Reloadron
Contributing Member
THR is an interesting place in that we have firearms enthusiast from a large cross sectional area of age and economic status.
Reading this thread and the direction it has taken got me to thinking about buying guns on credit or using a layaway program like that offered by Walmart for the approaching holiday season.
The Walmart Layaway Program.
Keep in mind that I am merely using Walmart as an example. The once ever popular layaway seems to be returning to American retailers.
Discounting local or state taxes a $1,000 AR will cost the buyer $1,000 or about $250 a month with the $100 down up front.
This is not in my opinion and just my opinion a bad thing as long as the buyer can easily afford the purchase.
Placing that same $1,000 on a credit card with an 18% APR and paying it off in 4 months the rifle will cost around $1,039.22 or an additional $39.22 which isn't all that bad. However, making $50 a month payments things change. You will spend 2 years (24 months) paying off the rifle that actually cost you about $1,197.83 or roughly $200 in interest over 2 years. Both calculations are based on Interest + 1% of Balance.
Personally being older I buy things using my credit cards and when the bill is posted it gets paid in full. I am also a firm believer in not buying things that people can't afford.
So I am wondering what some of the members take is on buying guns on credit or layaway with the approaching holiday season?
Ron
Reading this thread and the direction it has taken got me to thinking about buying guns on credit or using a layaway program like that offered by Walmart for the approaching holiday season.
The Walmart Layaway Program.
Keep in mind that I am merely using Walmart as an example. The once ever popular layaway seems to be returning to American retailers.
Discounting local or state taxes a $1,000 AR will cost the buyer $1,000 or about $250 a month with the $100 down up front.
This is not in my opinion and just my opinion a bad thing as long as the buyer can easily afford the purchase.
Placing that same $1,000 on a credit card with an 18% APR and paying it off in 4 months the rifle will cost around $1,039.22 or an additional $39.22 which isn't all that bad. However, making $50 a month payments things change. You will spend 2 years (24 months) paying off the rifle that actually cost you about $1,197.83 or roughly $200 in interest over 2 years. Both calculations are based on Interest + 1% of Balance.
Personally being older I buy things using my credit cards and when the bill is posted it gets paid in full. I am also a firm believer in not buying things that people can't afford.
So I am wondering what some of the members take is on buying guns on credit or layaway with the approaching holiday season?
Ron