Financing Scuba For 12 months same as cash...

[JackSpearo]

Anyone ever use the 12 months same as cash offer some LDSs have?

my LDS has financing through American General, 12 months same as cash...

It's pretty tempting, since I just graduated from UNC and will be attending law school this fall...

I thought if I financed it through my name, I could always ask my family and friends to make some payments, for like my birthday and Christmas...

I'd definitely have it paid for by the end of the 12 months...

anyone ever do this? know anyone who has?

thanks

Jack

 

[Spady]

I'm not sure I understand what the deal is. Sounds interesting. Is this a financing plan to pay for scuba instruction?

 

[JackSpearo]

equipment!

for instance, I want an Atomic B2, SS1, and Suunto Cobra...I can afford them in the long run, but that's a nice chunk of change right now...So I would apply at my LDS for a small interest free loan and after approval, I would be granted a limit, like 5 thousand dollars. Then I could purchase all the scuba equipment I need, and I have 12 months to pay it all off, interest free, unless you go over the 12 months, then the interest for the whole year kicks in, and you're up the creek without a paddle...

 

[DandyDon]

Financing Same As Cash is always a gimmick. Real cash prices are cheaper.

 

[Spady]

For what its worth, here's my take on it. Sounds ok as long as the prices for financing are the same as the 'real cash' prices (they often are not the same). Make sure you can pay them back before the 12 months is up, or you'll get hosed w/ interest.
If there is ANY doubt about your ability to pay up, don't do it.

By the way, if they are offering to loan interest free CASH, let me know and I'll be the first in line

 

[JackSpearo]

dandy don please explain

 

[DandyDon]

In real life, the only way to offer financing same as cash is to increase the cash price enough to offset the costs. The Real Cash Price possible will be lower.

Here's how I buy...
> Decide what I want;
> Go to Scubatoys.com to price it and print it out;
> Ask my LDS to get it for those prices; or
> If that fails, buy from Scubatoys.com

 

[DennisS]

Read the terms carefully. 20% interest is $200 dollars on a $1000 dollar purchase.

 

[offroaddiver]

you're a student... use part of student loan money.

 

[JohnW]

I used to work for a big box retailer here in Canada, and the No Interest deal usually cost the store 12% for 12 months. So in effect you would be paying for the financing, as there is a cost associated to the store. Like Don said, cash price will most definatley be cheaper. I'm not sure what your LDS is giving up for the No Interest Deal, but it certainly is something.

I also use cash or debit at my LDS instead of Visa or MC and would get 2% extra off.