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financing from l and m

Discussion in 'Miscellaneous [BG]' started by Vampyre, Dec 18, 2005.

  1. Vampyre


    Dec 9, 2004
    hi everyone, i was just wondering if anyone knows how the financing at l and m works. I emailed them a while ago with no response. Do you need a credit card? How is the interest?

    Ive been looking at a few pretty expensive basses and im hoping a credit isnt required to be able to take the bass home with me the day of purchase (good luck eh?) :)

    Sorry if this is the wrong place for the post
  2. Mark Wilson

    Mark Wilson Supporting Member

    Jan 12, 2005
    Toronto, Ontario
    Endorsing Artist: Elixir® Strings
    Do you mean Long and McQuade?

  3. Vampyre


    Dec 9, 2004
    yes i do

    sorry about that
  4. Woodchuck


    Apr 21, 2000
    Atlanta (Grant Park!)
    Gallien Krueger for the last 12 years!
    I say do what makes you happy, but I'd advise against it. :scowl:
  5. Its usually 20% down payment, then I don't remember how much it is a month, but its usually about 1.5% interest on it I think. I'm financing a bass with them right now and the payments are roughly $95 a month...til next November(I got the bass in november)
  6. Oh and no need for credit card...they have multiple payment options. Taking it out of bank account, credit card, you come in and pay every month(thats 2% interest, so its a bit more).
  7. Vampyre


    Dec 9, 2004
    2% thats all?
    that is much,much less than i thought barely seems worth putting any interest on it at all lol
  8. Its 2% of the overall sum left, so it can add up. I would suggest going in to your local L & M and talking to them about it.
  9. Vampyre


    Dec 9, 2004
    i think ill have to do that ive been emaning to go for a while anyway

    so, if i finance a $1500 dollar instrument and i decide to put say 800 down on it right off. How would the interest work. Would i be paying the 700 left over plus 2% of the total price of the instrument on top of that? Or 2% of the 700 i have to pay?

    sorry ive never baught any basses using this method and the closest l and m is well over an hour away
  10. 2% on the 700 left over.

    edit: and say the next payment is 100$, then the next interest would be 2% on the 600 and so on.
  11. Vampyre


    Dec 9, 2004
    alright thanks man
  12. tplyons


    Apr 6, 2003
    Madison, NJ
    Somehow I think there'd be a credit check involved and something like that. Not going to be a whole word of mouth deal if you're getting the instrument up front.
  13. SuperDuck


    Sep 26, 2000
    There has not been enough posts stating that perhaps financing an expensive bass at the ripe age of ~17 might not be the best idea. (I would recommend against it at any age, but that's my personal financial philosophy.) Do what you will, though, hope it works out for you. :)
  14. I have only had good expiriences with financing from l and m. I have put a yorkville head worth 800$ on it, and a fender MIA V for 1200. the least i put down was 200$ on the fender. but what i would do is put however much i could afford each month over the nasic patyment. being i put 200$ a month of the fender instead of 100, so it got payed off easier and faster. also what i like about l and m is that you can take it home with you that day, where some other music stores around here, make you pay it off first.
  15. embellisher

    embellisher Holy Ghost filled Bass Player Supporting Member

    Since this is not really about a bass per se, I am moving it to Miscellaneous.

    Let me join the crowd that is saying that buying a bass on credit is probably not the best idea in the world.