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Old October 9, 2012, 05:42 PM   #92
Gaerek
Senior Member
 
Join Date: October 3, 2012
Location: Arizona
Posts: 939
I hate telling people what to do with their own money, but a loan for a gun is just a bad idea. A loan for a house? Of course, chances are the house will appreciate (well, prior to 2008, anyway) faster than the interest rate. A loan for a car? Yeah, this is ok. In most places, cars are almost a required thing, and most people don't have the minimum ~$15,000 cash on hand to purchase a car. But taking out $1000 for a gun? There's so many other options. Most gun stores I've seen will do layaway. If it's a common gun, why not just stash away $100 (or whatever you can afford) a week, until you can afford it? I've even seen a gun store that does financing, and a lot of times they'll do 6 months, same as cash (or 12 months, or 90 days, or whatever). Most gun stores will take trades. Do you have a gun or two you don't shoot much? See if you can trade something in, make your purchase more affordable.

I'm not getting on you. I spent the first 10 years of my adult life cleaning up my financial mess from doing things like that. Learn from my mistakes. My wife and I pay everything (besides the car) in cash. If we don't have the cash, we don't buy it. We don't make a whole lot of money, but it helps not paying 40-80% more (due to interest) on everything we buy. The exeption to the rule is using our airline mileage card. We use that to pay utilities, and buy certain other things that we pay off when the bill is due. Interest doesn't accrue, and we gain free air miles.

I don't know what interest rate or term you got for that $1000 gun loan, but it wouldn't surprise me if you ended up paying $1300-1500 or more for that gun. Ask yourself, if you could get a 0% interest loan to buy that gun, but it cost $1500, would it still be worth buying? Just something to think about.
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