Buying a musical instrument or some art dahling? Get a 0% loan!

Former_MSE_Andrea · 5 August 2008 at 11:25AM

What's it about?

If you're considering buying a musical instrument or a piece of art, it's possible to buy either with a 10 month, interest-free loan thanks to the Arts Council.

Loans of up to £2,000 are available from the Arts Council's Take it Away scheme for musical instruments and from its Own Art scheme for pieces of art.

Where's it available?

Nearly 200 music shops are participating in the Take It Away scheme across the UK while almost 250 galleries are participating in the art scheme in England (with another 40 in Scotland and 80 in Wales via their own schemes).

Use the Arts Council's website to find participating music shops and art galleries in your area.

Musical Instrument: Music Store Finder
Art: Gallery finder

For more specific information about the art scheme in Scotland go to the Scottish Arts Council website and for the equivalent in Wales visit the Arts Council for Wales or Principality CollectorPlan.

How much can I borrow interest free?

You can borrow between £100 and £2,000 and you pay it back in 10 monthly instalments (nine in the case of musical instruments, you down-pay at least 10% when you buy the instrument). The first of the instalments will be taken from your account roughly four weeks after you signed the loan agreement with Hitachi Capital.

This doesn't mean you're restricted to buying instruments or art worth less than £2,000, just that you'll only get an interest-free loan for up to that part of the cost, and anything above you'll have to fund in an alternative way.

Obviously getting in debt for a piece of art or musical instrument isn't a good idea, but if you just want to use this to spread payments at no cost it's a useful tool.

How do I get the loan?

Once you've decided on your instrument or work of art let the participating shop/gallery know you'd like to apply for the interest-free loan. You'll be taken through the application process, which should take around 10 minutes, and you should get an immediate approval or rejection. If it's approved you can take your piece of art with you straight away.

To be eligible to apply you must:

Be over 18
Be a permanent UK resident
Have a bank or building society account that direct debits can be taken from.

You'll also need to show two proofs of ID, one proving your signature i.e., a credit or debit card, and one proving your address. For this you can use a bank statement, utility bill or driving licence.

Why's the Arts Council doing this?

Arts Council England wants to bring the arts to the masses while at the same time helping artists and galleries so this is a great way of doing that.

Related Articles:

Cheap Loans: How to get your lowest possible rate
Credit Card for New Borrowing: How to Borrow Interest Free for 15 Months

This post was originally written about the Art Scheme but MoneySaver Jayne_London also let us know about the Musical instrument scheme so that's been added to this. Many thanks for the top spot!

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Jayne_London · 7 August 2008 at 3:21PM

Hi everyone,

In response to the Own Art loan post, did you know that Arts Council England also have an interest free musical instrument loan scheme called 'Take it away'?

It's a similar scheme but for musical instruments: you go to a music shop that is on the scheme, choose an instrument (and you can buy extras with the instrument like lessons, case, music stand, sheet music), and you can apply for an interest free loan in the store for between £100-£2000 - only difference is you pay 10% in the shop and you pay 9 payments to the bank (MIFCO). They do a loan in the store, and you take your goods away that day.

All the info is on their website, and the stores are usually pretty good, because they get checked out by Arts Council first.

http://www.artscouncil.org.uk/takeitaway/

Check it out!!!!

purplestar1uk · 26 August 2008 at 10:10PM

Are these loans credit checked?

Thanks.

ifd001 · 26 August 2008 at 11:18PM

I used the "takeitaway" musical instrument scheme at Christmas 2007. The shop didn't place a very strict definition of musical instrument - I was able to buy a guitar and amplifier as well as tuition DVD and one or two other little things.

I don't know if I was credit checked; but I did use my credit card to pay the deposit and they took details like identification and bank account details.

The first direct debit instalment didn't come through for 2-3 months, good at Christmas!

I went to the shop, expecting to pay for several hundred pounds worth there and then, and left having paid just the deposit on an interest free loan for something I would have bought anyway.

A very good scheme.

Loopy_Lobes · 27 August 2008 at 9:12AM

This is interesting, dd currently has a council owned instrument but when she changes school next year we'll have to hand it back or buy it. Anyone know if we'd be able to buy it from the council under this scheme, obviously it'll be 2nd hand.

sue311 · 27 August 2008 at 10:48AM

I dont think that you can buy that instument because the 'Take it away' scheme covers certain shops that you have to buy the instruments from, however, depending on what instrument you are thinking of buying, you can purchase an instrument from the school without paying the VAT, this can save hundreds of pounds.

JimArnold · 27 August 2008 at 10:59AM

much more importantly if you want to buy a musical instrument for your children you can get them VAT free

the Assisted Instrument Purchase Scheme allows you to get 17.5 % off the purchase price eg http://www.dawkes.co.uk/aips.asp

Most large music stores are part of the scheme and its only a small amount of paperwork for your childrens school

It's not often that the government gives you 17.5 % is it ?

welf_man · 27 August 2008 at 11:32AM

Does anyone know if you can use the Assisted Purchase Scheme alongside this loan?

Thanks,

Mel.

kjscott63 · 27 August 2008 at 11:50AM

From The Scottish Arts Council. The Take it Away (TIA) scheme is an Arts Council England initiative that was launched on the 2/7/07 following a six month pilot scheme targetting13 selected retailers in the South-East of England from 31/7/06. TIA has now been rolled out across England and is specifically aimed at low income groups (under £22,500 pa), those learning an instrument for the first time and those buying an instrument for a child or young person under 18.The TIA scheme is not available in Scotland. Any participating retailers in England must be members of the Music Industry Association.The Scottish Arts Council is currently looking at the possibility of developing a proposal to implement a similar scheme in Scotland. If a similar scheme is launched in Scotland Scottish Arts Council will distribute a press release and full details will be posted on our website.

Credit_Agency_worker · 27 August 2008 at 4:52PM

If its with hitachi capital they will credit check you, and any missed payments will be recorded.

CAWDAVID · 27 August 2008 at 10:50PM

does anybody know if there is a list of participating welsh music shops?

Buying a musical instrument or some art dahling? Get a 0% loan!

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