Financing Amp Purchase; Advice Needed

[Tricalibur]

So I finaly got a part tiem job localy an am making decent money even thogh the first check hasnt come in yet. I ve been wanting a Matamp for awhile now and im thinkin about taking a bank loan to finance a GT1 from motorcitymatamp. Is this a bad idea since its only my first job and i dont exactly have a whole lot of finance history? I feel like if i dont at least try i will never know.

[Ratrod]

Don't take a loan. Save up for it. Earn money, sell stuff and save up.

A loan isn't free. You have to pay interest and other things that are in the small print.

Save up for it, pay it with your own money. You'll feel better about the purchase, you can feel proud about yourself and you'll sleep better at night.

[38thBeatle]

I'd agree with Ratty- avoid credit if you can.Better to wait a while longer- advice I gave to my son and he ignored it and has regretted it ever since.

[Adam.M]

I'm in the 'ignored it and regretts it' crowd.

It's not worth it, it's very tempting but, it's seriously not worth it...

[Transcend]

I'm in the 'ignored it and regretts it' crowd.

It's not worth it, it's very tempting but, it's seriously not worth it...

+1

im know in debts of £1471 then again its nothing compared to the 8k of last year.

Dont do it cos it can also mess up your chances of getting a mortgage and also some future jobs where a good credit rating is needed

[Sailor Charon]

Apparantly, I had problems getting a mortgage because I hadn't borrowed money in the past. (This is what I was told.) If you borrow money and pay it back properly, you get a good credit history. If you borrow money and don't pay it back you get a bad credit history. If you don't borrow money... you don't have a credit history...

But yes, I wouldn't borrow if I could help it.

[Kilby]

I'm with the don't borrow it crowd, especially as you have only been in the job a short time.

Save for it, and when you get it you will enjoy it more because it's all yours. Everytime I look at my house I think about the fact that the bank own it for the next 21 years (misirible git that I am).

As an aside if you want to check out your credit rating these guys are free (and they flag up where there are issues) http://annualcreditreport.co.uk and it helped me out when my bank where being a pack of arses

Rob...

[FELINEGUITARS]

One way in which you can play the credit game and win is :
1) save up all the money yourself and keep it in a bank account that you use just for such purposes or savings rather than your everyday banking
2) Get an interest free credit arrangement.
3) pay it off straight away or at least bang on time to show that you are very creditworthy
4) that way you start to build what could become a good credit record

As Sailor Charon said and I have seen people come unstuck because they never had any kind of credit - they were paid cash and despite paying all their bills on time - because they paid cash (at a post office) they never showed up on the credit rating system and therefore didnt start looking like they were responsible with credit

There are actually ways to play the system to your own advantage - mainly through being disciplined and doing everything by the book.

BUT - i know you want the amp and as soon as possible.
Look at exactly how you will be able to get it and if there is a way to be a smart cookie into the bargain then all the better

[Kilby]

Just something to add to Felines suggestion, if you go that route check if theres any penalty for early settlement of the loan (even some interest frees have some sneaky catches).

I got caught like that when I needed a loan in a hurry, basically the settlement fee covers (almost the entire) interest that they are losing when I settle 4 years early.

Another way to build up your credit rating (as reccomended to me) is to pay money into a pay as you go credit card, then when you make your purchase it shows up with the credit checking agencys.

Credit unions are also an option.

[gwEm]

having a normal credit card which you pay the balance instantly to or contract mobile phone gives you some kind of credit rating also.

bank loans etc are in general to be avoided as almost everyone agreed so far IMHO

[Transcend]

having a normal credit card which you pay the balance instantly to or contract mobile phone gives you some kind of credit rating also.

bank loans etc are in general to be avoided as almost everyone agreed so far IMHO

yes contract phones are a good way to boost your credit rating :D

www.cssmobiles.co.uk

if you order online most likely ill process your order and if you call up i will DEFINTITELY answer the call cos im only one on sales atm.

well actually im off to download tomorrow morning so no i wont unless its after next tue lol.

only messing best thing i can recommend is just work hard save up and youll feel so much better about what you've bought as many people have said........i just wish id done it that way

[dave_mc]

don't take a loan for an amp. In my opinion, you should only take a loan for a house... maybe a car if you need one badly enough (say to get to work or somethign).

i'm not counting loans for starting a business, etc.

[HTH AMPS]

I'm three years down the line of a seven year loan to repay my student debt of £18k - ain't had any credit cards for 2+ years now, they are EVIL!!!

Save up for it.

 :twisted:

[mikeluke]

Dumb question  - don't suppose that there are any Matamp dealers out there offering interest-free credit? (Andertons in Guilford are offering 10 months at 0%) Would be a way to get the amp and some credit history. You could save up a heathly deposit and then pay the rest of out of your monthly salary.

[HTH AMPS]

the only thing about getting stuff on finance from shops is that you always pay RRP - no room for haggling down the price when you're asking for 12 months at 0%, the finance company HOPE that you're gonna be unable to pay and have to spread the cost over a longer period at a rediculous % APR. you will also get cheques sent from the finance company for £1000+ that you only have to bank and you have yet another loan - scum of the earth these people are!!!

 :twisted: