Guys love their toys, but they can be expensive. A good drone can cost over a grand and let’s not even talk about the high cost of things like ATVs and jet skis. Still, you have got to have your toys and if you lack the cash, financing is an option that you can turn to.
So, just how should you go about getting this financing? It is probably a lot easier than you think. Here are a few of the options.
Get In-Store Financing
If you have the credit, this is probably the way to go. Most dealers and retail stores offer their own financing. Sometimes it is in-house financing and other times, they are working with a preferred outside lender. Whatever the case, you usually must have good to excellent credit to qualify.
For those who qualify for store financing, you will often be rewarded with great promotional rates. A typical deal might be a zero percent interest loan for 1 year, 2 years, or even longer. It is a great way to get the guy stuff that you want without wasting money on interest and loan fees.
When you go this route, watch out for one thing, deferred interest. Often the lender is simply deferring the interest and they will charge it back to you if you do not pay back the money in time. Take the loan amount and divide it by the term to come up with a monthly payment that will allow you to pay it off in full on time.
Utilize An Online Lender
When credit is not your thing, you still have funding options. An online personal loan is one of them. Online lenders are more likely to work with you if you have some bad marks on your credit report. They will also pay you directly so that you can buy your guy toys wherever you like. That is a huge plus because it will allow you to get just what you are looking for.
One example of a website that can help is FinanceYourGear.com, but there are literally dozens of websites like it. Keep in mind that these websites are usually not lenders. They will simply match you to a lender that will finance you.
If credit is an issue for you, online loans are certainly a viable option., just watch out for the interest rate. It will probably be on the high end if you have average to poor credit.
You may go through 5 Ways To Manage Your Personal Loan Better
Put It On Plastic
One last choice is to put your gear on a credit card, but this is probably going to be the most expensive choice. With credit card interest averaging over 20 percent these days, this is a good option only for low-cost toys that you can pay off quickly.
For higher dollar items, you should avoid credit cards unless you have excellent credit and can qualify for a card with a low-interest introductory rate. Even then, you should make sure that you will be able to pay off your balance before interest starts accruing.
Turn To The Used Market
Finally, if you cannot find affordable financing, don’t finance at all. Instead, turn to the used market might for your guy toys. People buy toys all the time and then tire of them or change their minds. It might be a weightlifting bench that was purchased with good intentions or a mountain bike that is collecting dust.
Whatever the case, used toys can be had for a fraction of the cost and can save you hundreds of dollars.
If used is the direction that you go, be careful of scams. Never send anyone money either by mail or wire service. Always pay with cash and meet in person at a public location. Also, be sure to thoroughly inspect the item. You do not want to be buying somebody else’s problem.