all of the above.

It is unclear from the OP whether you have actually tried out the Kurt Jag or it is just G. A. S. It would be unwise to take such a large financial risk for a guitar if you are not absolutely certain that you can live with it.

To some extent, the same will be true of a flipped RH Jazzmaster or Jaguar.

If you are gagging for a Jaguar THAT badly, I might be willing to sell you my CIJ example. It would probably need a change of pickups. Ants probably would not suit you, sir.

 

[Kam]

Re: Guitars on finance? yay or nay?

Yeah, I'd really like one of those Jags myself. If I could afford it, I'd already own one. I'll second pretty much all of the above, though. It's too big a risk for what is essentially a luxery item. I'd definitely advise waiting until you have the cash ready.

I'll also second Uncle Funk's sentiments. Are you really sure that a Jag would be a good guitar for you or are you just in love with the look? Personally, I love the short 24" scale but it's certainly not for everyone. Have you played a similar guitar? Are you certain that it's a style that fits you?

 

[stevie_bees]

Re: Guitars on finance? yay or nay?

This may be of interest to our younger UK-based forum bro's...

Take It Away Finance Scheme

It's an Arts Council initiative to try and get 18-25 year olds playing musical instruments.

I'm not encouraging anybody to get themselves into debt, but if you're dead set on a musical purchase this might be the way to go.

 

[crusty philtrum]

Re: Guitars on finance? yay or nay?

Own your guitar. Buy it for cash and own it.

That way, no-one can ever take it away from you. By all means, take out finance for an amp and other gear, but own your guitar. If your amp and other stuff get taken away, you can borrow stuff until you get re-established. But own your guitar outright. It's your friend and you don't want anyone having a claim on it.

Of course if you already have a guitar you are happy with, maybe use finance to acquire another one, but always own your main guitar.

 

[Powdered Toast Man]

Re: Guitars on finance? yay or nay?

One of the big reasons we're all so screwed in this financial crisis is years of "buy now pay later". If you don't have the money to buy it, then you can't afford it. If you take the time to save that money up, that guitar will mean so much more to you.

 

[guitarrob]

Re: Guitars on finance? yay or nay?

I suggest saving and buying it when you have the money in hand.

Does your shop allow layaway, where you can put down money and make payments on the rest?

 

[Quencho092]

Re: Guitars on finance? yay or nay?

loanz r evil

 

[ImmortalSix]

Re: Guitars on finance? yay or nay?

I suggest saving and buying it when you have the money in hand.

Does your shop allow layaway, where you can put down money and make payments on the rest?

If there is not a particular, individual guitar that you are in love with and don't want that particular one to get away, then layaway is almost as bad as a loan - someone else is earning interest (and has the money available to them).

If (any ol') Cobain Jag is what you want, save the money in a savings account, get the entire purchase amount ready, and then do the deal.

I know, I know, that sounds really boring and preachy.

It is.

 

[Chickenwings]

Re: Guitars on finance? yay or nay?

wait till you can pay cash. Youll get a better price and youll feel so much better about the guitar.

 

[Left_Hand_Strat]

Re: Guitars on finance? yay or nay?

**** **** and ****

perfectly eligable for take it away but


I dont work 16 hours a week. **** sake. DAMN THIS STUPID COUNTRY -.-'

/rant.

anyways all good stuff above and +1 to it. Steve, your link was what got my mind whirring.

Right,

Funk, I aint tried one yet, not one has appeared in Leicester yet. However, there are two places that stock the squier jaguar right handed and I can try them anyday this week

the fact of the matter is it is a semi curiosity/GAS and actual sound difference movement.

Being a big Kurt Cobain fan doesn't help. I Idolize the guy, love the music Love the meaning behind how he wrote music and whats in it, it means a lot to me in true meaning....

I love the shape of the things and the novelty of a short scale guitar but I'm also interested in the sound. I can harness that short scaleness into my sound if I want to. I did it with the Tele, the Les Paul and shortly my sunrise Strat (It's modifying process is nearly done after 8 months!). I aint got recordings... or ones of decent quality but the guys in the band say my sound is always decent, and they don't say that for nothing. Gavin has tried matching my sound in practice and he can't do it!!!

i just want that Nirvana-ness about things... its probably more of a GAS thing though tbh. you can play nirvana on any guitar so long as it has 6 strings on it. Heck I can even sing like Kurt!!!!


but it don't hurt to ask anyway i need to learn this stuff.

 

[TheProphet]

Re: Guitars on finance? yay or nay?

With the exception of my vehicle and house (didn't have that level of cash in my bank account), I try and avoid using loans/credit for anything. That being said s*** can hot the fan, especially with stuff breaking with the house, and you find yourself needing to use loans/credit to cover emergencies.

But yeah ... If I don't have money for the guitar and I use money I don't have, no just know your fridge/washer/dryer/somethings going to break ... or your truck catches on fire ... etc.