MyLesPaul.com
Homepage - Sponsors - Subscription - Auctions - Advertise - Spy  
Go Back   MyLesPaul.com > The Les Paul > Gibson Les Pauls
LIKE MyLesPaul on Facebook FOLLOW MyLesPaul on Twitter
  
Like Tree41Likes

Reply
LinkBack Thread Tools Display Modes
Unread 05-26-2011, 10:41 AM   #1 (permalink)
Member
 
Join Date: Apr 2011
Posts: 35
Thanks: 0
Thanked 0 Times in 0 Posts
Guitar Center financing?

Before i say anything, sorry if this is in the wrong forum. Im pretty new here and didnt see any forum that made sense to post this in, so please let me know for future reference where this type of post should go.

Anyways...im looking to buy a Gibson studio deluxe, and would prefer to buy it new so I can be the first person to enjoy the sights and smells of my first Gibson, but i dont have the money right now. What kind of financing deals does Guitar center offer? For the month of May they have one where they dont charge interest if you pay in full in 12 months. Is this pretty much what they offer all the time? I really have no idea, so any input is welcomed. Thanks guys.
yankeefool265 is offline   Reply With Quote
Alt Today
Les Paul

Beitrag Sponsored Links

__________________
This advertising will not be shown in this way to registered members.
Register your free account today and become a member on MyLesPaul.com
   
Unread 05-26-2011, 10:43 AM   #2 (permalink)
V.I.P. Member
 
Harpozep's Avatar
 
Join Date: Nov 2007
Location: Near the Casinos......
Posts: 10,220
Thanks: 411
Thanked 139 Times in 55 Posts
Re: Guitar Center financing?

Pretty standard offer in many circles, Hi-Fi, TV, Appliance stores, etc.
But be SURE to pay it off completely prior to the time limit because the interest will be high, around 29% AND retroactive!
GuitarJoe, circles and THDNUT like this.
__________________
"Ape Shall Not Kill Ape” Only 1,969 years until the Reign of Zaius!

Harpozep is offline   Reply With Quote
Unread 05-26-2011, 10:48 AM   #3 (permalink)
Senior Member
 
Join Date: Jan 2009
Posts: 808
Thanks: 22
Thanked 14 Times in 7 Posts
Re: Guitar Center financing?

GC doesn't really finance. They just give you a credit card.
rockin'rolldad is offline   Reply With Quote
Unread 05-26-2011, 10:49 AM   #4 (permalink)
Banned
 
Join Date: Mar 2011
Posts: 16,950
Thanks: 832
Thanked 152 Times in 44 Posts
Re: Guitar Center financing?

I agree, if you do take it, set some money aside each month or make monthly payments. Then at the end pay it off the day before it is due.

back when I was building up my credit that is how I always did it. I would take the 12 Months option and set the payments aside each month. Come the end I would have enough to pay it off in full and I would go in 24 hours before it was due and pay it in full. These 12 month no pay options are imo just rackets. They know that the majority of the people are now going to bother paying it off on the 12 months and the last thing they want is for you to pay it off before due.

Hope it works out for ya.
lespaul01 is offline   Reply With Quote
Unread 05-26-2011, 11:12 AM   #5 (permalink)
Senior Member
 
Oranjeaap's Avatar
 
Join Date: Feb 2010
Location: The Netherlands
Posts: 6,879
Thanks: 39
Thanked 82 Times in 21 Posts
Re: Guitar Center financing?

I hate loaning. I say you should save up untill you have enough money and buy it when you saved up enough. Or settle with a second hand guitar.
Preferably a combination of both. So you can buy a nice standard instead of a studio.
Oranjeaap is offline   Reply With Quote
Unread 05-26-2011, 11:19 AM   #6 (permalink)
Senior Member
 
Thunder Dump's Avatar
 
Join Date: Mar 2009
Location: Western MA
Posts: 3,878
Thanks: 30
Thanked 124 Times in 36 Posts
Re: Guitar Center financing?

I use their card all the time and never paid a dime of interest. Borrowing someone else's money is better than tying up my own when I don't have to. HOWEVER, you need to be disciplined to make at least the minimum payments on time every time, and pay it in full before the end of the finance period or you get socked with some serious interest back to day 1.

