Temptation - 18 month financing

[jasper383]

The 18 month plans are no interest or I wouldn't bother.

The bass I'm looking at costs $750, and over 18 months that comes out to about $42/month. I can handle that.

Go for it if you can 100% guarantee that you will have it paid in full before the 0% is over.

My guess is the interest rate will be 19% or higher once t kicks in. Don't go there.

 

[Solarmist]

^ Easily - I'll probably have a done deal in 12 months, but 18 months makes for a nice safty net.

This is about the only way I'm going to be able get it, and I'm not getting any younger.

 

[Herrick]

I couldn't stand having to owe money for such a long time unless it's a house or a car. I just use my own credit card to buy the things I want, then pay it off in a few months or even quicker if I can hit a good overtime run at work.

 

[Already In Use]

Another vote for paying/buying outright. It took a long time for us to get everything paid for. No debt other than our house payment. I'm thinking I dont like having that much longer either.

 

[phatbass]

No. I hate owing money for anything.

 

[mcglyph]

All these people speak some aspect of truth, you decide whether it is your truth. You want good gear right now and are bright enough to not let the moment get behind you? GO FOR IT! Not that I'd want much of anything Sweetwater sells in the way of basses, though primarily because I have the most awesome SB5000 ever. The trick is not to have multiple 18 mo financing balloons floating about. One at a time is pretty ok. What do you have your eye on? Something cool I hope. A fire engine red Guild with pink black speckled knobs, and a emerald green strap. Now that would be sexy..

 

[Solarmist]

Another vote for paying/buying outright. It took a long time for us to get everything paid for. No debt other than our house payment. I'm thinking I dont like having that much longer either.

I would if I could, but I can't, and this might be the only way to get my dream bass. I'm very good with personal budgeting.

 

[Jazz Ad]

Then you're able to put money on the side until you can pay cash for your dream bass.
If you're not able to save the money, chances are you should not buy it either.

 

[DiabolusInMusic]

I love it when people take these deals, I tend to get gear at rock bottom prices when they inevitably cannot make rent one month.

 

[PhatBasstard]

Go for it if you can 100% guarantee that you will have it paid in full before the 0% is over.

My guess is the interest rate will be 19% or higher once t kicks in. Don't go there.

Actually, when they've run these before, if you don't get it paid within the 18 months (or whatever period they're offering) the interest becomes retroactive to day 1.

 

[jasper383]

Actually, when they've run these before, if you don't get it paid within the 18 months (or whatever period they're offering) the interest becomes retroactive to day 1.

I was going to mention that type of thing, but I wasn't sure if GC/MF do it.

Yes, some plans will hit you with the interest as if you hadn't made any progress at paying off the gear at all. Frightening stuff.

 

[PWRL]

In the past, I've always purchased my gear with cash up front, but every time I see one of these deals, I am terribly tempted, especially after doing a little math. The guitar player in one of my bands got a beautiful Angus Young sig. SG that way. But yes, do pay it off in time.

 

[subtlestew]

I've got 2 things to add on this...

One, be sure, as other posters have said, to pay off any zero-percent interest deals before the term period (usually 6 or 12 months) expires - I just had to beg Home Depot to wipe away retroactive interest that they hit me with because I miscalculated when the final month of a 6-month deal would happen. I got hit with a $33 interest payment when my balance was only the last 50 bucks, which I was going to pay that month. Turns out I should have paid it off one month earlier. If you have good credit they will often wipe this away, in my experience...one time only, though!

I did use a deal like this (which I am still paying off) at Woodwind and Brasswind - the band instrument division of Musicians Friend, I believe. I wanted to get my eight-year-old son playing upright bass in the school band, but uprights are very expensive. I got one discounted sharply around Christmas on a 12-month no interest deal, so it's pretty painless, and it'll be paid off before he starts band in the fall...because I'm going to be damn sure to pay it off on time!

-subtlestew