Best Site for Financed Guitar Purhases?

Zoidberg523 · #1 06-07-2009, 06:43 PM

Hey guys... I'm sure this has been covered to death around here, but I can't find an answer using the search function.

My problem is thus; I have a vacation coming up, and I'm bringing my girlfriend, so I need to as much cash as possible. However, I am currently learning to play guitar (to write songs more ably - I don't like being slightly guitarded, but if I must for the sake of music.....), and although I love my Fender acoustic, I play metal and punk, and need an electric (my bass amp seems to handle guitars okay, so I'm set there). I would like to finance from a site (you know, monthly payments, no interest/payments for 12 months, whatever), but I've noticed that musiciansfriend.com will charge you 26% interest (back interest, btw, where you have to pay it back on all the original payments) if your instrument isn't payed off within the year given. That isn't too bad (I'd have it payed in a couple of months anyway), but I also noticed that part of the deal is that you must keep buying from them later, or incur payments, because you are basically buying the instrument through them via a musiciansfriend credit card deal.

Anyway, my question to you all is such; what is the best site for this type of (financed) purchase? Who offers the best interest, with the least contractual obligations and sticky tape?

Any answers/opinions greatly appreciated. Thanks in advance all.

tplyons · #2 06-07-2009, 06:44 PM

A major credit card will surely beat any interest rate on a site.

bongomania · #3 06-07-2009, 06:47 PM

Quote:

Originally Posted by Zoidberg523

...I also noticed that part of the [Musiciansfriend] deal is that you must keep buying from them later, or incur payments, because you are basically buying the instrument through them via a musiciansfriend credit card deal.

I don't quite understand what you're saying there. Clarify, or link?

Zoidberg523 · #4 06-07-2009, 06:47 PM

Quote:

Originally Posted by tplyons

A major credit card will surely beat any interest rate on a site.

I know, but I dont trust myself to have a credit card - I'm gear happy whenever I enter a music store.... Nothing like your girlfriend opening your statement to see :

Rickenbacker Bass - $2,300

Zoidberg523 · #5 06-07-2009, 06:50 PM

Quote:

Originally Posted by bongomania

I don't quite understand what you're saying there. Clarify, or link?

No interest, no payments Until June 2010
**Same as Cash offer on approved Musician's Friend Platinum credit card purchases of qualifying merchandise of $199 and over. No Finance Charges if purchase paid in full by June 2010. If purchase not paid in full or Account not kept current, Finance Charges assessed from purchase date and regular Minimum Monthly Payments required. Variable APRs as of 4/03/09. Standard Rate: 22.9%; Default Rate: 26.9%. Minimum Finance Charge $2. Certain rules apply to the allocation of payments and Finance Charges on your promotional purchase if you make more than one purchase on your Musician's Friend Platinum credit card. Call 888-367-4310 or review your cardholder agreement for information. Offer ends 6/30/2010.

And

3 month
*Same as Cash offer on approved Musician's Friend Platinum credit card purchases. No Finance Charges if purchase paid in full in 3 months. If purchase not paid in full or Account not kept current, Finance Charges assessed from purchase date and regular Minimum Monthly Payments required. Variable APRs as of 4/03/09. Standard Rate: 22.9%; Default Rate: 26.9%. Minimum Finance Charge $2. Certain rules apply to the allocation of payments and Finance Charges on your promotional purchase if you make more than one purchase on your Musician's Friend Platinum credit card. Call 888-367-4310 or review your cardholder agreement for information.

EDIT) Those are from the musiciansfriend website.

bongomania · #6 06-07-2009, 06:58 PM

I think all that's saying is that you need to make regular payments on your balance. Nothing about making future purchases from them.

Zoidberg523 · #7 06-07-2009, 07:02 PM

Hmmm... I'm thinking about just doing it. If I keep the instrument I'm buying to within the $400 range, then what's the most that they could take me for, even if they are complete shysters?

I wonder - has anyone on here done this before? How did it go?

CamMcIntyre · #8 06-07-2009, 09:52 PM

I've done it with Guitar Center in store. As long as you pay it off within the given time frame, you'll be fine.

I make my major purchases after I get my tax refund. I use the tax refund to pay off the credit card.

