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#211804 - 03/15/05 01:56 PM Re: What's the interest rate on a piano loan?
Karen Bretz Offline
Full Member

Registered: 12/17/02
Posts: 215
Loc: Anchorage, Alaska
Good idea, especially if you don't own your current piano. It's easy to get caught up in immediate wants. Society primes us for it. Is having the piano worth making a monthly contribution to the profit of a finance company? By the time its paid off, you probably will have paid almost $44K in interest. Borrowing money to buy a $44K piano won't help you buy a house, either.

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#211805 - 03/15/05 03:41 PM Re: What's the interest rate on a piano loan?
Frank R Offline
500 Post Club Member

Registered: 07/16/03
Posts: 569
Loc: Anaheim Hills, CA
I would have liked to have paid cash but I didn't want to take anything from savings, even though that would be the best thing. I also know how bad I am at paying myself back. The plan was to pay off the piano within 2 years. So I put a reasonable amount down (trade in + 3k) and financed the rest, knowing that prices on European pianos were likely to go up in the next couple of years. Rather than saving disposable income I decided to offset the interest that I will pay against the price increase that will occur in the two years that it would take to save the money. Again, not the cheapest way to go but it would have been tough to sell my wife on taking that much out of savings, especially since I already had a piano. I'm a year into the plan and have reduced the loan by half, right on schedule. Our home is paid and I just didn't want to do an equity line although it would have been cheaper and the better choice. The good news is that in one year the price increase is more than the total interest I will end up paying.
Keep a song in your heart!

It's not who we are that holds us back, it's who we think we're not!

#211806 - 03/15/05 08:20 PM Re: What's the interest rate on a piano loan?
Palindrome Offline
3000 Post Club Member

Registered: 12/22/01
Posts: 3916
Loc: Chicago, IL USA
Originally posted by Frank R:
...Our home is paid and I just didn't want to do an equity line although it would have been cheaper and the better choice.... [/b]
Well, each of us has the best idea as to how to maintain one's sense of security. Remember, though, that the home equity loan not only carries a lower interest rate, but the interest itself may well be tax-deductible.
There is no end of learning. -Robert Schumann Rules for Young Musicians

#211807 - 03/16/05 05:29 AM Re: What's the interest rate on a piano loan?
Ell Offline
Full Member

Registered: 01/09/05
Posts: 67
luckily where I'm purchasing my piano, it's through the company interest free.
|| AwashAweigh || Captured On Film ||

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#211808 - 03/16/05 11:25 AM Re: What's the interest rate on a piano loan?
Linda in PA Offline
500 Post Club Member

Registered: 08/01/02
Posts: 767
Loc: PA - USA
Originally posted by Ell:
luckily where I'm purchasing my piano, it's through the company interest free. [/b]
That's a great deal, Ell - good for you!

I also obtained interest-free financing. Placed a significant portion of the purchase on my Discover Card and got my 1% cash back on the purchase price. Then did a balance transfer to a new card that offered a 0% interest rate on the transferred amount (for the life of the balance) with no balance transfer fees.

It would have been foolish for me to have paid for the entire purchase in cash. I get the time value of having my money in my accounts and I actually earned a few hundred dollars from the transaction. \:D

Lots of card issuers are still offering 0% balance transfers to consumers with good credit histories. I got 2 or 3 such offers in the mail last week alone.

#211809 - 03/16/05 11:59 AM Re: What's the interest rate on a piano loan?
BruceD Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 19043
Loc: Victoria, BC
Originally posted by Chris W1:
Jeez, the stuff you miss around here \:\( .

Congratulations Bruce D. on the 190! I assume this was announced this some time ago?

When the threads first started on the Estonia, with David Burton and others who don't seem to be around anymore, I remember your input on the 168 vs the 190. Many happy returns to you.

Thanks, Chris! I didn't really "announce" it formally; when it is shipped (safely!) and set up in my new home in Victoria, I will send up rockets and flares with pictures attached! ;\)

- - - - -
Estonia 190

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