Looking to Buy a Piano

colin_young_2

I have been looking for a piano for a while now and I think I've found the one I want.

Delivered with a stool and tuning it's going to cost £4,000 and I'm trying to figure out the best way to fund it.

One thing I was considering but I've no idea how it works is a 0% on purchases card but I have a couple of questions about it.

1) What if I apply for one and don't get the £4k limit I need?
2) If it's over 24 months can I just shift the balance to a 0% card at the end of he term?

A couple of things that might help. I currently only have a mortgage and 1 credit card that I clear each month. I get my credit score from Experian and apparently it's very good (I don't know how much affect that has if the lender is just in a bad mood that day).

Can any help with regards to this being the best approach or not please?

adindas

colin_young wrote: »

I have been looking for a piano for a while now and I think I've found the one I want.

Delivered with a stool and tuning it's going to cost £4,000 and I'm trying to figure out the best way to fund it.

One thing I was considering but I've no idea how it works is a 0% on purchases card but I have a couple of questions about it.

1) What if I apply for one and don't get the £4k limit I need?
2) If it's over 24 months can I just shift the balance to a 0% card at the end of he term?

A couple of things that might help. I currently only have a mortgage and 1 credit card that I clear each month. I get my credit score from Experian and apparently it's very good (I don't know how much affect that has if the lender is just in a bad mood that day).

Can any help with regards to this being the best approach or not please?

This is not a primary need, so the best aproach is saving, saving, saving until you could effort it.

If you read this forum regurally you will notice that people fall into debt trap wth this sort of arrangement. In your case Piano, many people here due to credit for a new car.

The worst case is, when you lost your job or you can not avoid of temptation to keep spending on the card mounting up to the level you would not effort to pay it back.

colin_young_2

adindas wrote: »

This is not a primary need, so the best aproach is saving, saving, saving until you could effort it.

If you read this forum regurally you will notive that people into debt trap wth this sort of arrangement.
In your case Piano, many people here due to credit for card.

The worst is, when you lost your job or you can not avoid of temptation to keep spnding in the card mounting up to the kevel you would not effor to pay it back.

thanks for that.

I should probably give some more information.

I teach piano but currently do it on a digital Yamaha. It is a good keyboard but it's just not the same as an acoustic piano. Also, I could probably try and find a free/very cheap piano but I intend on on having one and using it for a long time.

Not only do I teach piano, I also get occasional work as a rehearsal pianist and keyboard player for pit bands, so the purchase is very much based around some of my income.

My plan would be to get the card, buy the piano and then cut the card up whilst paying it off. That's if this is the right way to go.

adindas

1) What if I apply for one and don't get the £4k limit I need?
If this ithe case apply for another one. Here is the list for 0% for purchase CC.
http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards
Noone could tell you the limit you will get, unless you try it and see what you get.

2) If it's over 24 months can I just shift the balance to a 0% card at the end of he term?
Yes. People are doing this all the time for stoozing of snowbaling the debt. Just prepare a back up plan for the worst case where for some reason you do not get another card to snowball the debt.

3) A couple of things that might help. I currently only have a mortgage and 1 credit card that I clear each month. I get my credit score from Experian and apparently it's very good (I don't know how much affect that has if the lender is just in a bad mood that day).

If you get a good credit history with decent income, you normally could get it. If you get decelined on one card, try another one. The best thing to do is to try MSE eligibility calculator before you apply.

colin_young wrote: »

thanks for that.

I should probably give some more information.

I teach piano but currently do it on a digital Yamaha. It is a good keyboard but it's just not the same as an acoustic piano. Also, I could probably try and find a free/very cheap piano but I intend on on having one and using it for a long time.

Not only do I teach piano, I also get occasional work as a rehearsal pianist and keyboard player for pit bands, so the purchase is very much based around some of my income.

My plan would be to get the card, buy the piano and then cut the card up whilst paying it off. That's if this is the right way to go.

spadoosh

colin_young wrote: »

thanks for that.

I should probably give some more information.

I teach piano but currently do it on a digital Yamaha. It is a good keyboard but it's just not the same as an acoustic piano. Also, I could probably try and find a free/very cheap piano but I intend on on having one and using it for a long time.

Not only do I teach piano, I also get occasional work as a rehearsal pianist and keyboard player for pit bands, so the purchase is very much based around some of my income.

My plan would be to get the card, buy the piano and then cut the card up whilst paying it off. That's if this is the right way to go.

I believe the best approach is to save for it.

By asking about balance transfers it suggest you dont have much intention of paying it off within the 18-24 months that you plan on having the cc?

Theres quite a few factors at play. You have to pay cc repayments otherwise thigns get quite expensive. You dont know where youll be at the end of the interest free period. Your credit worthiness might be worse, so less likely to be able to transfer it. You might lose your job. You might have reduced hours. You might get increase in living costs. All of these things have been predicted by certain experts recently.

Lets assume you repay a little and reduce the balance to £3000.00, Repayments will be between £40 and £80 per month and will need repaying for 20+ years at minimum payment. Can you afford to pay more than this in order to reduce how long it takes to pay off?

If you can, you will have been able to save up and buy it outright in around 4 years. You will not have to pay any interest compared to doubling the price of the piano if you end up paying interest.

If you have control and dont mind the risks by all means, its an availble option. The prudent option is to save for it.

redpete

colin_young wrote: »

1) What if I apply for one and don't get the £4k limit I need?

You find the rest of the money elsewhere, but that first card will reduce the chances of you getting another one.

2) If it's over 24 months can I just shift the balance to a 0% card at the end of he term?

If you are accepted for another card. You need a back-up plan to clear the balance if you can't replace the 0% deal.

GaleSF63

Pianos come up on Freecycle/Freegle quite often. The chances are that some of them will be very good. How about one from there till you have enough money for exactly what you want? Also you can ask - you don't have to wait till one turns up.

WineDarkSea

Your limit will be linked to your income as well as credit - i applied for an Amex card at the same time as my husband. I don't have an income currently, just child benefit and interest from savings (about 3k) but my credit score was higher. I got £1k on my card. I also got the M&S with £2k. DH had a lower credit score, still good but less credit history, he got a limit which is about 10% of his annual pre tax income.

Use the eligibility tool and go for the best balance of percentage chance and length of 0%.

Is it possible to use two credit cards to spread the overall cost? Similar to sharing a bill in a restaurant but both in your name?

Personally I would be wary, if you don't think you can pay it off in two years then a loan may be a safer bet - rates are low and can be spread over more time. A quick look suggests 3.2% is cheapest and over 4yrs would cost £263 for £4K - £89 per month. Making an error with credit cards could be far more costly.

Anthorn

Good grief, it's donkeys years since I had peearno. First port of call I think is where you're buying it. They may have very good offers of finance which may include 0% interest.

Otherwise I would go for a loan with fixed repayments. Banks these days offer very good rates. A 0% card will be cheaper but if you don't pay it off on time or can't transfer the balance to another 0% card you are likely to get hammered for interest. I like to know up front what I'm going to be paying and then budget for it.

If you don't get the limit you need you can negotiate or even withdraw and try a different card. But with a loan you won't have that problem.