With GC, I have a $1k limit. This fits me well. Much more than that, and I won't be able to pay it off in a year/tax time.

So, if you're able to pay it off-do it. If not, don't. The interest is the key thing. It starts back from the date of purchase if you don't get it paid off.

all the best.

m0nst3r · #9 06-07-2009, 11:59 PM

That just means you have to pay your stuff off before the due date one year, or 3-months if you choose that option, from now. If not, you'll incur all of the deferred interest. So as an example, if you buy something that's $400 you'll only owe them $400 if you pay it off in time. If you don't pay it off within the year, you're going to owe them the $400 plus about $103 in interest.

Whatever amount you decide to spend, multiply it by 1.2573, and that's the total amount that you'll have to pay if you don't pay it off in time. Although the card may say 22.9%, the real rate that they are charging you is 25.73%, since the credit card company more than likely compounds the interest everday. Also, if you default on your payment (miss a payment), the actual rate you'll have to pay will be 30.85%, not 26.9. :-\

So..whatever you decide to get, make sure you have that puppy paid off within the year. The sooner the better, otherwise you'll have to pay a buttload of interest.

Note: I didn't include tax and shipping.

rustynuts · #10 06-08-2009, 01:01 AM

If you're looking at having it paid off within a couple of months anyway, check out American Musical. They have no interest, three month financing from $250 to $1000 and five month from $1000 on up. There's like a $6.00 service fee is all.

Zoidberg523 · #11 06-08-2009, 05:25 AM

Quote:

Originally Posted by CamMcIntyre

I've done it with Guitar Center in store. As long as you pay it off within the given time frame, you'll be fine.

I make my major purchases after I get my tax refund. I use the tax refund to pay off the credit card.

With GC, I have a $1k limit. This fits me well. Much more than that, and I won't be able to pay it off in a year/tax time.

So, if you're able to pay it off-do it. If not, don't. The interest is the key thing. It starts back from the date of purchase if you don't get it paid off.

all the best.

But once you finance, are you able to bring the instrument home, or do you have to pay it off first? (as is the case at Rainbow Music by my house - kind of a layaway system..)

rustynuts · #12 06-08-2009, 07:34 AM

You bring it home.

Zoidberg523 · #13 06-08-2009, 08:35 AM

You know, it's funny that I didn't know that..... See, I rarely go to GC; I usually keep it local. Still, you'd think I'd have known that. All I know about GC though is that every time I go in there for a standard cable, I come out with about $200.00 in stuff I don't need. GC sales reps are the best there is.

Anyway, thanks all!

MakiSupaStar · #14 06-08-2009, 09:26 AM

Did you ever consider the fact, that if you have to finance it, perhaps now is not the time to purchase? Just a little voice of reason.

L-A · #15 06-08-2009, 09:48 AM

Quote:

Originally Posted by MakiSupaStar

Did you ever consider the fact, that if you have to finance it, perhaps now is not the time to purchase? Just a little voice of reason.

This.

And is this a pricey guitar? I just come back from a show where I played a RondoMusic fender knockoff through a 20$ compressor and got endless compliments on my sound.

Is the buy tailored to your needs?

tplyons · #16 06-08-2009, 10:08 AM

I agree, save first, and then buy.

Especially on a $400 bass... that shouldn't take too long to scratch up.

m0nst3r · #17 06-08-2009, 10:33 AM

+1 on the saving up. That's how a lot of people get in trouble with credit cards. They think they can get it now, pay it off later, and then something usually happens to screw them over.

Rattman · #18 06-08-2009, 12:02 PM

Quote:

Originally Posted by Zoidberg523

Hmmm... I'm thinking about just doing it. If I keep the instrument I'm buying to within the $400 range, then what's the most that they could take me for, even if they are complete shysters?

I wonder - has anyone on here done this before? How did it go?

Yes.. I financed an S16 (sound mixer) from the Santa Ana, Ca. Carvin store last year. They made me apply for the Carvin credit card. My take on that was: "fine.. I'll get your credit card as long as I have a 3-months, interest-FREE window to pay it down".. They finally caved and I applied. 6-weeks later the mixer was paid off INTEREST FREE. Otherwise they were gonna make a bunch of money off me... their terms were like 22% a month I think...