Re: WTB -


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Posted by Joe S. on October 15, 2000 at 14:14:15:

In Reply to: WTB - posted by SirC on October 15, 2000 at 01:59:42:


...a couple of months?

Why not save up the money for 60 days and go buy one for cash?

Often, stores aren't terribly eager to talk to those who don't yet have their money/credit together (the exception being those stores on T.V., etc., that make MOST of their money on the FINANCING of consumables like cheap furniture, stereos, cars, etc.), just as banks would be at a loss to help those who might walk into their institutions asking to see all of the bank's tubas. ;^/ ie: Financing, per se, is NOT the COMPETITIVE AREA OF EXPERTISE of music stores. Thus, music stores might NOT be the best place to inquire about borrowing money.

From the shopkeepers' perspective, tubas are particularly troublesome to finance in-house (without being underwritten by a primary lender, such as a bank), since at least half of them (tubas, that is, and particularly "6/4" ones) end up getting significantly scratched and dented within the time it usually takes buyers to pay off loans. (This would include 60 days.) Thus, significant depreciation must be built into any in-store financing, which has to be reflected in higher interest rates.

I didn't suggest that you go to a bank to BORROW the money, since you only mentioned being 60 days away from the money. (See lines #1 and #2, above.)

**********

Its OK to think that I'm a smart ---, although I'm not trying to be one here. What I AM trying to do is to get you to think differently about this and ALL significant purchases in your life. If you review your spending and saving attitudes, you will be stronger financially throughout your life and far more able to make important unilateral decisions regarding your destiny as you get older. I would expand my advice to you to suggest that you avoid financing ANYTHING that is non-essential, or that is quickly consumed. (This includes cars.) If you decide to buy a house, select one that you can pay off in five years or less (ex: $50,000 instead of $145,000) and move up to nicer houses following this same rule each time.) Regarding automobiles, only buy them for cash. A $2000 carefully-shopped-for late '80's vehicle will get you around town quite reliably and save you SIGNIFICANT money on car insurance, too. (Even though I could own most any car that I might care to own, my cars are two '89's and my utility (NOT "sport" utility) vehicle is a '78. I currently know exactly where I can get my hands two very reliable late '80's cars (a Volvo and a Chevy minivan) for $1800 each. I choose to drive old cars for economical reasons, and because I live in a large city where many people make their livings stealing cars.) If you REALLY need an extra-reliable vehicle for a trip, RENT a nice Y-2001 car for a week for around $175.

I particularly felt that advice such as this would be helpful to you since you mentioned that you are married. If you start out with the same financial disadvantages as your peers, get married at the same age, and have about the same number of kids, you can easily end up far more financially secure ($X,XXX,XXX, rather than $X,XXX) if you simply avoid debt.


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