If you can do it and be responsible for it, it's worth getting a 12-month interest-free loan.
orbm1, medic24, MUSTANGCAT and 5 others like this.
__________________
-Matt

'14 Custom Shop R0 Dark Burst / '13 Custom Shop R0 VOS Lemonburst / '12 Standard Trans Amber
'12 '60s Tribute Min-ETune Vintage Sunburst
/ '11 Custom Shop R0 VOS Southern Sunset Burst / '11 Classic Custom Antique Natural
'11 Custom Shop Custom Ebony
/ '10 Traditional Pro Goldtop Darkback / '10 Custom Shop 50th Anniversary R0 VOS Cognac Burst
'08 Custom Shop G0 VOS Dark Burst
/ '07 Classic Custom Ebony / '07 Classic Antique Honeyburst
Thunder Dump is offline   Reply With Quote
Unread 05-26-2011, 11:30 AM   #7 (permalink)
Senior Member
 
BrianM's Avatar
 
Join Date: Mar 2011
Location: Los Angeles
Posts: 1,001
Thanks: 10
Thanked 10 Times in 2 Posts
Re: Guitar Center financing?

+1 on saving up and buying when you have enough cash stashed.
GuitarJoe and neoclassical like this.
BrianM is online now   Reply With Quote
Unread 05-26-2011, 11:44 AM   #8 (permalink)
Senior Member
 
Join Date: Feb 2009
Posts: 152
Thanks: 0
Thanked 0 Times in 0 Posts
Re: Guitar Center financing?

Quote:
Originally Posted by Thunder Dump View Post
I use their card all the time and never paid a dime of interest. Borrowing someone else's money is better than tying up my own when I don't have to. HOWEVER, you need to be disciplined to make at least the minimum payments on time every time, and pay it in full before the end of the finance period or you get socked with some serious interest back to day 1.

If you can do it and be responsible for it, it's worth getting a 12-month interest-free loan.
+1

a savvy person can make this work to their advantage

as cool as it is to say save up and pay cash these kinds of loans build credit history
tonyled is offline   Reply With Quote
Unread 05-26-2011, 11:50 AM   #9 (permalink)
Senior Member
 
Join Date: Feb 2011
Posts: 246
Thanks: 0
Thanked 8 Times in 5 Posts
Re: Guitar Center financing?

For responsible people credit cards are there for a purpose. But that retroactive high ass interest rate is a killer.

What that means is if you haven't paid the card off in the 12 months of no interest, then you get charged the huge interest rate not from what is left in the balance, but for the FULL COST OF THE GUITAR.

If you can avoid that through diligent payments and budgeting then hell yeah man!
MUSTANGCAT likes this.
BentheMighty is offline   Reply With Quote
Unread 05-26-2011, 11:53 AM   #10 (permalink)
Senior Member
 
Rock's Avatar
 
Join Date: Oct 2009
Posts: 462
Thanks: 6
Thanked 5 Times in 1 Post
Re: Guitar Center financing?

Quote:
Originally Posted by brianm View Post
+1 on saving up and buying when you have enough cash stashed.
+2
Rock is offline   Reply With Quote
Unread 05-26-2011, 12:58 PM   #11 (permalink)
Member
 
ScottP's Avatar
 
Join Date: Sep 2009
Location: L.A.
Posts: 98
Thanks: 1
Thanked 14 Times in 2 Posts
Re: Guitar Center financing?

Actually having too many credit cards works against you on your credit report. You should only have two tops, and they should be reputable VISA AMEX..etc.

True, these store cards are tempting and reward you with instant gratification, but go over the 12 month time limit and regardless of where you are in your payments you pay interest on the full amount.

Having a number of lines of credit (Best Buy, Home Depot, GC etc) works against you. Even if you have paid them off in full. Trust me - I'm somebody who has bought multiple homes and watches his credit carefully because of a problem early on.

When opening a line of credit choose wisely. And yes, cash is king!
es345guy likes this.
ScottP is offline   Reply With Quote
Unread 05-26-2011, 01:12 PM   #12 (permalink)
Transducer Producer
 
cooljuk's Avatar
 
Join Date: Mar 2009
Location: Frederick, MD
Posts: 9,974
Thanks: 620
Thanked 333 Times in 88 Posts
Re: Guitar Center financing?

