#1
hey guys

I want to get a new guitar, a Fernandes Vertigo $2000 NZ ($1500 US ,$800 UK)to be exact. also my mate said he would sell me his Marshall 150 watt stack for $700 NZ ($550 US, $270 UK). And i'll have to get some leads. Then i'll probably end up getting a couple effects. all up it will cost me about $3500 NZ ($2750 US, $1400 UK). the interest rate is %14 and ive got 3 years to pay it off. im so crap at saving so i thought id just get the gear then pay it off as fast as i could.

Id really apriciate some help here. especally if any of you have done somthing like this before. pros and cons etc.

Thanks guys
#2
Tip: Don't get a bank loan.
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#3
If you get a loan, you'll be paying it off for a very long time. Plus the interest will be massive.

Just be very careful and make sure you read all the small print. Twice.

Or just don't get a loan and save up your money?
#4
Don't get yourself into debt over things you don't need, especially when you don't have any collateral to back it up.
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#5
Cons is you end up paying for way more than what its worth. And you already suck at saving money, how will you make the payments?

Pros... You will build credit IF you make EVERY payment on time.

I know you want the gear, but I want a tour bus full of old guitars but it wont happen.
#7
Don't do it.
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#8
Quote by cagnius
Don't get yourself into debt over things you don't need, especially when you don't have any collateral to back it up.


+1

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#9
UK$? awesome.

I wouldn't get into debt like this, especially not over an MG.
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#10
Yep. Simply put, don't do it, it's stupid. Get a job and you'll have that money in no time.
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#11
my mom's a loan officer at a local bank. she helped me through all my loans, it was fairly easy to make payments and stuff. i guarantee you that i'm worse at saving/spending money than you. heck, i just made a thread a couple days ago about how i just bought a new computer on a whim.

but if you think it's worth it, i say go for it.
#12
Quote by JDawg
Cons is you end up paying for way more than what its worth. And you already suck at saving money, how will you make the payments?

Pros... You will build credit IF you make EVERY payment on time.

I know you want the gear, but I want a tour bus full of old guitars but it wont happen.



"Pros... You will build credit IF you make EVERY payment on time. "

What exactly do u mean by that. . im an idoit sorry
#13
Quote by BKGMorley
"Pros... You will build credit IF you make EVERY payment on time. "

What exactly do u mean by that. . im an idoit sorry


Oh. You're from New Zealand. I dont know if you have it there but here in the states everyone gets a credit score and it seriously impacts whether you are eligible for the loan or not. When you're young you probably have no credit and you wouldn't get approved for the loan anyway...
#14
The only advice i would give is that if you do go for it make ABSOLUTELY sure you pay on time every month (or every week or whatever). If you dont you will end up getting hit with massive charges and its a slippery slope from then on in....trust me!
#15
Ok cheers guys. thanks for the advice. anyone that want to add to that feel free.
#16
I take it the reason you want a load is because you don't have a job to pay for these? If you have no income to repay the loan, then there's no way the bank will give you a loan. Besides, the 14% interest really isn't worth it.

Just save up. You do not want to be in debt over guitar equipment.
#19
Quote by _InsanitY_
the UK doesnt have dollars. it has pounds. (£


My computer doesnt have the pound sign on the keyboard. i was born in the UK and lived there for long enough. but thanks anyway
#22
Quote by Raziel2p
Yep. Simply put, don't do it, it's stupid. Get a job and you'll have that money in no time.


agreed.

Dude it's not worth a bank loan, you lose out on the long term!


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