Canuck Audio Mart Hifi and Audio ForumCanuck Audio Mart Hifi and Audio Forum
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PostPosted: Thu Apr 20, 2017 12:18 pm 
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Location: toronto, ON, CA
I was wondering whether anyone has any advice on financing for a home stereo? I'm not sure where to go, or whether reasonable financing even exists. Thank in advance for any helpful advice.


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PostPosted: Thu Apr 20, 2017 1:19 pm 
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Joined: Sun Mar 14, 2010 7:49 am
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Location: Port Hope, ON, CA
Can you get a line of credit from your bank?


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PostPosted: Thu Apr 20, 2017 1:28 pm 
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Joined: Mon Jan 10, 2005 9:39 pm
Posts: 567
Location: West of GTA Boonies, ON, CA
Nebulous question....

Nobody is going to give you a lifestyle loan for any home / recreational audio equipment financing request -- full stop. That's what they invented personal lines of credit and credit cards for.

If you are an established and demonstrable profitable existing business with a 5-year track record (e.g. Movie or music industries) , then BDC or an asset based lender MAY (emphasis added) entertain a potential business loan secured by your business assets, your personal guarantee for repayment, and likely also a collateral mortgage on your house.


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PostPosted: Thu Apr 20, 2017 1:38 pm 
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Joined: Sun Mar 13, 2016 5:38 pm
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Location: Hamilton, ON, CA
If you have an empty pocket and no stereo, I would suggest starting out humbly with vintage gear.


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PostPosted: Thu Apr 20, 2017 1:54 pm 
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Location: Vernon, BC, CA
Rog50 wrote:
If you have an empty pocket and no stereo, I would suggest starting out humbly with vintage gear.


+1

If you can't afford having a good stereo cruise classifieds sites for something dirt cheap. When I moved out west money was tight and I lived with a $40 vintage Kenwood system until things improved.


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PostPosted: Thu Apr 20, 2017 2:02 pm 
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Joined: Sun Nov 30, 2014 12:35 pm
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Location: Dartmouth, NS, CA
Good advice...nothing wrong with buying good used gear. You'll sleep a lot better to.


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PostPosted: Thu Apr 20, 2017 2:03 pm 
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Location: London, ON, CA
anthony74 wrote:
I was wondering whether anyone has any advice on financing for a home stereo? I'm not sure where to go, or whether reasonable financing even exists. Thank in advance for any helpful advice.

gkella wrote:
Can you get a line of credit from your bank?

+1, go to any bank in Canada, ask for a personal line of credit.

You will need some collateral, ex. Home you own, car etc.

If you have neither then a home stereo is not what you need at this point.

Regard
Ohms

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When you feel the need to upgrade, buy what you like, not what we want...
I stand for the National Anthem.


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PostPosted: Thu Apr 20, 2017 2:16 pm 
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Joined: Wed Nov 09, 2016 7:01 pm
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Location: Kitchener, ON, CA
https://www.fairstonecanada.ca/home

was and/or is part of Citi Group Financial.


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PostPosted: Thu Apr 20, 2017 2:20 pm 
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Joined: Thu May 28, 2009 1:02 pm
Posts: 142
Location: Napanee, ON, CA
Advice on financing? Get a lot of it.


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PostPosted: Thu Apr 20, 2017 3:38 pm 
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Location: Kitchener, ON, CA
Anthony, what is your budget?

what type of music do you listen?


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PostPosted: Thu Apr 20, 2017 3:44 pm 
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Location: Southern ON, CA (south of Detroit)
anthony74 wrote:
I was wondering whether anyone has any advice on financing for a home stereo? I'm not sure where to go, or whether reasonable financing even exists. Thank in advance for any helpful advice.

Don't do it. The advice to look at reasonably priced used gear is a sane one. You can always sell it again when you're in better financial shape.

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PostPosted: Thu Apr 20, 2017 3:45 pm 
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Joined: Thu Jan 31, 2013 7:19 am
Posts: 1421
Location: London, ON, CA
anthony74 wrote:
I was wondering whether anyone has any advice on financing for a home stereo? I'm not sure where to go, or whether reasonable financing even exists. Thank in advance for any helpful advice.


best advice....dont


Last edited by ADCO on Thu Apr 20, 2017 4:28 pm, edited 1 time in total.

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PostPosted: Thu Apr 20, 2017 3:58 pm 
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Joined: Fri Feb 09, 2007 4:13 pm
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Location: Fisher Branch, MB, CA
Almost all of my equipment is used and/or vintage. So are my vehicles, I have only bought one new car in my life when I graduated from high school. I still have my 1979 Chevy Impala Aeorcoupe but she is only a Sunday driver now. All my other vehicles were purchased used. Even my house is vintage, built in the late 50's. And I just put a new burner and smart bar (tent shaped thingy above the burner) in my 15 year old Fiesta barbecue today. Works like new. I see nothing wrong with vintage equipment.

For larger purchases I use either my unsecured line of credit or paypal. Recently most people want cash/emt but that still makes me nervous. I haven't been burned yet but I am sure my day will come.


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PostPosted: Thu Apr 20, 2017 4:48 pm 
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Joined: Fri Feb 15, 2008 7:11 pm
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Location: Somewhere Way Out West
Everything I ever bought I had saved the funds. Open a separate account and arrange to have a modest amount deposited say once or twice a month. Mostly I had used Payroll CSB accounts. The Canada Savings Bonds program will be ended soon but I'd think a TFS account would be perfect for this.


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PostPosted: Thu Apr 20, 2017 5:09 pm 
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Joined: Mon Dec 06, 2004 4:55 pm
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Location: Calgary, AB, CA
You are considering taking a loan with interest for something that depreciates 30 plus % when you walk out the door.............bad financial planing, don't do it.


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