If you have even just one penny left to pay off on day 366, they ding you the interest on the FULL amount at an absurd percentage. Just remember that.
cooljuk is offline   Reply With Quote
Unread 05-26-2011, 01:14 PM   #13 (permalink)
Senior Member
 
Join Date: Nov 2009
Location: Colorado Springs, CO
Posts: 102
Thanks: 0
Thanked 1 Time in 1 Post
Thumbs up Re: Guitar Center financing?

Yes, use them wisely, and be prepared to be kicked in the butt if anything goes wrong.

I had a BestBuy card that, when we moved, we needed/purchased a washer/dryer and fridge on, with the 12 months no interest (actually, I think it was a longer period special). A couple of months before the time was up, I lost my job, and because I was unable to pull off paying down the "full amount" at the end, which was only a few hundred dollars left at that point, I got hit with some $1200 in back interest on a $4000 purchase at 29%... it was crazy, and could I get them to give me an extension, oh no. It's now paid off, but it took that much longer...

So, if you do it, know that if anything goes wrong for you during that 12 months, and you don't get it paid off, that interest is going to kill.

Deej
Deej is offline   Reply With Quote
Unread 05-26-2011, 01:35 PM   #14 (permalink)
Senior Member
 
zslane's Avatar
 
Join Date: Dec 2008
Location: Los Angeles, CA
Posts: 2,802
Thanks: 5
Thanked 22 Times in 9 Posts
Re: Guitar Center financing?

Quote:
Originally Posted by Thunder Dump View Post
HOWEVER, you need to be disciplined to make at least the minimum payments on time every time, and pay it in full before the end of the finance period...
And therein lies the rub. Judging from the current economic crisis in the U.S., not many Americans have the discipline you speak of. For them, these financing plans are as dangerous as offering free meth to an addict.

Quote:
Originally Posted by ScottP View Post
Actually having too many credit cards works against you on your credit report. You should only have two tops, and they should be reputable VISA AMEX..etc.
Hmm. My credit reports seem to suggest otherwise. I enjoy a rather high credit rating, but the section of the report on possible reasons why my credit rating wasn't even higher was because I didn't have more credit sources, despite having four or five credit cards. I also hadn't taken out any loans recently, which apparently hurt my rating. Basically, my rating was penalized for the fact that I wasn't exposing myself to more debt risk. Go figure.
MUSTANGCAT likes this.
__________________

Les Paul Standards: 1999 Ebony, 2005 CR7 Goldtop, 2008 VOS R8 Tobacco Sunburst
Les Paul Customs: 1993 Transparent Black (over flame maple top), 2004 Alpine White
Other Gibsons: 2012 50th Anniversary "Standard 24" SG, 2005 SG '61 Re-issue, 2002 ES-333
Click here for the full-size group photo.
zslane is offline   Reply With Quote
Unread 05-26-2011, 01:52 PM   #15 (permalink)
Senior Member
 
your idol's Avatar
 
Join Date: Apr 2010
Location: Tol-e-troit OH
Posts: 11,621
Thanks: 250
Thanked 564 Times in 109 Posts
Re: Guitar Center financing?

All the revolving store credit cards are done by hsbc... Better pay it off intrest free.. 22% after a year.. Pay late 29% plus outrageous late fees. They will bury you. Im working on slaying a 4000 best buy card as we speak. My wife just 1 yr financed my standard but $170 a month will kill it in 11 months and its in the budget.. We coulda paid cash but im almost an 800 credit score shes a 6something so paying this off slowly is to build her credit
your idol is offline   Reply With Quote
Unread 05-26-2011, 01:59 PM   #16 (permalink)
Senior Member
 
joesatch's Avatar
 
Join Date: Apr 2009
Location: Midlands USA
Posts: 3,273
Thanks: 0
Thanked 30 Times in 13 Posts
Re: Guitar Center financing?

The best financing is through Best Buy. They are a Gibson dealer and can match any price. They usually give you 2 years, no interest.
joesatch is online now   Reply With Quote
Unread 05-26-2011, 02:09 PM   #17 (permalink)
Senior Member
 
Join Date: Apr 2009
Posts: 7,527
Thanks: 0
Thanked 17 Times in 5 Posts
Re: Guitar Center financing?

