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Taking out a loan to buy a bass

Discussion in 'The BASS Place' started by Edsel Presley, Feb 8, 2017.

  1. Taildragger

    Taildragger Tele-Meister

    Sep 16, 2003
    I would only take out a loan to buy a house, car or other extremely expensive NECESSITY. Even those I would buy with cash if I could, but who has that kind of scratch?

    Some would argue that a car is not a necessity, but I certainly can't see how a new bass is a "necessity", especially if you already have something decent to play.

    I've known several people who've fallen into the credit card trap. Some have even done so, gotten counseling, consolidated their debt and paid it off only to make the same impulsive mistakes all over again and fall into financial trouble once (and sometimes multiple times) again. When you buy something on time, especially at usurious credit card interest rates, you will at best wind up paying far more than the advertised price. Somebody will end up making bank, and it won't be you. If you doubt this, get hold of a mortgage amortization table and do the math, using the amount, term and interest rate of the loan you're considering. It can be a sobering exercise.

    IMHO, better to save your money and pay cash (which can often give you some real bargaining leverage). Credit card balances should always be paid off before they accrue a dime of interest. Otherwise you may wind up bankrolling somebody else's quality of life at the expense of your own.
  2. jefrs

    jefrs Doctor of Teleocity

    Nov 20, 2007
    Newbury, England
    Never take out a loan to buy toys. O, that way madness lies ...
    Tacotuesday likes this.
  3. Mike Simpson

    Mike Simpson Doctor of Teleocity

    Mar 19, 2006
    Gilbert, AZ (PHX)
    Buy a nice Fender bass to play and save your money. The audience can't tell the difference.
    $5k to $10k is a lot to pay for bragging rights and it is wasted on the 90% that never heard of Fodera.
    Denton likes this.
  4. Tacotuesday

    Tacotuesday Tele-Meister

    Nov 5, 2016
    Pacific NW, US
    [Typed a long personalized response, deleted it.]

    Speaking from ugly personal experience:

    Buying things on credit, even at 0% interest, and not getting into a world of hurt, requires a thorough understanding of how credit works, your current and future financial situation, and (most importantly) the ability to exercise restraint and good judgment.

    I don't mean to offend, but when you say "I figured why not? I'm not going to get approved anyway." I'm concerned that you don't (yet) have that last skill, and that you're setting yourself up for Bad Things.

    Buying gear as a working musician is one thing, but impulsively buying shiny things on credit is a recipe for disaster. Even applying for credit can negatively impact you, as others have pointed out.

    YMMV, etc. but ultimately, Cash is King.

    Be careful.
    troy2003, Mike Simpson and Piggy Stu like this.
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