Financing Basses.

deathbloomslife · #1 09-20-2005, 09:22 PM

Have any of you out there ever financed a bass before? If any of you have, who did you buy the bass from, how much money was added on to the original price, and how long was your finance period???

I ask because I am poor, and stupid. (financing 2000 Grand Am at only age 18.) SO I don't have much money to play around with. I was looking into Guitar Center, I heard they are able to work with about a years term. Would that be with laywaway?

BTW, I am looking to get an Ibanez Prestige bass, so it'll cost a bit, I know.

Thanks,
~Ryan

jive1 · #2 09-20-2005, 09:56 PM

Get a credit card (only if you have to). Chances are that the interest rates on a credit card are much less than a Guitar Center payment plan. I don't know about now, but back when I had a GC "preferred player's" card, the interest rate was something like 21%. Which meant that if I bought a $2000 bass, I would have spent $420 in interest in one year. Give it another year, and that $2000 bass will have cost you $2900. If you're gonna take out a loan, make sure you have a plan to pay it off and stick to it.

The best thing is to just save up. It's too easy to buy one on credit and to forget paying for it. The bargain that you find will become overpriced when you consider the interest that is added to it. With your relatively young age and lack of credit history, you're probably not gonna get a favorable interest rate.

Aaron Saunders · #3 09-20-2005, 10:55 PM

I'm...kind of doing that. After I pay off my DB, I'm taking a once-in-my-lifetime chance to pick up a Yamaha TRB-4 II for $900 CAD...I put it on layaway today because it'll still be a couple more weeks until I've finished paying off the DB. Bonus -- no interest

.

I did do that with my DB. It was a private sale between a friend and myself -- $2K Canadian flat, no interest. He's got about half of the price now, and as of Friday I should have around $700 more. It'll be frustrating only needing HALF of a paycheck (3 away, this Friday's inclusive) to pay it off as the final installment, but c'est la vie. I'll use the rest to pay for the setup and Eudoxa D and G strings I'll be buying for it

.

Bruce Lindfield · #4 09-21-2005, 09:22 AM

I've bought virtually all my basses and other gear, on interest-free credit - as in : walk into Bass Centre in London, choose bass - sign finance agreement and walk out with bass under arm!!

No interest, paid in instalments over 1 or 2 years !!

What can be wrong with that?

I would buy no other way!!

Bruce Lindfield · #5 09-21-2005, 09:31 AM

Quote:

Originally Posted by jive1

With your relatively young age and lack of credit history, you're probably not gonna get a favorable interest rate.

Yeah - missed this part!! If you've got about 20 years of impeccable credit history, then it's a bit easier....

**Blackbird** · #6 09-21-2005, 09:58 AM

Quote:

Originally Posted by Bruce Lindfield

Yeah - missed this part!! If you've got about 20 years of impeccable credit history, then it's a bit easier....

Your real job and steady income don't hurt either.

I'm with Joshua. Don't go into hock for an unnecessary luxury item.

whoapower · #7 09-21-2005, 12:03 PM

Quote:

Originally Posted by Blackbird

I'm with Joshua. Don't go into hock for an unnecessary luxury item.

Agreed. Don't streach beyond your limits. And this site is too tempting to do such a thing.

Go to pawn shops, pick up something cheap. Learn to barter. Learn to sell those nice finds on ebay and work your way up to getting something that doesn't cost you anything out of pocket but your initial investment.

**smperry** · #8 09-21-2005, 12:38 PM

Quote:

Originally Posted by Joshua

Imo, bad idea. If it were me, I'd save up for the cheapest Yamaha and buy it when I had the cash.

Financing is great for those using it correctly, but just to have a luxury purchase now? Sounds like a bad plan to me...

Another agreed. I've never done financing for a bass...My opinion would be to come up with a budget, start saving, and hold out for a good used deal.

Marshall

[edit PS: since playing bass is not my livelihood, it's a luxury item for me...which is why I don't do it. I'm not against credit cards or anything.]

**smperry** · #9 09-21-2005, 12:39 PM

Quote:

Originally Posted by deathbloomslife

Have any of you out there ever financed a bass before? If any of you have, who did you buy the bass from, how much money was added on to the original price, and how long was your finance period???

I ask because I am poor, and stupid.

Thanks,
~Ryan

And you're not stupid!

Marshall

Aaron Saunders · #10 09-22-2005, 08:45 AM

If you're referring to me, the TRB is not a "luxury" item for me. I'm buying decent gear before going to school for music next year and require something better than a modded Samick.

If this is to the OP, then...*shrug*

**Blackbird** · #11 09-22-2005, 09:19 AM

Quote:

Originally Posted by Aaron Saunders

If you're referring to me, the TRB is not a "luxury" item for me. I'm buying decent gear before going to school for music next year and require something better than a modded Samick.

If this is to the OP, then...*shrug*

Actually, the response was to Deathbloomslife, who posted the question in the first place.