As has been voiced, never miss a minimum payment and never let any part of the balance exceed the end date.

There's more, however. If you buy other things at other dates, you need to be VERY aware how the credit card company is *apportioning* the payments you make, particularly if you're paying the minimum. You may find yourself having only about twenty cents per payment credited to an item you bought 11 months ago. Screw up and the credit card company they use (some firm in Nevada) will present you with several reams of user agreement and a bill for 29% interest on an item you thought you'd paid off.
dspelman is offline   Reply With Quote
Unread 05-26-2011, 02:20 PM   #18 (permalink)
Senior Member
 
Join Date: Feb 2009
Posts: 152
Thanks: 0
Thanked 0 Times in 0 Posts
Re: Guitar Center financing?

Quote:
Originally Posted by zslane View Post
Hmm. My credit reports seem to suggest otherwise. I enjoy a rather high credit rating, but the section of the report on possible reasons why my credit rating wasn't even higher was because I didn't have more credit sources, despite having four or five credit cards. I also hadn't taken out any loans recently, which apparently hurt my rating. Basically, my rating was penalized for the fact that I wasn't exposing myself to more debt risk. Go figure.
this is my experience as well. too many cards only hurts you if they are maxed out. otherwise, this keeps your ratio very low.
MUSTANGCAT likes this.
tonyled is offline   Reply With Quote
Unread 05-26-2011, 02:23 PM   #19 (permalink)
Senior Member
 
RobertF's Avatar
 
Join Date: Jan 2008
Posts: 544
Thanks: 1
Thanked 6 Times in 5 Posts
Re: Guitar Center financing?

Great advice from the others here. I've used these types of deals many times over the years but only if it works to my advantage.

The way I've done it is to figure out a monthly payment that will allow me to have the balance paid off interest free several months before the promotional period expires, and I make that payment every month. No worries.

I'm not a fan of making only minimum payments and "saving" up the rest over the promotional period for a lump sum payment at the end. There can be too much temptation to spend that money for something else...! Either way, you've got to be sure you are going to have the money and the discipline to commit to paying it off, in order to avoid the sock-it-to-me-interest hit.
joesatch likes this.
__________________
RobertF is offline   Reply With Quote
Unread 05-26-2011, 02:55 PM   #20 (permalink)
Member
 
Join Date: Jul 2010
Location: So Cal
Posts: 78
Thanks: 40
Thanked 0 Times in 0 Posts
Re: Guitar Center financing?

Keep in mind that GC may give you a percentage discount on your purchase when you open a GC credit card.

I recently had the cash for a LP, but opened up a GC credit card to get the 15% discount. That discount applied to the whole purchase amount, even though I only "financed" part of it and paid it all off a few weeks later. Haven't used the credit card since!
tonyled and joesatch like this.
Infamous is offline   Reply With Quote
Unread 05-26-2011, 03:27 PM   #21 (permalink)
Senior Member
 
onvacation's Avatar
 
Join Date: Jul 2010
Location: MO
Posts: 212
Thanks: 2
Thanked 1 Time in 1 Post
Re: Guitar Center financing?

I can't think of any drawbacks from buying any product on a 12 month no interest finance program as long as you pay it off before the interest kicks in.

Having a credit card that you pay off, does nothing at all to hurt your credit rating. Having 5, 6, 7 credit cards that you use occassionally and then pay off does nothing to hurt your credit rating. The more credit you have bestowed upon you by companies the better. It shows that you are not considered a high credit risk and.

To simplify, if you have $20k in combined credit but only have used $2k of that, you're pretty good on paper. $20k in credit and you owe the credit companies $15k, not so good. The ratios are not where they want them to be. Of course your payment history also factors in as do several other things.

Bottom line, once again, credit is not a bad thing in the U.S. (Sorry my friend from the Netherlands, no idea how it works there), as long as it is used as it is intended. In other words, responsibly. If you think that there is any chance at all that you will not be able to pay this guitar off in time, DO NOT finance it. Follow some of the other advice given.
MUSTANGCAT likes this.
onvacation is offline   Reply With Quote
Unread 05-26-2011, 03:38 PM   #22 (permalink)
Senior Member
 
zslane's Avatar
 
Join Date: Dec 2008
Location: Los Angeles, CA
Posts: 2,802
Thanks: 5
Thanked 22 Times in 9 Posts
Re: Guitar Center financing?

