financing/payment plans for higher quality double bass

xphoenixinflame · #1 10-10-2007, 08:40 PM

I'm a double bass player (mostly classical) from northern New Jersey. I'm in my last year of study in college as a music education major with focus on double bass. I am entertaining the thought of grad school as a performance major and will definitely be continuing in-depth study of the instrument, but my current instrument is more than likely insufficient for such endeavors and my money situation is fair at best. My current bass was purchased from a friend and fellow bassist to replace my completely unresponsive and inadequate bass that I had prior, so my knowledge about buying basses, especially at the quality level i'm looking for now, is virtually non-existant. Does anybody know of any place in the New Jersey/New York/Pennsylvania area that finances or offers "payment plans" for basses (makers or dealers of older instruments)?? I guess for the quality level I'm seeking, my price range lies above $7,500, but I just don't see myself having that type of money all at once any time soon (or ever! hahaha). I live relatively close to New York City and am quite familiar with it. I am also somewhat familiar with Philadelphia and am willing to travel that far.

joel kelsey · #2 10-10-2007, 11:03 PM

How is your credit? I used one of those "credit card checks" to buy my bass. The check came in the mail and I just wrote it to myself for around 7,000 bucks. I got a fixed interest rate at around 5%(way better than a bank loan). However, the problem with those checks is that if you are late or miss a payment, they can really screw you by jacking up the interest rate. I set mine up so it debits the monthly payment (about 140 bucks) straight out of checking account. It will take a couple of years to pay the bass off, but it has been well worth it.

Bass Barrister · #3 10-10-2007, 11:25 PM

Quote:

Originally Posted by joel kelsey

How is your credit? I used one of those "credit card checks" to buy my bass. The check came in the mail and I just wrote it to myself for around 7,000 bucks. I got a fixed interest rate at around 5%(way better than a bank loan). However, the problem with those checks is that if you are late or miss a payment, they can really screw you by jacking up the interest rate. I set mine up so it debits the monthly payment (about 140 bucks) straight out of checking account. It will take a couple of years to pay the bass off, but it has been well worth it.

Unless you are very diligent and organized, avoid these cards for the reasons stated above. You should explore the possibility of using student loan money to purchase an instrument. If you have been accepted to a grad school, check with the school's financial aid office for details. It's possible - the money is added to your total student loan amount. Obviously, this also increased the debt level you will have at graduation, so you need to be careful and plan ahead, but this is another mechansim for buying a good instrument.

MingusAmongUs · #4 10-11-2007, 12:13 AM

Quote:

Originally Posted by Bass Barrister

Unless you are very diligent and organized, avoid these cards for the reasons stated above. You should explore the possibility of using student loan money to purchase an instrument. If you have been accepted to a grad school, check with the school's financial aid office for details. It's possible - the money is added to your total student loan amount. Obviously, this also increased the debt level you will have at graduation, so you need to be careful and plan ahead, but this is another mechansim for buying a good instrument.

I second this. Debt is debt, but student loans are about the most forgiving and least life-crushing kind of debt there is. Plus, you can defer it until you're finished with grad school, if necessary. I know that when I was borrowing for my undergrad they gave me a little bit more each semester, regardless of whether or not tuition increased. I didn't always take the full amount, but I chose to for the last year, and put the extra money towards a bass and a security deposit on my first decent apartment. Maybe not exactly what Sallie Mae had in mind but I felt it was justified.

Another possibility, and also maybe not right for everyone, is to look into an "overdraft line of credit" linked to your checking account. Obviously depends on your credit rating but if it's good you might be able to pay for all or part of your bass this way, and as long as you are paying the minimum payments on time, the rate is pretty low (for me, 4% or so). The idea is if you overdraw your checking account, it's magically covered by this credit line (up to whatever your limit is), and you avoid paying fees, and the check doesn't bounce.

Phil Rowan · #5 10-11-2007, 12:18 AM

Okay, here go my .2 cents. Please correct me if anything is not quite right...

What is your current bass worth? If you don't know, have it appraised, and get a written appraisal for your records. If it's worth a couple thousand, you could save up (or get a loan), and use your current bass as a trade-in. This would potentially knock a couple thousand off the price of the next bass you get. I've never done this, but I would say that the saving up might be better than the loan option. When I was in the market for an upgrade from my Kay (for under 5K), my luthier said I could use the Kay to help knock off the price of, say, a 7K bass so that it would fit in to my range. Luckily, it turned out that I did find something that fit my needs for under 5K, so I still have the Kay (and plan on keeping it). Anyway, these are just some thoughts...may the stomping of my thoughts begin.

