We live in a culture where we want everything now, right now. This desire for immediate satisfaction can cause a lot of trouble for people financially. It can cause you to spend every dollar that you make instead of saving and can cause you to get in debt financing things that you either can not afford or just do not need.
Now, do not get us wrong, there are times when financing is appropriate for even seemingly trivial things. In addition, we are always willing to help you get a quote, even with bad credit. Having said all of that, let’s take a look at some things that you should think long and hard about financing.
It is hard to say no to a puppy but if you want a pure bred pet, they are very expensive. Some breeds can go for thousands of dollars. If you really want one and can afford a loan, we will be more than happy to help you get a quote for a pet loan. It may not be the best option for everyone though.
The thing that you must consider before committing to a loan like this is if you can afford the dog or cat. Pets come with a lot of bills that people do not think about. Vet bills and a proper diet are expensive. Do not get a $2000 French Bulldog and then not be able to afford to give it good food and regular vet visits.
Besides regular visits and food, there are other expenses to be paid. At some point, you will need to fix your pet as well. Unless you plan on breeding, spaying and neutering will be a requirement for a healthy pet. You also have medications like flea treatments and heart worm preventatives.
Lastly, certain breeds come with certain problems that you may have to deal with. Large dogs, for example, can develop hip issues and it may be advisable to look into stomach tacking for deep chested breeds like Great Danes. All expensive stuff.
Be truthful to yourself and if you can not afford that pet loan, choose another option. If you want a pure bred dog, look to a rescue. If you just want a great pet, look at your local animal shelter. You can get a great pet for just a few hundred dollars that may come already trained and with spaying and neutering already paid for.
Wheels & Tires
Financing wheels is never a great deal because you are financing a wearable item. By the time you get them paid off, they will be worn out again and needing replacement. Sure, there are times when financing rims and tires may be the only option but there is usually an alternative.
If money is tight, a great way to get new tires is to look at the used market. Check out your local Craigslist and search for your tire size. Most tires can usually be had for around $20 to $25 a piece and that generally includes installation. These tires will not last as long as new tires, but they can get you a safe level of tread and time to save for some brand new tires.
As for the rims, unless you have a broken wheel, there is never a really good time to finance a new set, especially if your credit is not good. Taking on debt for a luxury items such as this will weaken you financially. The only reason that we could see that would make this acceptable would be if you know that you will be coming into money soon and can therefore pay off the loan easily.
Cell phones are incredibly expensive these days with top models selling for over one thousand dollars. Ten years ago, you could have never imagined how sophisticated and expensive phones would have become, but here we are.
Cell phone manufacturers do a great job of not only pushing the capability of cell phones further but also of making us want them. They have convinced most of the public that you need to buy a new thousand dollar phone every year, just to keep up with everyone else.
This desire for expensive phones lead many to look to cell phone financing, even with bad credit. If you are financing through your provider, it is usually not a bad deal, they often offer interest free financing although the initial price of the phone itself might be high. If you are going outside of your provider, and interest is high, use caution.
High end cell phones are an expensive luxury and you might have other options.
One great option is to go with a refurbished phone. Get the prior model for a fraction of the cost of the latest and greatest and eliminate the need for financing. It may not be top of the line but a top of the line phone is only the best around for 3 about 3 months anyway. Pay about a third of what that new high end phone costs and still get most of the same features.
Another option is to just do without until you can pay cash for a phone. If your phone still works, keep using it. If you have got to get a new phone because your is dead, ask around to see if anyone has an extra one. You might be surprised at just how many people have phones just collecting dust in their junk drawers.
Financing is available for just about anything. Just be sure to keep in mind though that financing is not always right for everyone. You may have a better choice, one that can leave you in a much better position financially.