I hate debt. With a passion. I almost never carry a balance on a credit card, which means I almost never pay interest. Credit card companies hate me. In fact, I've had cards cancelled on me because I wasn't using them enough (or not at all, actually). The obvious strategy, then, is to use each card once in a while, just to keep the account active. I guess that's part of "debt management", or in my case, "credit account management". But I can't be bothered with that, and consequently, I have a top-notch credit rating but not the kind that Fortune 500 CEOs enjoy. So be it. *shrug*
__________________

Les Paul Standards: 1999 Ebony, 2005 CR7 Goldtop, 2008 VOS R8 Tobacco Sunburst
Les Paul Customs: 1993 Transparent Black (over flame maple top), 2004 Alpine White
Other Gibsons: 2012 50th Anniversary "Standard 24" SG, 2005 SG '61 Re-issue, 2002 ES-333
Click here for the full-size group photo.
zslane is offline   Reply With Quote
Unread 05-27-2011, 01:47 AM   #23 (permalink)
Senior Member
 
Join Date: Aug 2009
Posts: 925
Thanks: 0
Thanked 6 Times in 3 Posts
Re: Guitar Center financing?

Quote:
Preferably a combination of both. So you can buy a nice standard instead of a studio.
Or buy 2 nice "Studios" instead of one avg "Standard"
gitmohair likes this.
User100 is offline   Reply With Quote
Unread 05-27-2011, 07:36 AM   #24 (permalink)
Senior Member
 
Thunder Dump's Avatar
 
Join Date: Mar 2009
Location: Western MA
Posts: 3,878
Thanks: 30
Thanked 124 Times in 36 Posts
Re: Guitar Center financing?

Quote:
Originally Posted by onvacation View Post
Having a credit card that you pay off, does nothing at all to hurt your credit rating. Having 5, 6, 7 credit cards that you use occassionally and then pay off does nothing to hurt your credit rating. The more credit you have bestowed upon you by companies the better. It shows that you are not considered a high credit risk and.

To simplify, if you have $20k in combined credit but only have used $2k of that, you're pretty good on paper. $20k in credit and you owe the credit companies $15k, not so good. The ratios are not where they want them to be. Of course your payment history also factors in as do several other things.
This is not true, so be careful. Lending firms not only look at your credit/payment history, but also your debt ceiling. That is, how quickly and how much debt you could get into. Let's say you have two credit cards, each with a $25,000 limit, but one has a zero balance and one usually has a $1000 balance and you've always paid on time and your income allows you to handle that $1000 balance each month without issue. You would think that would be good for your credit score but actually it's not. A lender sees it as you have the potential to go $49,000 into debt in an instant and your current income level may not support that. Most people would never do that, but because you *could* do it, it's a credit risk and it negatively affects your credit score. If you have a card with a high limit and never go near that limit, you should think about calling them company and having the reduce the amount for you (they will do it).
__________________
-Matt

'14 Custom Shop R0 Dark Burst / '13 Custom Shop R0 VOS Lemonburst / '12 Standard Trans Amber
'12 '60s Tribute Min-ETune Vintage Sunburst
/ '11 Custom Shop R0 VOS Southern Sunset Burst / '11 Classic Custom Antique Natural
'11 Custom Shop Custom Ebony
/ '10 Traditional Pro Goldtop Darkback / '10 Custom Shop 50th Anniversary R0 VOS Cognac Burst
'08 Custom Shop G0 VOS Dark Burst
/ '07 Classic Custom Ebony / '07 Classic Antique Honeyburst
Thunder Dump is offline   Reply With Quote
Unread 05-27-2011, 07:41 AM   #25 (permalink)
V.I.P. Member
 
HOT-BRIT's Avatar
 
Join Date: Aug 2010
Location: Miami Beach
Posts: 20,622
Thanks: 127
Thanked 354 Times in 59 Posts
Re: Guitar Center financing?

