Financing a Ludwig Zep Kit?

AModestRat

Member
Dunno if anybody noticed, but recently the Ludwig Centennial Zep kit went down in price to $900 and then Musician's Friend is also allowing 48 month financing on it. Really tempting for me as that's only $19 a month and I can easily handle that and pay it off within the year.

I currently have a 22, 16, 14, 12 Ludwig Element set, but I've always preferred bigger sizes and I only bought the kit because it was what I could afford at the time (year and some change ago). I've been looking to upgrade for some time and now seems like a good chance to hop on my dream kit.

In addition, I've also been picking up more gigs as a drummer in various bands - big band jazz group, rock band, and church band. I play out 3-4 times a week now in bars and clubs, and the Element set makes it but I've been looking for something more.

So what do y'all think? Should I apply for a card and see if I can finance this beauty? I just paid off my one other credit card and have no other debts, but I'm still very much on the fence about this one. Good thing is that I've got no shortage of income coming in anytime soon and I'm confident I can pay this one off within the year
 
D

drumming sort of person

Guest
What line of drums are those? How the hell can they be so inexpensive? Perhaps Ludwig just happened to have a bunch of them lying around and wanted to unload them? At that price, I say you go for it. Especially if you're gigging every week and you like that Bonham config. That's amazing.
 

KamaK

Platinum Member
The only reason to sign up for an HRS card is if you get an additional discount for doing the sign up, and pay it off immediately.

Otherwise, wait 2 months until you have the cash on hand, and stay out of debt unless the kit is going to pay the bill for you.
 
M

Matt Bo Eder

Guest
Don't do it. Save your pennies and buy it outright without going into debt. Go into debt for truly big purchases that are necessary: like if you need a new car, or if your house needs flooring or AC, or a roof. Staying out of debt is the way to go.
 

ineedaclutch

Platinum Member
You're asking a drum forum for financing advice, right? You think that MF is offering 0%, correct? If you have established credit they might, but if you are asking about this on a drum forum I can only assume you are a teenager.
 
D

drumming sort of person

Guest
Financing $900 over two years will end up costing you a whole lot more. At the end of the term, you will have paid enough to have purchased a much better set of drums. If you decide to finance them, do it within two or three months at the most.
 

Out Of Warranty

Senior Member
Don't do it. Save your pennies and buy it outright without going into debt. Go into debt for truly big purchases that are necessary: like if you need a new car, or if your house needs flooring or AC, or a roof. Staying out of debt is the way to go.
+1

Save your credit for emergencies.

There are two types of people out there - those that collect compound interest and those that pay it. Don't be the latter.
 

Mongrel

Silver Member
Hmmm....

Maybe I missed something in the math...but isn't 0% interest 0% interest?
In other words, the OP is not going into debt, or paying more than $900 for a $900 kit. UNLESS he/she screws up and misses a payment.

So....if you can realistically make those payments, as best as anyone could hope to-as in steady job with reasonable job security, why not?

BUT know this-you will get hammered with interest (probably close to 30%) if you mess up. So that is the question you need to ask.

I am NOT by the way a fan of debt or credit cards. I have a mortgage, but apart from utilities no other debt at this time. I had to learn to live this way the hard way, but I learned the lesson for life...
 

KamaK

Platinum Member
Maybe I missed something in the math...but isn't 0% interest 0% interest?
In other words, the OP is not going into debt, or paying more than $900 for a $900 kit. UNLESS he/she screws up and misses a payment.
Agreed, though this is HRS we're talking about (or whatever they are calling themselves these days... Capitol One, Synchrony?). They always seem to find ways to screw up your credit, sell your data, etc... They charged me $5 to close a zero balance account when I bought my Gretsch, and didn't tell me, resulting in a $25 service charge. Even if you pay on time and in full, it's almost always a loser.
 

PorkPieGuy

Platinum Member
Ludwig Centennial drums are real sleepers. From my too-much research on these, they are made from USA maple shells. In order to save money, they are only offered in limited finishes and configurations, and they are shipped overseas for assembly. I have a set of them (20" kick, 12" rack, 16" floor, and a 13" snare). They are awesome.

As far as financing, sure, zero interest is great until you miss a payment and then you royally mess up. Also keep this in mind...if for whatever reason it takes you longer to pay them off than anticipated, not only will there be ridiculous interest, but that interest is retroactive. In other words, if the original agreement was for two years, and it takes you two years and one month to pay for them, then not only will the interest go up, but you'll have to pay the interest you DIDN'T pay before over the past two years. Don't ask me how I know all of this...

My final advice? Make the payments to yourself for two years, then pay for them in cash when the time comes.
 

Groov-E

Silver Member
There is no such thing as a free lunch.

Ask to see the contract beforehand, but I can almost guarantee you that if you miss a payment even by accident the balance will be automatically due in full plus a superbly crafted penalty and interest clause. Ask for fees to open or close your financing contract, payment before term, etc.

Plus if you gig a lot and get your gear damaged or stolen, you still will have to make your payments without having a kit.

Financing goes towards housing, a car if you absolutely need one for work, and business transactions.

For everything else, there is cash.
 

AModestRat

Member
Just to clarify a few things:

- The 48 month financing is 0% interest for that entire period
- The Ludwig kit is on sale, the new price is not permanent. That's $300 off the original price and it's bound to go back up to $1,200 soon.
- Like I said, my plans are to pay it off within the year or two w/o interest

Also, I'd love to be able to slap down $900 at the moment, but that is a lot of money to put down at one time, especially for me. $50 (how much I plan to pay on each month + some more every now and again) at a time is much easier for me to handle. My first kit was $400 and that was a hassle to pay all in one in itself. I did pay a friend monthly for a bass of his ($30 a month for six months) and I got what I wanted while not being flat out broke.

