Instrument/Bow financial loans
I’m in the market for a fine bow and wondered what reputable loan companies are out there for financing?
I guess I should clarify: loans specifically for instruments and bows...not personal loans
The violin shops near to me in the UK use a loan company that they have a contract with, but its a different company for each shop. I have a feeling the best place to start with this question is your local violin shop and see what financing options they actually offer.
Financing is a personal loan, just the same with a different name. If you default on payments, the loan company will be the one coming after you and you need good credit rating for approval just the same as what you call Personal Loans. Like MZilpah said, ask your violin shop on option they are offering i.e. loan company they may be associated with.
Some orchestras have financing options for their members, check with your orchestra if they offer anything. A personal loan can be used for whatever you want within reason, I don't see why you can't get one to finance an instrument. Check Credit Unions for better rates.
Did some digging around and the AFM (which I am a member) has loan offers. Thanks everyone!
The usefulness of pursuing a specialized instrument loan is that these loans allow the use of the violin/bow as collateral. This may allow you to borrow more than you would normally be permitted to, given your income. (Musicians who are not salaried and thus have a more variable income can have a more difficult time proving income for the purpose of obtaining a loan.)
And to Lydia's point about musicians who aren't salaried having a harder time getting a loan, this is one reason why it's important for U.S.-based freelancers and private teachers to report all of their self-employment income to the IRS, regardless of whether it's on a 1099 or not. You can use your tax return to verify your self-employment income when applying for a loan or a mortgage.
Thanks Lydia and yes, I was really wanting a specialized instrument loan. Not a personal loan as I know the instrument ones have special circumstances.
Hello everyone, I did mine through the lightstream.com
Dustin B. Miller
Thank you Ordabek!
Thank you Ordabek!
Just a thought: make sure you have a good insurance policy too - you don't want to be saddled with a loan debt if there is an accident/theft. I suggest that the instrument/bow are separately listed and not just a part of your blanket house/residence insurance.
It is likely that the loan provider will insist that you have insurance for the instrument, just as a mortgage provider does when you take out a mortgage loan.
Trevor - I am sure you are right at least if the loan is tied to the item. If she found a better loan from her bank it would not be.
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