Business loan for new equipoment

Dave_Major

Silver Member
Hey guys, i am hankering after a new kit. I have outgrown my current kit (Tama Rockstar Custom) and want/need a new one.

I'm a pro drummer and make all my money from drums so I really think I need an upgrade and sooner rather than later.

I have wanted a starclassic birch bubinga for ages and know exactly what I want. (well id ideally buy the ultimate 10 piece kit that I can make any kit from. A jazz kit or a monster session kit like Russ Millers etc.)

To be honest i am thinking I will just get a 4 piece shell pack and add the it from there when required. But, as with everything, the money is a problem.

With the best will in the world I can't seem to save any money. Something always comes up, this month it is my car, and with tax (oh and food and rent) looming there the new kit is always on the bottom of the pile.

So my question is would/ have you guys get/got a business loan (i am a registered business) the help pay for it?

Has anyone done this before? I am averse to getting loans etc but the thought is seriously crossing my mind.

Any input would be cool.

Cheers

Dave
 
I would recommend saving rather than borrowing for new drums. You might also think deeply about if you NEED or WANT a new drum set. Funding WANTs through loans is a poor financial decision.

Just my two cents.

GJS
 
I think it's tough getting a business loan at the best of times in this "climate". You're best off just trying to save up. I know it's not easy but you just have to put a little bit of money away at the end of the month and it quickly adds up mate.
 
Depending on what you have in the bank you may be able to get a "Signature Loan." You are using your reputation and credit history for getting the loan.
 
If you are a small businessman needing a few thousand for a business venture, you're considered too much of a risk.

If you're a large corporation needing hundreds of millions because you made products no one wants to buy, they will throw money at you faster than you can do a press roll.
 
If you are a small businessman needing a few thousand for a business venture, you're considered too much of a risk.

If you're a large corporation needing hundreds of millions because you made products no one wants to buy, they will throw money at you faster than you can do a press roll.

and yet the public who lose out the most by this, are still duped into voting conservative. Unbelievable when you think about it.
 
generally the banks won't loan you the money unless you have something to borrow against, like a house that you own, or a car titled in your name.

I know a few musicians who have used guitar center/musicians friend for years with the no interest for x months succefully. I also know alot of musicians who have used them unsuccessfully.

Honestly it is better to save up, or do extra work for the kit. if you can swing 20-30 hours part time on the side the money will come fast.
 
If you can get the financing by way of the "no interest for X months", then this is always a good one. Just be disciplined enough to pay it off BEFORE the no interest period ends.

This is where these institutions make their money. People look at the minimum repayments and think that it's a breeze (Gee, I only have to pay $50 a month)......but the catch is that if you only pay the minimum each month, you'll be left with a heap of coin still left to pay when the "honeymoon" period ends, thus getting slugged for inexcess of 20% interest (at least here in Oz). It's imperative to play them at their own game when it comes to financing. PAY IT OFF EARLY!!

Perfectly safe if you make sure you pay it off within the interest free period......will cost you a small fortune if you don't. Be dedicated and you'll pick up a kit for it's real value and have some months to pay it off.....but get slack on this one and you'll end up paying interest at around three times the value of your kit.

I say again, be disciplined with any and all repayments and it's a good way to buy. And have I mentioned that you should pay it off early??

Good luck man.
 
If you're at a point where you can't pay or save any after all of your basic necessities are taken care of, you do not need to upgrade a Tama Rockstar custom. I've met several pro drummers that eek out a living with sets that i wouldn't pay 100 bucks for. Treat yourself to new heads. Get some polish and shine your kit. Realize that there are drummers out there that would kill to have what you got. It's easy to come on here at drummerworld and see everbody with expensive custom kits. I dropped close to 9 grand on my monster kit because it was a lifelong dream just to own it but now that i have it, i never have any gigs where i would even consider taking it out of the studio. I just use my "beater" kit that i know for a fact some kids would die to have. Now i'm asking myself, "do i really need this monster? What's the point of having it if the only person that is going to hear or see it is me, because i'm too lazy to haul it around and too scared that something disastrous would happen to it?" I sure could use 9 grand though right about now...
 
This has "BAD IDEA" written all over it.

The key to saving money is budgeting. Budgeting is just a scary word for being realistic and knowing exactly how much money is coming in and deciding what you're going to spend it on. For me, my income fluctuates with how many gigs I have per month. I always budget for a month ahead of time. If I made $2600 in February, I'll budget for $2600 for the month of March, for example. "Let's see...$400 for food, $100 for bill X, $250 for bill Y, $150 for bill Z, $1000 for rent, $200 for insurance...that leaves $500. I'll put $400 into savings and keep a $100 limit on my excess spending (going out, buying music, etc...). Of course, this doesn't account for emergency situations that randomly "pop up", like car repairs or medical emergencies. You need to be smart and plan ahead for stuff like that to happen. Also, look at how you spend your money, and cut out any excess unnecessary expenses. (If you dine out more than 2x a month, you can probably save a LOT of money by cooking your own food.) If you can't manage to save up money after all of these steps, then you should probably get a side job, if not to save up for a new kit, then at least to start investing in a ROTH IRA.

Avoid loans and credit at all costs, especially when you go to buy your new kit. After you calculate in the interest, you'll probably end up paying a total of $2600 for a brand-new $1500 kit that is worth about $700 after you bring it home...
 
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