I got this Carly Simon tune in my head now...

mcbassdude · #12 09-22-2005, 09:22 AM

GC, Musicians friend, Music 123 all offer a years worth of interest free credit. You still have to make payments and don't be late or you'll get hit with a 21% and up finance charge. Make regular payments and pay it off in time and it's like free money. They are inclined to extend the credit to move merchandise. Especially in todays ragged economy.
You'll get your gear and start on the road to establishing good credit which is a neccessity in this world. Even bad credit is better than no credit.
Good luck grasshopper

AaronS · #13 09-22-2005, 09:52 AM

A good rule for credit is to only borrow money to make money. I borrow for my house, because I expect it to pay off in the long run. If it doesn't, I'm better off renting. I borrow for my car because I use it to make money. My 15 yr old truck is a luxury item that I use to haul things and horses. So I paid cash for it. The same for my musical instruments.

"Interest free" is not interest free. It is an advertising scam for the gullible. The present worth of the interest is calculated into the price. Whenever store offers an interest free payment program, they have already calculated the time value of that payment program and it is included in the price. Part of the problem with stores like Guitar Center is that the bean counters (like me) located in headquarters make these decisions and the sales people on the floor are told the same line that the fish... er excuse me... customer is.

**smperry** · #14 09-22-2005, 09:57 AM

Quote:

Originally Posted by Aaron Saunders

If you're referring to me, the TRB is not a "luxury" item for me. I'm buying decent gear before going to school for music next year and require something better than a modded Samick.

If this is to the OP, then...*shrug*

Quote:

Originally Posted by Blackbird

Actually, the response was to Deathbloomslife, who posted the question in the first place.

I got this Carly Simon tune in my head now...

What Blackbird said (and now I have that tune in my head too). Notice the "for me" in my response as well.

Marshall

**Ryan L.** · #15 09-22-2005, 04:53 PM

The closest I have ever done to "financing" a bass is putting one on layaway at my local music store. I have done it a few times, and it has always worked out just fine.

My only reason for doing this is because they have had something in stock that I have wanted, but didn't have all the cash at the time. So, I would put a couple hundred down on it, they would stick it in its case and put it in the back room. When I had the balance, I would walk in there and lay down the cash and walk out with the bass. Now, though, since I have done it a few times, I have built up a good relationship with them so that after I put the couple hundred down, they let me take the bass and pay for it over the next few months. No interest.

I just wish they stocked or could get more high end basses. I don't have much interest in anything that they carry any more.

deathbloomslife · #16 09-22-2005, 08:31 PM

Well, allow me to go a little more in depth to get another answer...

I am wanting an Ibanez SR1000 Prestige, at a local shop it is up at $930, the cheepest I've ever seen one of them marked for. However, after speaking with the guy working there, I found that I wouldn't be able to do business with them, as they would want it paid off before 4 months, at the latest.

What I'm thinking of doing, is talking with a second store, and seeing what type of plans they could give me. But, if that doesn't work out, where does a guy go to get a bass and make payments with??? Would Guitar Center be a good place to take, say, $200 and make a down payment on one? Then pay something like $50-$75 a month?

Thanks,
~Ryan

mcbassdude · #17 09-22-2005, 08:42 PM

Quote:

Originally Posted by Aaron Schiff

"Interest free" is not interest free. It is an advertising scam for the gullible. The present worth of the interest is calculated into the price. Whenever store offers an interest free payment program, they have already calculated the time value of that payment program and it is included in the price. Part of the problem with stores like Guitar Center is that the bean counters (like me) located in headquarters make these decisions and the sales people on the floor are told the same line that the fish... er excuse me... customer is.

With all due respect this is simply not true. I've negotiated the price well before I have requested the interest free year.
It's only after the price has been settled that I ever request the free financing.
All the gear at Musicians friend and the like can be bought with a years free interest. I bought my Ashdown amp from MF, got the best price around and also got a year of interest free payments. MF will also match and beat any advertised price of any item they carry regardless of how you pay for it.
Now if you screw up and don't make the payments on time, then they get you with a huge APR.
As long as you make the payments on time it's a great way to buy.

whoapower · #18 09-22-2005, 10:57 PM

Ryan, wait. Be patient. Do what you can do. If you can pay it off in four months by installments, then you can save that much prior to that. If you can do that, you will be better financially than you would by making payments. Yes, you will reach the same goals. No, the bass might not still be there. But it will teach you that you *can* walk away from a sweet deal because you don't have the current means, but you can save up for them. Discipline yourself.

NV43345 · #19 09-23-2005, 06:32 AM

Quote:

Originally Posted by Joshua

Imo, bad idea. If it were me, I'd save up for the cheapest Yamaha and buy it when I had the cash.

Financing is great for those using it correctly, but just to have a luxury purchase now? Sounds like a bad plan to me...

+1 on that. I gig with a MIM Fretless Jazz, bought it at a Scratch & Dent sale for $225.00 put a set of Seymore Duncan Bass Line pickups in it that I bought at the sale for
$75.00 and a new set of RS66 Rotosound strings. Total cost
$350.00 and it sounds & plays great, all the local cats always want to buy it off me. one guy wants me to leave it to him in my will.

I have a $3000.00 Modulus that does not get near the Gig time the MIM does. Dont get yourself in Debt if you dont have to. Wait til your a little order and earning more,then get all the Dream Gear you want.