Financing a Musical Instrument

 Hi everyone,

In this post I'm going to talk about financing a musical instrument, and I understand that this isn't for everyone as everyone's financial situation is different.

DISCLAIMER: I'M NOT A FINANCIAL ADVISOR. IF YOU ARE UNSURE ABOUT ANYTHING TO DO WITH YOUR FINANCES PLEASE SEEK PROFESSIONAL ADVICE

Do Your Research

Shop and do your research to figure out which instruments and brands of instruments are within your budget. Along with budgeting for the monthly repayments and interest, you will also need to work out how much you need for a deposit.

Research the Finance Company

It's important that you also do your research into the financial company who will be looking after your repayments. It's important that they have a reputable reputation, and that they are honest. Make sure that there's a way to talk to someone, if you have any queries or problems. Over the phone is usually the best option, as they can usually arrange something for you pretty quickly.

Save Up For the Deposit

It's important that you save up for the deposit before you take out anything on finance, as that way the repayments will be cheaper. It's also worth looking into to see if the instrument has gone up in price, as you may need to put more aside than you originally thought.

Make Sure That You Can Afford the Monthly Repayments

What I've always done when I've been taking out an instrument out on finance is budget for the minimum that I could afford, so then at least that way I had given myself a bit of breathing space if I ever had a bit of extra money I could always pay off a little bit more. 

Everyone has different financial circumstances, so I completely understand that not everyone will be able to do this.

Talk to Someone

If you are unsure about taking out an instrument on finance please talk to someone professional. Don't feel pressured into taking something out on finance if it isn't for you, as it isn't for everyone. There's a few options out there such as Bank Loans, Music Grants.