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#284663 - 10/10/08 11:03 PM Financing a piano
ClassicalImproviser Offline
Full Member

Registered: 05/14/07
Posts: 77
Loc: Boston, MA
I have a question that I just can't seem to find the answer to. How does anyone finance a piano? I know some places can help you finance one, I think. But I'm not completely sure of all the options and ways of doing this. I am graduating in the summer and would like to perhaps purchase an acoustic after graduation. Does anyone have advice on this topic?

Thanks!

~ClassicalImproviser

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#284664 - 10/11/08 01:10 AM Re: Financing a piano
pianobroker Offline
4000 Post Club Member

Registered: 05/14/07
Posts: 4309
Loc: North Hollywood CA.
Financing a new piano is usually facilitated through the piano dealer. The finance application is proceeded by the participating dealer. You have to realize financing a piano is not much different than a personal loan in that there is no lien or title on a piano whereas one could technically sell the piano before actually paying the piano off. Not such a great idea. \:D
Many secure financing through a credit union or even the musician's union. The best financier,easiest qualifier and the lowest interest rates is usually one's parents after graduation. \:D I need $.
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#284665 - 10/11/08 10:51 AM Re: Financing a piano
ClassicalImproviser Offline
Full Member

Registered: 05/14/07
Posts: 77
Loc: Boston, MA
Haha thanks, but that won't happen. Thanks for the information though. I wasn't sure if all piano dealers did that.

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#284666 - 10/11/08 11:59 AM Re: Financing a piano
terminaldegree Offline
3000 Post Club Member

Registered: 05/03/06
Posts: 3135
Loc: western Wisconsin
This is cut and pasted from a post I made a year or two ago, but it's probably still relevant (though the interest rates and willingness to make loans may be a little more tightly-controlled in these times):

"I was considering similar options as you regarding financing my piano. I pre-qualified with my credit union as I was shopping, but the loan rate was lousy (a little over 9%-- they didn't know how to deal with a piano and made it a personal loan instead).

As you figured out, some of the larger makers have arrangements with finance companies for simple-interest loans. If your credit is good, the rates can be better than those of a bank. Most will require a 10% down payment.

Some well-established piano stores have finance arrangements with particular banks at favorable rates for those who qualify. That's what I did with my Schimmel. I have a 5-year note @ 7.9%, simple interest, that I can pay "ahead" if/when I can. They also wanted a 10% down payment."

I think in the last two cases they are actually using the piano as the "security" on a secured loan of a slightly lower interest rate.
_________________________
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#284667 - 10/11/08 03:15 PM Re: Financing a piano
Marty Flinn Offline
2000 Post Club Member

Registered: 11/25/06
Posts: 2604
There are a half dozen or so finance companies that service most of the piano dealers in the nation. Standard rates on piano loans are between 11-14% APR as a general practice. Any rates quoted below that are subsidized either by the manufacturer or the dealer. I know of no commercial paper offering "simple interest".
_________________________
Co-Author of The Complete Idiot's Guide To Buying A Piano. A "must read" before you shop.
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