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A (high-interest) loan to buy gear, anyone done this?


Loobs

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I'm sorry to hear about this man. I feel your pain. Around 3 years ago, I was unemployed almost a year, and decide to go back to school full-time. I have sold almost half of the pedals on my board, and sold my beloved Vox AC30, Casino, '77 Deluxe Tele etc.. Anyways, I was also a gigging musician and play shows almost 2-3 times a months depending... I have borrowed my friend's amp (Blues Deluxe) for atleast 4 months, until he nicely asked for the amp back. After that, I bought a used $100 transistor Roland BC30 that did the trick, it was loud enough, nice cleans, pretty decent with pedals. I got by, I've used that amp for almost a year, until I've graduated and started working again full-time. Since then, I bought a newer AC30, Dr.Z and DRRI and recently a Princeton. And re-bought some of my pedal back and then some. I'm sure that some of the "old-timers" in here would remember about this story. I've even sold a few in here from forumites.

 

There's some choices man. You hang out in guitar forums enough to realize that you don't need spend big $$$$ on gear to play, or yet to sound "decent". Goodluck!

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IMO, it's nearly always better to save up for what you want than it is to finance it - especially if it's unfavorable finance terms.

 

The ONLY time I would suggest even considering financing something is if NOT having it is going to prevent you from making money, and the money you'll be making will more than make up for the cost of the gear payments. Even then, it is best to get the most favorable financing terms you can, such as interest free for a year or whatever - and if you do that, make sure you pay it off BEFORE the year is over, or they'll hit you with interest charges starting from day one.

 

My advice would be to keep using what you've been using, and then pay cash for something once you have enough to get what you actually really want, and don't settle for "this will do", or dig yourself into a whole lot of high interest rate debt.

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if you really need something, find a store that has it & will finance it, then make payments larger than required... I'm doing that with my EC jazzmaster, in theory I should be paying $400 in interest at the end of the year, but it'll be much lower if I pay larger but still managable chunks...

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Get your arse to a music store that does interest free credit... I'm pretty sure I got an email through a while back fomr reverbstore (what used to be soundcontrol) saying that they were offering 2 years interest free?

 

 

That's what the girlfriend did for me to get my Orange. The only time we get charged interest is if the monthly payments are late, and it's really low too (something like 7 or 9%)

 

I had to put 20% down up front, but I had the extra cash, and they divide it over 1 or 2 years.

 

Getting 1000 from a quick-loan place is a REALLY {censored}en bad idea. I had to resort to those last year and it {censored}ing sucks. Especially when you know, and are friends with the person who runs the place.

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i used to have a store card, and that was useful for getting gear without paying anything for 12 months, but then when the 12 months is up they seriously rip you off. i took me a while to clear that one off and i haven't used it since. you should avoid these dodgy third party loans companies at all costs.



Knock... Knock... Knock



Who is it? :confused:



Uh, Lone Shark...


land%20shark.jpg

;)

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