Anyone ever take out a loan for a guitar?

You only live once, enjoy life and go for it

 

Yep. I did when I got my Trussart. Just paid it off a month or so ago! I had them deduct from my account automatically every month for...a while. Money well spent, in my opinion!

 

As I mentioned a few days ago, my folks loaned me $30 to buy my first amp (Alamo Capri) when I was twelve or thirteen. Took me a couple months to repay, but I did.....they didn't even charge me interest!

 

In my own strictly personal opinion, never borrow money unless it's a matter of life and death.

 

My wife and I came to an agreement many years ago. If I don’t have the cash, I don’t buy the instrument.

The only addendum is if I run across a “Holy Grail” item at a super-stupid-cheap price...like the time I found an original blackface ‘67 Deluxe Reverb for $75 at a pawn shop...and (being responsible) I didn’t get it because I wasn’t sure if we were going to be able to pay the utilities bills that month. I borrowed the cash and went back the next day. It was gone.

 

If I were to ever borrow money to buy a guitar, it would only be from an investment point of view. Sure I would play it and enjoy it, but something such as the one you’re describing. Martins are like the Rolex’s of guitars. They always seem to hold their value. The Nazareth ones, this is.

 

Work out what you'll end up paying in interest, be realistic about how long it'll take for you to pay it off, and then decide if it's still a great deal.

 

I had a store account when I was 14yo. Everything guitar related was purchased using it. Thankfully it was interest free and the owner was a good guy. I paid something off it each month, sometimes a small amount, sometimes lots depending on how much work I got.
In todays world I wouldn't recommend borrowing for gear from a random store or lender.

 

I did a long time ago when I got my first credit card. I ended up having to sell most of them in an attempt to pay off the debt I had run up.

Now, it's cash only.

 

I have never done that. My brother took out a loan to buy a Ferrari automobile that cost as much as a house. That car is long gone and he didn't make a profit on it.

You didn't give much detail over the size of the loan etc. I probably would not do it, because I an not THAT crazy about guitars. My little 1974 Yamaha acoustic is good enough for me.

On the other hand - I once saw the most beautiful second-hand Framus Star Bass on display in a shop window. It cost as much as I made in two weeks (about 100$ now). I wanted it very much, and asked if the shop would hold it for me. Absolutely not! I would gladly have taken a loan at that moment. Went back the following week but it was gone!

 

while I generally agree with the idea that you only have one bite on the apple, the OP hasn't included enough background info.

borrowing money is not a great habit, but can be very useful, IMO.

I've raised 3 kids. When I was 38 and contemplating what it might cost to send all 3 through university, I would have considered borrowing money for a guitar as a dereliction of duty, given my circumstances. Just my view.

The thing is, you never know what's coming up next and maybe all of the sudden you need money for medical expenses or some other family emergency and what? you owe money for a guitar? And the guitar gets sold on the cheap, because you need cash now. that's a downside.

OTOH, if you be single and otherwise unencumbered or only slightly cumbered...ain't necessarily any big deal.

My approach is to save money in advance, wait for the right opportunity and then enjoy it, free and clear. Last time I checked there were still thousands and thousands of guitars out there.

 

Nice guitars come around plenty.
Personally, I would save up the money and buy the next nice one.

 

thats when my gear priorities change,,and things go to get the what im looking at. gear is going down but quality way up last year or so..right now am negotiating for a marshall bluesbreaker and just keep adding things i dont use..getting close i hope,,just tossed 4x12 cab loaded with very good speakers. it might kick him over

 

Sure.
Lots of times, lots of years ago.
If your other responsibilities don’t interfere, Give er’, as they say!

 

Was the Deluxe Reverb at a Cash America in Wedgewood back in the nineties? A buddy found a 1967 BF there for $100.....didn't even try to negotiate, just snapped it up!

 

When I had just finished college I recorded an acoustic record for a very small label that ended up selling more copies than I thought it would. I had been in a fairly successful rock band for a few years that broke up after being dropped from a big label.

I had no money at all and had borrowed a guitar from my dad to make this record and had to buy one. I pulled together about $500 and just wanted a Yamahahaha or something.

I walked into EU Wulrlitzer, this was one of their small stores when they had become a chain before going under, and there was a 1959 Martin 00-21 for $1200. At that time that was a very good deal on that model and it had the OHSC and was the Brazilian rosewood, 12 fret slotted head model - i.e. the Blood on the Tracks guitar.

I applied for their credit card and probably paid a ton in interest but I got the guitar and have recorded it on tons and tons of records. Plus it's my fav couch guitar.

Here it is in the background:

 

If it's a vital household appliance, credit will be considered as a last resort, otherwise I save up the folding beer vouchers.

 

No loan, but I've used the credit cards. I guess that would be more of a higher interest "Impulse loan."

EDIT: It was too good a deal to pass up!

 

I wouldn't do it. It just seems wrong on so many levels. If you don't have enough income/cash to buy an expensive guitar, you should not buy it. You may need to take an emergency loan for a much higher priority: an unexpected health issue, losing a job, etc. The universe will find you another one when you have enough cash saved for it.