Getting a Loan to Buy a Firearm?

Status
Not open for further replies.
T

Tucker 1371

New member
Has anyone ever taken out a loan to buy a very expensive gun that otherwise you would never be able to obtain?

I'm considering doing this to get a Barrett M82A1
 
Isn't that the gun that shoots .50 BMG? What are you gonna do with that big a caliber?

As for loans I'm sure someone has taken out a few. Not me though, I'm 14.
 
Stay out of debt. If you can't afford it now, put it on layaway and pay for it regularly until you can take possession. That's how we did it in the old days to buy things that we couldn't afford. It locks in the price and there's no interest to pay on.

Also suggest you read The Richest Man in Babylon. It's available for free online or as a YouTube audio book. Based on ancient advice from Babylon/Sumeria, it is as relevant today as it was when first written on cuneiform clay tablets.
 
Only one thing should be bought on credit

That is you house. Everything else should be cash.
I cheat and buy my cars by paying half cash and financing the rest.
Also, never carry a balance on you CC. Pay them off when the statement arrives.
 
Sort of...

I've used my home equity line of credit a couple of times to buy guns. I also used it to buy my gunsafe.

I would think, though, that any such loan would come with a pretty steep rate of interest.

I know American General finance used to offer loans for guns, we had the paperwork when I worked at the gun store, but back in the early 1990s I'm pretty sure that the interest rate was 18% or more.
 
Never borrow money for a depreciating asset. If the Barrett will rise in value above cost of loan, it's OK, but do figure the interest into the total. I say Layaway or just save up. They'll make more of them.
 
That sounds a bit silly to me. If your not able to afford the rifle your not going to be shooting it much unless your load also includes ammo for the monster!

A friend of mine bought a budget 50 BMG and ended up selling it shortly after he got his 50 cal fix. Go rent one as most of us would never shoot it regularly even if we owned it.
 
I agree with Gary -- stay out of debt. Debt can kill your finances; in general the cost of money is too high. Staying out of debt is vital if you want to become financially independent.
 
There are some credit cards now being offered with 0% interest for 18 months.

For the most part, you need to have excellent credit to get one. But, if you do have it, it's a great way to buy something and then take 18 mo. to pay it off.

Last Dec., I applied for a Chase credit card. 18 mo. 0% interest, and if you made $500.00 worth of purchases within the first three months of having your card, you got $200.00 cash back.

I bought a Stihl pole pruner and got back $200.00 :D
 
I'd only do this for a proven appreciable asset. Not a dime a dozen gun like a Barrett.

Paying interest for something that isn't necessary for living (house, car) and that doesn't appreciate is financially a bad idea.
 
Has anyone ever taken out a loan to buy a very expensive gun that otherwise you would never be able to obtain?
Click to expand...

No.

I'm considering doing this to get a Barrett M82A1
Click to expand...

I would only take out a loan if it was to get something I needed that would be making me money somehow (ex. I'm a new cop that needs for some reason to buy his sidearm), or needed for personal security.

The Barrett doesn't sound like either.
 
Are you disciplined? A HELC allows me to add to my collection when I come on something specific and expensive. I'm 62, home paid for and zero debt else where at this point. It all depends on you keeping priorities in order. If I lived in title II compliant state I would probably carry a running tab adding those items to my wall of fame.
 
Please don't be offended, but that is a very foolish COA unless you have an interest free loan and no other debts. The only exception to this would be if you need it for a job as part of your employment.

Taking a loan and paying interest on top of all other costs will certainly be exorbitant for YOU. If you don't have the few thousand dollars to buy it, its probably a luxury you should save for. We all go through the "want" phases. If you really want it ..... buy it, but if your asking if its a good financial decision ...it most definitely is not. No different than a Rolex or other expensive jewelry.
 
Loans for toys,,,

Loans for toys,,,
Are a very bad thing.

Loans or anything other than a house or car,,,
They are also very bad things.

My Pappy always said:

If you don't have enough money,,,
There are two solutions to the problem,,,
Either spend less money or earn more money.

I know there are exceptions,,,
Sometimes you have to borrow to live,,,
When the transmission blows you need to get to work.

But in general,,
Being debt free is wonderful.

It took me until I was 54 years old to get there,,,
But I'm 62 now and these last eight years,,,
Have been the most stress free of my life.

JMHO,,,
But you did ask. :o

Aarond

.
 
One should get a loan for a house, maybe a car but never for toys.
Debt is not to be taken lightly, "the borrower is beholden to the lender".
 
My monthly obligation has dropped by about $400, my interest rate is the lowest one can get on a personal loan from Navy Fed, and my payment will be about half of what I am now saving every month. I figure the rest can go into my IRA. I don't see myself ever being able to afford a Barrett again, not within any layaway timeframe I've ever heard of, it would take me at least two and a half years to pay it off.

Is it a horrible idea or just not the smartest?
 
It's a horrible idea. It will be stupidly expensive to feed, to the point where you wont enjoy shooting it as you are worried about ammo cost.

There's no reason to own one other than for a toy, and unless you have copious amounts of spare cash, it is not a wise toy. There will be more accurate, cheaper to feed guns that will be just as fun to shoot. All without getting yourself into debt.
 
I would borrow $ for a barret. They may one day be outlawed. Unique weapon. Buy now. And you only live once.

I know of far dumber things to buy, and the barret wont lose value...
 
Status
Not open for further replies.
Back
Top