financing?!?!

JeffTheBig · #1 08-09-2007, 06:31 PM

im thinking about going on a financing plan from a music store in my city. (Music Stop) anyone have any pros/cons with financing or with financing from music stop. i know there all across Canada.

jeff

J.D.B. · #2 08-09-2007, 08:08 PM

Is the instrument a tool of your profession? That is, will you be making money with it(enough to cover the cost and then some)? If so, go for it, if not save your money up. Financing will will only cost you more than you should pay(sometimes WAY more). If your bent on it, DO READ the fine print before signing up(might surprise you how steep a slope that credit can be)!
Josh

ryco · #3 08-09-2007, 08:24 PM

Cash ALWAYS gets the better deal - a powerful negotiating tool.

I hate the idea of someone making money off of me for doing absolutely nothing.

I use VISA for convenience when paying online or for use on vacation, but I pay the sucker off every month.

YMMV

JeffTheBig · #4 08-10-2007, 06:55 AM

thanks guys my band does gig enough to pay the cost but i also dont like the idea of some one making money off me for doing nothing. i have enought to cover half of the cost right now and was going to finance the rest.

brianrost · #5 08-10-2007, 07:09 AM

The problem with financing is if anything interrupts your cash flow you're in trouble. Just look at all the online want ads that start out "band broke up, must sell..."

That's why waiting until you can pay cash is the best policy. I have kept a separate bank account for gig income for many years, all gear purchases (and repairs!) come from that. If you have a working bass and amp already then any gear purchase you're considering is not a necessity.

The only financing I have ever done is from an online retailer who offered a no-interest 3-month payment plan. I did have the cash in hand but if they're willing to let me spread it over 3 months on their dime, hey I'm down with that!

SuperDuck · #6 08-10-2007, 07:14 AM

Quote:

Originally Posted by brianrost

That's why waiting until you can pay cash is the best policy. I have kept a separate bank account for gig income for many years, all gear purchases (and repairs!) come from that. If you have a working bass and amp already then any gear purchase you're considering is not a necessity.

This is good advice! I have done the financing thing before and have since decided that I will not be buying any instruments unless I have the cash in my hand.

bluestarbass · #7 08-10-2007, 07:52 AM

I know Sam Ash will do 12 monthes sam as cash. If its a deal like that then why not. It does leave no room for negotiation though. Once you finance something they will not budge on the price, they arent allowed to, or supposed to. If you need that bass to get gigs and your gigs will pay for it then do it.

Being in finance ive seen some people screw their lives up pretty bad. I dont think ive ever seen it done from a guitar purchase but maybe. Id rather save my money and search online hard and find a much better deal, i always do.