Editor's choice: LendingClub personal loans
- Coapplicants welcome
- Check your rate without affecting your credit
- May qualify with a credit score of 640
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Audiophiles who want the best technology and quality know costs can be high. High-end equipment that gets you the sound you want can cost a pretty penny.
If you’re looking to build out your sound system and don’t have all the money to upgrade, a personal loan might help. Our guide covers what to consider when debating whether to borrow money to fund that next big purchase and top providers to compare if you’ve decided to borrow.
Yes, personal loans aren’t earmarked for a specific purpose. But the amount you’re ultimately approved for depends on your creditworthiness and ability to make monthly payments. Some lenders don’t offer personal loans over $50,000 — which sounds like a lot, but this equipment is pricey.
When eyeing new music equipment, consider how much you can afford, rather than how much you’re approved for. Interest rates vary by lender, and shopping around could help you nail down the lowest rate you’re eligible for.
You wouldn’t make a big audio purchase without doing research. Do the same when comparing lenders.
Some audiophiles will tell you it’s foolish to borrow money for your must-have stereo. If you can’t afford a big purchase today, going into debt for something that immediately depreciates in value could be a bad idea.
It could turn out that your best financing for that new stereo or amp is to save up for it. It can take a year or two to save what you need, but you’d be in a better position to pick up the very latest turntable and more — and without interest standing in the way of enjoying git.
When it comes to luxury purchases, weigh the depreciated value of what you’re buying against the life of your loan. If your high-end audio equipment at the end of your loan won’t be worth at least what you financed it for, it might a sign to wait.
With that in mind, it’s understandable that we all have desires that go beyond our means. If you’ve decided you want to borrow money to get that amp or speaker set you’ve been eyeing, read on to compare different providers and costs.
Looking at audiophile gear, you might be shocked at just how wide-ranging costs can be. How much you’ll pay for a decent system ultimately depends on the sound you’re hoping to get and how much you’re willing to spend — not to mention your personal definition of decent.
The costs you’ll pay for the typical components of a high-end sound system include:
There’s equipment for all budgets and tastes, even if you more often take in tunes from your computer. Shop around to find the exact components to build a system you’re proud of.
If you’re not interested in taking on a personal loan to pay for your equipment, you have other options:
When you’re ready to upgrade your hissing equipment for high-quality playback, keep in mind these financial tips:
While you can use a personal loan to purchase high-end audio equipment, do your research to be sure you’re getting the most for your money. Weigh the value of your dream system against lower-priced alternatives, and compare brands — even trying them out first — when choosing components. If you’re certain your ready to finance that system, find a lender that suits your exact needs.
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