Buds Gun Shop

[Fine Figure of a Man]

The average car payment in the USA is around $500 a month. Pay cash for cars you can afford and put $500 per month in good mutual funds under a Roth IRA for 40 years and you will have about 3 million give or take a couple 100K. That will buy a lot of guns.

 

[Antihero]

The average car payment in the USA is around $500 a month. Pay cash for cars you can afford and put $500 per month in good mutual funds under a Roth IRA for 40 years and you will have about 3 million give or take a couple 100K. That will buy a lot of guns.

Geez, 500 was almost my last mortgage payment. Can't imagine paying that on a car

 

[Styx]

I have financed firearms twice through Buds. I seen a great deal, didn't have the money at the time, and knew I would not be able to get the same deal in the future, so I financed. You have 90 days to pay it off before interest comes into play, so interest is not a factor unless you go past that point. It really isn't different than financing other items. Just like when people take into consideration whether they'll be able to afford their mortgage payments, car note, rent, person loan, etc before signing on the dotted line, you have to divide up the total cost of the firearm by basically three months, and be sure you can afford the monthly bill to be able to pay it off with 90 days.... Not that big of a deal...

I said, I've done it three times with Buds and with 3 firearms through Sportsman's Guide within the past going on 3 years... Never had an issue, and never paid financing fees. I would have paid more to buy it at a higher price if I would have waited, or I never would be able to own one at all because they sold out of the item for good.

 

[jdc1244]

I’ve done layaway more times than I care to admit with Bud’s.

It is the best option if you don’t have the Cash.

 

[Styx]

I was looking at it as a credit building thing while using money I already have. Years of paying cash doesn't always help your credit

The interest rate is to high with the Buds financing otherwise it would be a great idea if rebuild/establishing credit is the main goal... If you got a good interest and long enough payments, it would help you build credit. You need both installment loans and credit cards to help build credit. You're installment credit doesn't have to be a big ticket item like a car. Like you stated, you don't build credit by paying cash, and if you don't have any credit and pay cash for everything, when you do go to buy a big ticket item like a car, your interest rate will be higher because you'll be more of a risk. That's because you'll have little to no credit history aka history of paying and keeping your accounts in good standing over time.

If you can finance a firearm or anything thing else you need and can afford at a decent rate, I say go for it even if you have the cash. That is, if you're goal is to build credit.

 

[Trey Veston]

To what end? A good credit score only says you are good at borrowing money when it comes to returning it back to whom you borrowed it from.

Not true at all. Credit scores are used to judge a person in many ways. You will get lower insurance rates with a good credit score, some companies won't hire you with a bad credit score, you have to have a good credit score to rent an apartment in many areas.

Just saying you pay cash for everything so credit means nothing to you is not a fiscally wise position.

https://www.thebalance.com/side-effects-of-bad-credit-960383

 

[Fine Figure of a Man]

Having a good credit score means you like to give a lot of money to the top 1% that so many love to complain about.
And that’s a lock.

 

[Styx]

Having a good credit score means you like to give a lot of money to the top 1% that so many love to complain about.
And that’s a lock.

Having bad or no credit means giving much, much more. Also can potentially close doors on opportunities.

 

[jmorris]

Just saying you pay cash for everything so credit means nothing to you is not a fiscally wise position.

My wife is a finance director so I get to see what it does and does not give people. It’s a pretty good way for people to buy things they can’t afford, they just get hit with higher bills, until they default.

Some use it wisely, I had a business credit card for a number of years until the company shut down. I guess lots of folks were using that particular one for the “free stuff” and never rolling over a balance.

That said, I look at credit card companies a lot like casinos, if either is simply a convenience and not a money maker, they can’t last.

It would be interesting to know the statistics on people that maxed out credit cards back after Obama’s re-election and sandyhook, for the $80 Pmags they bought and still paying interest, likely enough to buy the same amount of mags today, on the interest payment alone...

 

[TikkaShooter]

Not true at all. Credit scores are used to judge a person in many ways. You will get lower insurance rates with a good credit score, some companies won't hire you with a bad credit score, you have to have a good credit score to rent an apartment in many areas.

Just saying you pay cash for everything so credit means nothing to you is not a fiscally wise position.

Well, said. We don't owe anything on the house, vehicles or boat and credit cards are paid off before any interest is charged. Although our FICO is still above 800; it went down because we don't owe anything on anything. If, that makes any sense.

 

[Chuck R.]

Using a credit card is not the same as borrowing money as long as you pay it off in full every month. You can do that and still build up your credit score.

We use our primary CC for pretty much everything, pay it off monthly and haven't paid a bit of interest since we opened the account.

Little nerve racking at first, but using points/cashback to fund Xmas is kinda cool. I've never borrowed money for a discretionary purchase, but it's probably because my dad firmly ingrained the "borrowing money for anything that depreciates is stupid' mantra. I will borrow for vehicles, but the last couple I've paid cash for.

 

[crestoncowboy]

Having bad or no credit means giving much, much more.

That's what I was thinking. My good credit allowed me to buy my last new car (for the wife, i drive older pre-airbag and even seatbelt vehicles) with 0 percent interest. I built that credit by paying off cards also with no interest while getting percentages off each purchase or a percentage back on certain purchases (mostly fuel and on the cabelas card) Not sure how i paid anyone any extra in doing so. If I'd used cash, every stick or block in my home would have costed 10 percent more. And I paid no interest. If I bought gas with cash, I'd have to drive backwards because when I go by my local station it's closed, plus I wouldn't get 3 percent back on it. Also made my home construction loan far far cheaper than many I know. Didnt make as much difference in the mortgage after it rolled over though. 1 percent lower than the rate if I had bad credit (3.5 vs 4.5 but still it's a lot of money)

They are definately a trap if you use them the way they want and pay minimums no doubt.

