Buying on Finance?

d8m

My tastes are getting expensive

I've noticed a few places do 0% finance deals on monthly payments.

The monthly payments wouldnt really be huge and well within the budget of my income.

Its also been pointed out to me that doing this may actually help me get a credit rating/improved credit rating??

Just curious if anyone else does this rather than the traditional save until you have the cash?

badlydrawnbanjo

Yep, I've no problem with it. I have the cash to pay outright for most things but if 0% is available why not leave it in your account making money for you?

Having said that, you can sometime get a cheaper price by paying cash in full. 

not_the_dj

Yes.

As long as you can afford the monthly payments, and you're not in a risky position where that may change then I don't see a problem.

I bought a Les Paul (see my Avaatar) from Andertons using a 0% deal, fully paid off now without issue earlier this year. I then took out another deal on a Jap Charvel So Cal from Rich Tone, got a few months to go on that.

I try to increase the deposit as high as I can to keep the monthly payments as low as I can...the money then trickles out of my account without issue each month.

Easy way of getting a new shiny guitar instead of someone's grubby cast-offs ;-)

sunshinewelly

no harm in that at all - i am considering buying one of the Gold DG-335's on 0% finance. I am lucky in that i can pay outright if need be but its a no brainier using 0% credit - i get to keep the money in my account and make some interest at the same time.

however depending on the exchange rate at thomann i might get it there

Stevepage

Looking at getting something on finance at the end of the year. Done it twice before with no problems.

As for credit ratings, anything you get on finance affects your rating in a bad way but all that will happen is your rating will drop a bit but will quickly go up again so I wouldn't fret about it.

Phil_aka_Pip

I'm beginning to think that I would, but so far have shied away from it. If I already had at least 2/3 of the total* stashed and knew I wasn't going to be lumbered with any vehicle repairs or similar in the near future I might risk it. But not now ...





* or within £1k of the total whichever is greater

chrisj1602

There's some great 0% deals, and you can put down between 10 and 50% deposit which is great.

57Deluxe

The trouble is... life is unpredictable... you may lose a finger in an accident then you have still to make payments on something that is as useful to you as firewood...

JayGee

So far a PRS Mira, Mesa 5:25, Graham Coxon sig Tele, a Peerless Gigmaster, and a Cabronita Tele.

The old Arts Council backed "Take it Away" was brilliant for this - as the cost of finance wasn't being picked up by the retailer you could generally negotiate down to something close to the cash buyers price and still get the 0% credit. :-)

chrisj1602

I got my first Les Paul Custom on finance 10 years ago, paid it over 3 years.  I have traded about 4 times and ended up back with a LP Custom that is three years younger.  I have also had a LP 50s Tribute and a 72 Tele Reissue, both on 0% deals.  My next plan is a Fender 68 Deluxe Reverb, next year sometime.

grungebob

Ive done it a few times too, make sure you can easily afford the repayments and I see no issues.

Personally I could always afford to buy the items outright but I choose the keep the funds in my account, another rule of thumb i use is can I afford twice the monthly repayments as a just in case things change kind of deal.

Brad

Got my ES-339 on 0% over 9 months. As mentioned above, I put a fair amount down on the deposit bringing the monthly payments down, and lessened the guilt factor as it was money I got from selling another guitar. If you can afford the monthly payments then why not? As long as you're certain you can still make the payments if your circumstances change.

And it'll look good if you pay every month without fail.

xSkarloey

57Deluxe;424611" said:

The trouble is... life is unpredictable... you may lose a finger in an accident then you have still to make payments on something that is as useful to you as firewood...

Farkin ell mate!

I know what you're saying but if I thought that way I wouldn't get out of bed in the morning.

Life IS unpredictable, but it's also a wondrous opportunity to have fun if you're fortunate enough.

SNAKEBITE

57Deluxe said:

The trouble is... life is unpredictable... you may lose a finger in an accident then you have still to make payments on something that is as useful to you as firewood...

Bloody hell, I bet you're a barrel of laughs at the Christmas party!

english_bob

57Deluxe;424611" said:

The trouble is... life is unpredictable... you may lose a finger in an accident then you have still to make payments on something that is as useful to you as firewood...

Just set it up for slide.

I don't know about you, but I reckon if it came down to it I could stand to lose several fingers and still keep playing.

terada

not_the_dj said:

Yes.

As long as you can afford the monthly payments, and you're not in a risky position where that may change then I don't see a problem.

I bought a Les Paul (see my Avaatar) from Andertons using a 0% deal, fully paid off now without issue earlier this year. I then took out another deal on a Jap Charvel So Cal from Rich Tone, got a few months to go on that.

I try to increase the deposit as high as I can to keep the monthly payments as low as I can...the money then trickles out of my account without issue each month.

Easy way of getting a new shiny guitar instead of someone's grubby cast-offs ;-)

This is exactly what I have done a couple of times. It is a great way to buy an instrument. But make sure that the payments are not only affordable now, but for the duration of the agreement.

 

I've always put the largest deposit down that I could, and then only used 9 month rather than 12, 18, 24 or the dreaded 36!

JAYJO

english_bob said:

57Deluxe;424611" said:

The trouble is... life is unpredictable... you may lose a finger in an accident then you have still to make payments on something that is as useful to you as firewood...

Just set it up for slide.

I don't know about you, but I reckon if it came down to it I could stand to lose several fingers and still keep playing and no one would notice the difference.

d8m

Honestly I could afford it upfront(tight but passable), its just as a couple of people have already stated I see no harm in keeping the money in the bank and spreading payment.

I'm just looking at picking up a good strat or tele(undecided) and rather than let my comfortable upfront cost dictate go for something a bit nicer and pay monthly

I am looking at monthly payments in the region of £30-£40 so we are not talking triple figures

Sambostar

I understand interest free finance, but in general I don't understand why people can't put a float aside for the future, rather than spend it now and pay it off as you go.  It's a damn sight safer, should you lose your job or break your head or something, you just don't knpw what s around the corner.

Even at 0%, all finance does is limit your future to the reliving the present without advancing, so you miss out on future opportunities that you could never forsee in the past, because you are still enslaved to and living with the past.

But if it's a means of helping you save retrospectively, then why not.

mike257

I once bought something very nice on finance from a shop on its opening day. Paid my 10% deposit and signed up for the 12 months. Apparently in the chaos of a busy first day's trading something went amiss as no installments ever came out of my bank and I never heard a peep from the company in question. So yeah, sometimes finance is the best way to buy!