I also should have worded the original post better. I'm less worried about my finances and discipline, and more worried of getting screwed over by MF. I'm bound to get the kit sometime in the future, and this seems like a great deal to hop on. For those who do have a card from any retailer (GC, MF, Sweetwater, etc...) and do the financing like the 48 month program, what are y'all opinions on it?

I'm not meaning to demean others' inputs, I greatly appreciate y'all opinions and I'm taking them into consideration. It's a snafu for me as it seems like a dream kit of mine is within easy reach, but there may be a pitfall I'm not noticing.
 
D

drumming sort of person

Guest
They always seem to find ways to screw up your credit, sell your data, etc... Even if you pay on time and in full, it's almost always a loser.
I have to agree with this. They sent my statement to an old address, and I ended up getting dinged on my credit report for SEVEN YEARS. The amount that I owed? $26. Did they call me to find out anything? No, never, even though they had my phone number. The only people who called were scums from a collection agency.
 
D

drumming sort of person

Guest
The Ludwig kit is on sale, the new price is not permanent. That's $300 off the original price and it's bound to go back up to $1,200 soon.
I doubt that. They don't make those drums anymore, and the only reason they're selling at that price is that they have a bunch of them just sitting in a warehouse. But yeah, that is really cheap for a set of decent drums.
 

Out Of Warranty

Senior Member
I'm not meaning to demean others' inputs, I greatly appreciate y'all opinions and I'm taking them into consideration. It's a snafu for me as it seems like a dream kit of mine is within easy reach, but there may be a pitfall I'm not noticing.
Life is short. If you want them, go for it. I would.
 

Rattlin' Bones

Gold Member
It's good, but not "dream" level"

If you really desire a "dream" set, there are plenty of better choices, and in same size.

I would not go into debt for that set.
 

Pocket-full-of-gold

Platinum Member
I've used long term interest free finance on several occasions over the years.

Be disciplined, pay off more than the monthly minimum, pay off the full amount long before the interest free period ends and you'll be golden. Just make sure the terms allow you to pay out early.

The trap lies with people who don't. And clearly they are in abundance or else finance companies wouldn't continue to offer terms such as these. They rely on people to make the minimum monthly payments which will always leave a balance owing at the end of the interest free period. This balance is then slugged at in excess of 20% or so. And that's when the hardship begins.

Be smart. Be disciplined. Pay it off regularly. Pay it off early. And use their own game against them. It really ain't that hard.
 

Woolwich

Silver Member
I'm not a fan of finance but I've used, and will use in the future, buy now pay later agreements and 0% finance agreements. It allows me to keep a hold of my capital (even though interest rates are currently minuscule so I'm not earning much interest) rather than splurge my savings in one go. The caveat to this is that when buying furniture, carpets, large electrical items etc, I'm able to pay them off at the time of purchase if I want to so the danger of defaulting is nil.
If you want the kit and to borrow the money I suggest you ask for an 18 month agreement and pay the $50 per month that you say you can afford. Musicians Friend shouldn't grumble (they pay to subsidise the offer so the subsidy on your agreement will cost them less) plus there'll be no unexpected charges which might occur if you ask to close an agreement early and no difficulties of you overpaying your monthly payment. Overpaying is a good idea but the practicalities might involve the hassle of paying in person at a bank etc plus the issue of admin oversights. Every now and then we've made a lump sum payment off our mortgage (which I know is a different kettle of fish) and every time the bank tellers treat the transaction as if it's the first time they've ever undertaken such madness, not confidence inspiring. If $50 is affordable then just go with the 18months, any extra money you save put aside "just in case".

All of this is in my opinion and comes from someone who spent over 10 years dealing closely in car finance in the United Kingdom, perhaps the scepticism shown in this thread is as a result of US legislation which I know nothing about.
 

crispycritters

Senior Member
I've used long term interest free finance on several occasions over the years.

Be disciplined, pay off more than the monthly minimum, pay off the full amount long before the interest free period ends and you'll be golden. Just make sure the terms allow you to pay out early.

The trap lies with people who don't. And clearly they are in abundance or else finance companies wouldn't continue to offer terms such as these. They rely on people to make the minimum monthly payments which will always leave a balance owing at the end of the interest free period. This balance is then slugged at in excess of 20% or so. And that's when the hardship begins.

Be smart. Be disciplined. Pay it off regularly. Pay it off early. And use their own game against them. It really ain't that hard.
This. Particularly the "just make sure the terms allow you to pay out early".

If you are absolutely certain that you can meet the payments without overstretching your finances then a 0% finance deal can't be beat. But if you often find yourself in a situation where you are broke before payday then don't do it. $900 for those drums sounds like a good deal, but $900 + interest charges, late payment admin fees and a bolloxed credit record isn't...
 

Mike Stand

Silver Member
My advice:

Listen to your fellow Americans because they are the ones who probably have the best insight into these kinds of deals in the U.S.

I bought a cheap new kit on special offer which I financed with three interest free repayments. I did this because it was the last kit left in my preferred sizes and finish. I couldn't buy it outright but, like yourself, I was more than confident obout my long term finances. Also, the financing deal was simple and transparent so it was a small calculated risk.

However, different countries = different rules.

I join those here who advise against debt if it can be avoided. I would only consider using it if it were a last resort. For example if it were the only way to get a mega deal on the last available model of a dream kit. Also, always allow some margin for error. The calculated risk I mentioned. Never push your finances right to the edge because one little thing could then push them into a dark abyss.

Edit: and like Bo suggested, taking on debt should ideally be reserved for the most important necessities in life. When I financed my current kit I already had all my other bases properly covered!
 
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