MingusAmongUs · #6 10-11-2007, 12:24 AM

Quote:

Originally Posted by Phil Rowan

Okay, here go my .2 cents. Please correct me if anything is not quite right...

What is your current bass worth? If you don't know, have it appraised, and get a written appraisal for your records. If it's worth a couple thousand, you could save up (or get a loan), and use your current bass as a trade-in. This would potentially knock a couple thousand off the price of the next bass you get. I've never done this, but I would say that the saving up might be better than the loan option. When I was in the market for an upgrade from my Kay (for under 5K), my luthier said I could use the Kay to help knock off the price of, say, a 7K bass so that it would fit in to my range. Luckily, it turned out that I did find something that fit my needs for under 5K, so I still have the Kay (and plan on keeping it). Anyway, these are just some thoughts...may the stomping of my thoughts begin.

Sounds reasonable to me. I will do no stomping!

I think most people would agree that saving is always better than borrowing, if it's an option. But I guess I figured a college student doesn't have much to save! And I guess I also assumed the OP would have taken the trade-up into consideration.

Phil Rowan · #7 10-11-2007, 12:30 AM

Quote:

Originally Posted by MingusAmongUs

Sounds reasonable to me. I will do no stomping!

Phew! We'll see what others have to say though...I'm ready!

It also depends on how much it matters to keep the bass you already have. I would have hated letting go of the Kay, but others may not mind as much to get rid of their current bass.

And yes, they were just my thoughts. It's dependent so much on what an individuals' situation is, so whatever works best after weighing all the options.

flint · #8 10-11-2007, 10:25 PM

Got to add my bit here as well.

student loans are a generally forgiving type of finance, and a great thing if used appropriately. The reality that must be considered is that you HAVE to pay that $$$ back. It is my understanding that this is one of those things that CANNOT be discharged even by a bankruptcy. Not that you should consider it as a facet of your future, but you should be aware of the facts.

jrlynch · #9 10-11-2007, 11:00 PM

well, if you're good enough, and explore some connections you might be able to have an individual or foundation by a truly world-class instrument for you ... or at least extend a low interest loan.

jeff.

xphoenixinflame · #10 10-14-2007, 10:45 PM

thanks so much to all of you for all the ideas! i'll do my best to explore all of these options in greater depth!

rake · #11 02-11-2011, 11:25 AM

Sorry to resurrect such an old thread, but I could use some advice.
This is a call to working musicians. How on earth does one finance a quality instrument? I've reached a point in my playing where the Engelhardt just isn't cutting it (lots of arco and dreaming of a more complex pizz sound). At any rate, despite my credit being pretty darn good, my CU won't drop a loan for an instrument. Not being in university obviously takes away the student loan option.

So, working musicians, how did you do it? How did players like LaFaro afford such nice gear?

For the record, I'm looking mostly at a fully carved NS La Scala (possibly the new NS Brandenburg).

Eric Hochberg · #12 02-11-2011, 11:43 AM

Back in the mid '70s when I was 24 or so, I went to my bank and got a loan. Paid it off in a couple or three years. Maybe it's tougher these days to get this type of loan, but if you have some collateral...home equity, business loan, etc. Your credit union isn't the only game in town.

**Damon Rondeau** · #13 02-11-2011, 01:07 PM

In Canada the main coast-to-coast music store covering the market from beginner to pro is Long & McQuade. They don't do much business in double basses, unfortunately, but name anything else and it's there. (At least that's the case with the Winnipeg store.) I've been doing business with them for 30 years or so. They certainly aren't perfect, but one thing I've always admired them for is the way they know how to work with musicians on financing and payments. Their customers are musicians, not ordinary cats off the street when it comes to financial wherewithall. They don't send them to some bank (or worse), they finance it themselves. If I'm not mistaken, they built that idea into the business from day one and that business is hugely successful, getting bigger every year.

Herbie 80's · #14 02-11-2011, 02:21 PM

They just don't sell quality DB stuff (Long and MacQuade). A lot of us are looking into instruments at $5,000 +. L&M doesn't deal with that, really. Even though they have an occasional nice factory bass in Winnipeg.

**Damon Rondeau** · #15 02-11-2011, 03:53 PM

Yeah, believe me, I know. I asked them about it once and they blamed it on the decline of strings programs in public school music curricula. At the time they said there were only two schools left in Manitoba that had 'em -- I doubt if there's even one left today, almost a decade later.

I dunno about that excuse, though. They usually have a couple of basses in stock but they're pretty low end. It's frustrating. I wound up having an instrument trucked in from Ontario...