Enjoy now and pay later or pay now enjoy peace of mind for ever
HOT-BRIT is offline   Reply With Quote
Unread 05-27-2011, 12:09 PM   #26 (permalink)
Senior Member
 
zslane's Avatar
 
Join Date: Dec 2008
Location: Los Angeles, CA
Posts: 2,802
Thanks: 5
Thanked 22 Times in 9 Posts
Re: Guitar Center financing?

Quote:
Originally Posted by HOT-BRIT View Post
Enjoy now and pay later or pay now enjoy peace of mind for ever
Yes, absolutely!

Unfortunately, successful execution of that philosophy simply isn't compatible with the American way of life. It requires doing one of two things, both of which Americans hate:
  1. Spending within one's means (i.e., self control, discipline, restraint).
    or
  2. Saving before buying (i.e., delayed gratification).
I occasionally use a credit card, but I never charge something I can't pay off completely when the bill comes the next month. It is, effectively, paying with "cash" but I get other benefits (frequent flyer miles, etc.) by using the card as a proxy. By this measure I'm a great (capitalist) consumer, but a lousy American.
__________________

Les Paul Standards: 1999 Ebony, 2005 CR7 Goldtop, 2008 VOS R8 Tobacco Sunburst
Les Paul Customs: 1993 Transparent Black (over flame maple top), 2004 Alpine White
Other Gibsons: 2012 50th Anniversary "Standard 24" SG, 2005 SG '61 Re-issue, 2002 ES-333
Click here for the full-size group photo.
zslane is offline   Reply With Quote
Unread 05-27-2011, 12:51 PM   #27 (permalink)
Senior Member
 
BrianM's Avatar
 
Join Date: Mar 2011
Location: Los Angeles
Posts: 1,001
Thanks: 10
Thanked 10 Times in 2 Posts
Re: Guitar Center financing?

Quote:
Originally Posted by zslane View Post
Yes, absolutely!

Unfortunately, successful execution of that philosophy simply isn't compatible with the American way of life. It requires doing one of two things, both of which Americans hate:
  1. Spending within one's means (i.e., self control, discipline, restraint).
    or
  2. Saving before buying (i.e., delayed gratification).
Sorry man, but thats just pure bullshit. Some folks, yes. But not all Americans live beyond their means.
tenchijin2 likes this.
BrianM is online now   Reply With Quote
Unread 05-27-2011, 06:54 PM   #28 (permalink)
Senior Member
 
Join Date: Aug 2009
Posts: 925
Thanks: 0
Thanked 6 Times in 3 Posts
Re: Guitar Center financing?

Quote:
Sorry man, but thats just pure bullshit. Some folks, yes. But not all Americans live beyond their means.
Some or most?

Where I live its .."Most"
User100 is offline   Reply With Quote
Unread 05-27-2011, 06:59 PM   #29 (permalink)
Senior Member
 
BrianM's Avatar
 
Join Date: Mar 2011
Location: Los Angeles
Posts: 1,001
Thanks: 10
Thanked 10 Times in 2 Posts
Re: Guitar Center financing?

Quote:
Originally Posted by zungle View Post
Some or most?

Where I live its .."Most"
Do you see the word "most" anywhere in my quote?
tenchijin2 likes this.
BrianM is online now   Reply With Quote
Unread 05-27-2011, 07:04 PM   #30 (permalink)
Premium Member
 
SG_Lefty's Avatar
 
Join Date: Mar 2008
Location: Detroit Burb's
Posts: 512
Thanks: 91
Thanked 2 Times in 2 Posts
Re: Guitar Center financing?

Try Welcome to Sweetwater.com | Call Us @ 800 222 4700

I use them all the time and use there money for free....
__________________
Gibson Les Paul - 60's Tribute Studio - GT
Gibson SG Standard - Heritage Cherry
Fender Strat MIM - Black
Fender Strat MIA - Blizzard Pearl
Martin - Acoustic
Marshall Class 5 Head
Fender Mustang V Head
Blackstar - HT5 Combo
SG_Lefty is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 09:12 PM.


Our Network: PRS Guitar Forum | Luthier Forum | SG Guitar Forum | Marshall Amp Forum | Music Gear Forum | 7 String Guitar Forum | Acoustic Guitar Forum

MyLesPaul proudly supports St. Jude Children's Research Hospital

Copyright © 2006-2014, MyLesPaul.com. All Rights Reserved.