Should I get a loan?

Quap · #1 10-12-2010, 10:29 AM

Went to GC last night, and fell in love with a EBMM Sterling, HS for $1019! I can't find a NEW one for that low of a price anywhere. Should I jump and float the payment till I get an end of the year bonus, or is normal and I am just not looking in the right place?

**JxBass** · #2 10-12-2010, 10:35 AM

If you get a loan then it's going to wind up costing you more than $1019. The fundamental rule of finance is that if you have to borrow the money you can't afford it. The only two exceptions to the rule are a mortgage and your education.

Quap · #3 10-12-2010, 10:38 AM

Well I can afford it, just in two months, not right now. Which I realize means I can't afford it . . .

My main question was, is this an unheard of deal and buy it now, or do I need to shop more when the time comes to buy?

Burlington · #4 10-12-2010, 10:39 AM

I took out a loan on my 401k to buy a rig.

I have a sweet amp now, but will be paying it off for a while...

Caca de Kick · #5 10-12-2010, 10:39 AM

Your end of the year bonus is only two months away, right? I see nothing wrong with that.

singlemalt · #6 10-12-2010, 10:41 AM

Take a cold shower and wait a week.

Borrow for a bass?

spade2you · #7 10-12-2010, 10:41 AM

If you gotta take out a loan for a bass, you can't afford a bass.

elavate7 · #8 10-12-2010, 10:42 AM

i say wait. if you will have themoney in 2 months, then wait till then......

Quap · #9 10-12-2010, 10:47 AM

How many have bought on a credit card, some thing as a loan right? Plus GC has no interset if paid in 6 months.

But my main question for EBMM owners, is this an abnormal price? Or will there be another available in 2 months

I would rather wait.

Tampabass · #10 10-12-2010, 10:48 AM

debt is bad. debt is bad. debt is bad.
It leads to more debt.
repeat 99 times.

(sure wish our leaders in D.C. would grasp this concept)

Art Araya · #11 10-12-2010, 10:48 AM

When I was a teen and needed to buy a bass rig, I took out a loan which my parents co-signed for. It worked for me then. Don't know if I would do it now unless it was a NEED not a want.

ZENBASSGUY · #12 10-12-2010, 10:49 AM

see if you can put it on layaway and make weekly/monthly payments....or try to get a credit card that has no interest for like 6 months or so...or wait till you get the month i 2 months and if you can still get it, get it then if it's gone then it was never meant to be anyway...

Spinal Tapper · #13 10-12-2010, 10:50 AM

Now way man. I'd advise don't do it!

I'm only like 3k in debt, but it's a real stressful thing...and that's pennies compared to some people I know.

Save up your cash, or try to find a good deal on a used one.

SteveC · #14 10-12-2010, 10:50 AM

Never take out a loan for gear. No bass is worth it.

House
Vehicle
Education

Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD, Debt is BAD

Dave Siff · #15 10-12-2010, 10:52 AM

If you really want the bass, go back to GC and ask if they'll do 12 months same as cash.

Brad Johnson · #16 10-12-2010, 10:55 AM

Quote:

Originally Posted by JxBass

If you get a loan then it's going to wind up costing you more than $1019. The fundamental rule of finance is that if you have to borrow the money you can't afford it. The only two exceptions to the rule are a mortgage and your education.

I'd disagree... unless you're talking about taxes. It is possible to finance at 0%. Just saying.

I'm only pointing this out because in the past I've made 0% deferred payment purchases and had people insist that what I paid had to be more than I actually paid... damn the receipt.

Anyway, what the OP really seems to be asking is if this is anythng special deal-wise as far as the bass goes... not the wisdom of borrowing, which is never as cut and dried as most of these posts IMO IME. Guess he shouldn't have mentioned how he'd pay for it

I don't know. Seems low but I'm not really on top of that market.

MUSHROOMSeAcOw · #17 10-12-2010, 10:56 AM

To finally answer your question, for a new Sterling that's a pretty good deal. Check it over well and make sure EVERYTHING works before you even consider it.

**baba** · #18 10-12-2010, 10:56 AM

Buy one used in excellent condition for $700 instead.

Madcity Fats · #19 10-12-2010, 10:57 AM

If you can do the 6-mo interest free financing and you know you'll be diligent about paying it off, that's a decent way to go. I have an MF credit card specifically so I can snag deals w/ interest free financing that I might not have cash on hand for. The catch is that if you don't pay it off, they'll hit you for the full 6 (or 12 or whatever) months interest and their interest rates are pretty high. So don't go that route if you don't have a plan to kill the debt before the interest kicks in.

Part of being a smart consumer is knowing how to finesse financing options like this. I wonder if those claiming, "If you have to take out a loan, you can't afford it" have always paid cash for their homes and cars? True, a new bass may not be the necessity your car is but it's almost certainly a better investment (though hopefully not a better investment than your home, unless you got screwed on your mortgage -- not like THAT ever happens

).

MNAirHead · #20 10-12-2010, 10:57 AM

HECK NO... It's a bad habbit to start.