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Has anyone ever financed gear from Musicians Friend?
Posted on 5/31/21 at 8:04 pm
Posted on 5/31/21 at 8:04 pm
To make a long story short I haven’t owned an electric guitar in several years and am looking to buy a new set up. Musicians Friend is offering 0% interest right now and it seems legit but I’m worried if this will have a negative affect on my credit report. You have to open a credit card with the company they use to finance and make equal monthly payments. I have the cash to buy the guitar and amp I want but if it’s a LEGIT 0% interest I’d rather just set up a separate bank account for the loan and have it set to autodraft for monthly payments. I did this a couple years ago when I had a fridge and washer go out nearly back to back and I bought from Sears at 0% on both.
7
Posted on 5/31/21 at 9:12 pm to mwlewis
Buy used
Look on reverb for what you want, and save more than you would with 0%
Look on reverb for what you want, and save more than you would with 0%
Posted on 5/31/21 at 10:22 pm to mwlewis
I’ve bought a Martin acoustic through Guitar Center, and a couple Jacksons plus a Marshall amp from Sweetwater, all at 0%. Both stores went through Synchrony bank. I just set up autopay and there were no hassles. The Martin I got at the local store, but the stuff from Sweetwater I had delivered. The only problem I had was that having guitars and amps show up on my doorstep at 0% with a very low monthly payment becomes quite addictive.
This post was edited on 5/31/21 at 10:23 pm
Posted on 6/1/21 at 12:22 am to mwlewis
I'm ashamed to admit this, but I've done the 0 percent interest thing several times over the last few years. Mostly from Sweetwater, but some through Musician's Friend. Probably 15k worth. I have paid everything off early, but as tigrrdad said, it can be addicting.
Posted on 6/1/21 at 8:05 am to mwlewis
Have bought 2 guitars from Musicians Friend with 0% interest through Synchrony Bank. No problems
Posted on 6/1/21 at 8:17 am to 10 Blade
I've done it with zzounds and American musical many time. Both are great companies.
Posted on 6/1/21 at 8:34 am to mwlewis
I’ve ordered from Musicians Friend since the mid-90s and have never had an issue with them. I haven’t done their 0% financing but I don’t see how that hurts you if you pay everything on time.
Pro tip...ALWAYS order from them over the phone. Get a rep on the line and tell them you want a deal. The rep can then check their computer to see if they can knock down the price. They can sometimes get you 15-20% off of their list price. They won’t be able to do it for every product but that can do it on most in my experience. Reps are more than happy to check to see what they can do. But you usually have to ask first.
Also, sign up for MF’s rewards program and that’s like another 8% that you can use towards a subsequent purchase.
Pro tip...ALWAYS order from them over the phone. Get a rep on the line and tell them you want a deal. The rep can then check their computer to see if they can knock down the price. They can sometimes get you 15-20% off of their list price. They won’t be able to do it for every product but that can do it on most in my experience. Reps are more than happy to check to see what they can do. But you usually have to ask first.
Also, sign up for MF’s rewards program and that’s like another 8% that you can use towards a subsequent purchase.
This post was edited on 6/1/21 at 10:03 am
Posted on 6/1/21 at 9:03 am to mwlewis
quote:
but I’m worried if this will have a negative affect on my credit report
Unless your credit is:
1. bad, or
2. you have a lot of outstanding revolving debt
this shouldn't impact your credit in any noticeable way.
Posted on 6/1/21 at 9:17 am to SEClint
quote:
Look on reverb for what you want
The prices seem a bit inflated on Reverb from what I have seen. Then there are some stiff shipping charges. I would recommend finding a players website (for bass, guitar, drums, etc.) that has a solid selling and trading community. I am on TalkBass and have had really good luck selling and buying there.
Posted on 6/1/21 at 10:00 am to wareaglepete
quote:
The prices seem a bit inflated on Reverb
You can find deals on Reverb but those products don’t stay up for long. Also, prices for a lot of used gear is at historical highs right now because of Covid secondary effects.
Posted on 6/1/21 at 10:42 am to Decatur
quote:
You can find deals on Reverb
I bet you have to stay on top of it. There is a lot of stuff on there. I hate when I see a listing for something that I can't ever find and it is at a great price point and of course it just sold right before I saw it.
Posted on 6/1/21 at 10:54 am to wareaglepete
Yeah, definitely have to stay on top of it. I do like how they keep historical price data. Very helpful in gauging when to pull the trigger on something.
Posted on 6/1/21 at 2:43 pm to 10 Blade
quote:
Have bought 2 guitars from Musicians Friend with 0% interest through Synchrony Bank. No problems
Glad to hear that. I have no clue who Synchrony is and it got a little hesitant when I saw I have to open a line of credit with them.
Posted on 6/2/21 at 12:07 pm to mwlewis
I've bought a couple from them in the last few years with no problems.
Also as said, Reverb is a good source too.
Also as said, Reverb is a good source too.
Posted on 6/2/21 at 1:16 pm to mwlewis
FWIW also financed a Tempur-Pedic bed from Ashley Furniture through Synchrony Bank credit system(although bed payments were like car payments- bed not cheap!). Again had no problems.
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