Finance

[Tom Tom]

OK,

Do any Paintball shops or companies in the UK do Finance,

I cant afford to buy a new marker as loads of people can testify to, but paying a monthly installment is possible.

I know why dont you just save said ammount, well its never that easy.

If you know you need X amount to cover the bills you dont spend it but if you dont have to you just dont.

Music shops do it on instrements, TV shops do it on electrical goods so can you buy a top end Cocker at £35 a month for 2 years or whatever it would work out at,

Just wondered.

 

[stongle]

And thus it was written, financial doom for the majority of ballers.

Nice idea, financially responsible, I think not.

 

[Tom Tom]

If you are finacially irresponsible then you wont get the credit as that is what it is.

 

[Munkeh]

Well finance (correct me if im wrong) is just a loan taken out at the shop to be paid back over a certain period of time. So why not just cut out the middle man, take out a loan at a bank and buy it using that!

 

[Tom Tom]

Originally posted by Munkeh
Well finance (correct me if im wrong) is just a loan taken out at the shop to be paid back over a certain period of time. So why not just cut out the middle man, take out a loan at a bank and buy it using that!

Yea I hadn't thought of that.....

 

[Mike (Exodus)]

Cahoot

www.cahoot.co.uk are doing loans from 5.9% APR.

 

[stongle]

Actually the more finance you take out, the easier it becomes to get more finance.

You are correct when you mention personal financial responsibility, but you'll be very surprised exactly how much rope you get to hang yourselves with. If you can borrow, make the payments on or near abouts on time, the financiers are more than happy to keep lending away.

I'm not sure if any UK shops do to Finance, but word to the financially astute, get a new credit card on an introductory 0% apr or other reduced rate offer, buy it on that then never use the card again.

Pay whatever you can afford (above the minimum), for 6 months and just before the introductory offer ends, switch balance to another new card with introductory offer. Don't use card, repeat until balance fully repaid. This of course assumes you can resist temptation of running up additional debt on each credit card. If anybody did offer finance on equipment it would be via a separate Finance company who will almost certainly charge interest (as an Example if you have a House of Fraser store card, the actual finance and credit agreement is provided by GE Capital Bank, not House of Fraser).

Some shops may offer what in the states is termed Lay-Away. This allows you to pay for the item either monthly or instalments and take it away when you've fully paid it up. Not usually available over pro-longed periods, and if your thinking 35 quid a month over 3 years for a new Eclipse Cocker, may be a tad out of date before you've actually paid for it.

Either that or crime.......

 

[Tom Tom]

I'm too fat and slow for crime,

 

[stongle]

Originally posted by Tom Tom
I'm too fat and slow for crime,

Roll the Credit Cards then. Cheapest finance available (although it does require muchos discipline).

You can actually do it with just two cards, as most Credit Card Companies offer 0.00% for 6 month balance transfer facilities so ping pong it across the cards every so many months.

Credit Unions also provide cheap local finance, but must be made up of like minded individuals with a common purpose. Credit Unions are often used by those people where normally banking finance is not available. In a nutshell, they are a local savings scheme that can also offer loans. They fall under slightly different legal jurisdiction and regulation than banks, and as such can be a cheaper source of finance. I believe the maximum interest rate to be 1% per month on the reducing balance (hence a £1000 borrowed over 1 year cost £1067 to pay back maximum).

The interest paid to the investors or savers is in the form of a dividend, and can be to a maximum of 8% (usually 2-3 but above normal bank rates).

OK, so why bring this up, well since Paintballers share a common interest, and the PA already exists as a de-facto organisation it could be (pending regulator approval), possible and entirely legal to set-up a Paintballers Bank. It would benefit those ballers with cash to save by paying preferential interest rates, and those wishing to borrow through lower credit charges, life insurance etc etc etc. Loan approval is a kinda committee affair, but I think you can see how this could be used for Paintball to finance Paintball. (Say someone wants to borrow to buy a sup-air field etc)

Surprisingly not difficult to set-up either.........(ok what I explained is highly basic but the theory is there, well it's been a while since my last regulatory exams but I'm 99% sure I'm good). Just in case Hatts & Gillie want to take on anything else

Just a thought, but what do I know anyway, a little free financial advice brought to you by P8ntballer.com.

 

[Collier]

So, so true. From what I can work out so far the guy who rented my house before me has buggered off with the following;

£14,000 Barclay Card,
£10,000 Nationwide Card,
£10,000 Egg card,
£10,000 SMile Card.


Paul