As far as financing a gun to build credit though. KINGS likely doesn't report as it's in house credit. Many stores don't have 0 percent interest at all. Cabelas does though. They aren't the cheapest by a long shot in guns unless they have a hell of a sell.

 

[Fine Figure of a Man]

To each their own, I'll make my payments to my retirement accounts rather than to a creditor.

 

[Good Ol' Boy]

To each their own, I'll make my payments to my retirement accounts rather than to a creditor.

If you dont have any monthly bill's other than utilities then you are a specimen that all should strive to be like.

Good on you...

 

[sequins]

I buy everything with credit to get my 2% cash back, unless the cash discount is 3% or greater I put it on a card and clear the balance each month. I increase my salary by 2% doing this!

Many cards also offer 5% for categories of items, like gas or groceries, and man if I could get a 5% gun card I'd be set.

All that said putting it on a card and clearing it at the end of the month to avoid interest is one thing, just putting it on a card and leaving it is a big mistake.

A quick glance at the Buds financing tells me you cant get out of it without paying extra along the way- that's a bad deal.

 

[Styx]

My wife is a finance director so I get to see what it does and does not give people. It’s a pretty good way for people to buy things they can’t afford, they just get hit with higher bills, until they default.

Some use it wisely, I had a business credit card for a number of years until the company shut down. I guess lots of folks were using that particular one for the “free stuff” and never rolling over a balance.

That said, I look at credit card companies a lot like casinos, if either is simply a convenience and not a money maker, they can’t last.

I buy everything with credit to get my 2% cash back, unless the cash discount is 3% or greater I put it on a card and clear the balance each month. I increase my salary by 2% doing this!

Many cards also offer 5% for categories of items, like gas or groceries, and man if I could get a 5% gun card I'd be set.

All that said putting it on a card and clearing it at the end of the month to avoid interest is one thing, just putting it on a card and leaving it is a big mistake.

A quick glance at the Buds financing tells me you cant get out of it without paying extra along the way- that's a bad deal.

Yea, I use to be the type that paid everything with cash. That was until I needed to buy a reliable transportation, and no one would finance me other than the high interest rate Buy Here Pay Here places... Just opening up a credit card (secured) to get revolving credit raised my score 30 points... Every since then, I've paid attention to my credit and credit score.

Yea, that Buds financing is only good if you plan on paying it off before 90 days.

 

[jmorris]

That was until I needed to buy a reliable transportation,

I think that’s what a lot of folks say to themselves to get into car debt. Often rolling over principle on the last one they bought into a new one for the same reason. Becomes quite the snowball.

One can purchase reliable transportation that will pass emissions and safety inspections for under $10k often for just a few thousand. New cars are on the list of things that drop in value along with RV’s and boats.

That said, to each their own and I would like to thank those that do so, as it does help support our family.

 

[Styx]

I’ve done layaway more times than I care to admit with Bud’s.

The thing with Buds layaway is that not only do you not get your item upfront, but if you default on the layaway because of a medical issue, government shutdown, or other unforseen issues and you can't pay it off in 90 days, you lose all the money you paid and the item. No refunds. With 90 days same as cash, your firearm is in your possession as you pay, and if you needed 91 days to pay it off, you don't lose hundreds of dollars. Instead, you pay a small interest fee. Logically, it makes more sense and is less of a risk to finance than to do layaway.

The best is obviously to pay cash, but if you see an once off great deal or an unicorn item and your good at budgeting, the 90 day financing makes the most sense IMHO.

 

[Styx]

I think that’s what a lot of folks say to themselves to get into car debt. Often rolling over principle on the last one they bought into a new one for the same reason. Becomes quite the snowball.

One can purchase reliable transportation that will pass emissions and safety inspections for under $10k often for just a few thousand. New cars are on the list of things that drop in value along with RV’s and boats.

That said, to each their own and I would like to thank those that do so, as it does help support our family.

I've never rolled over or traded in a working working vehicle, and I refuse to purchase a new car. I use to buy inexpensive high mileage cars, but they usually cost me more in maintenance in the long run and we're a huge headache at times. I agree with you though, most, not all, people go into debt buying an expensive depreciating vehicle that they don't really need.

 

[Elkins45]

It’s true that new cars are depreciating assets, but so are used cars. I tried buying a used car this year as a beater but everything I could find below 5k was rebuilt garbage and a new Ford Fiesta could be had for $9995 with a full warranty. I’m not rich by any means but owning a new car is one of the luxuries I’m willing to indulge myself, but I pay cash. The time to start saving for your next car is the month after you buy a new one. It’s sort of like making payments but you are paying yourself. The money I lose to depreciation is probably less than a lot of people lose on beer and lottery tickets over the same amount of time.

Guns might appreciate over a decade if you buy the right one. Given the passage of time most guns will at least break even but a different investment might have returned more. I’ve never borrowed money to buy a gun.

 

[Rule3]

It is the best option if you don’t have the Cash.

The best option is to NOT buy anything like a gun or toy if you don't have the "cash"

My local gun/pawn shop had layaway, no interest just make payments, On New ordered guns you had have 10% down. So LOTS of people used that.

Financing is a gun makes no sense at all to me. It's not like you need it to keep you lights on or the feed your family.

Folks would come into a pawn shop, pawn something for $100 to pay their light bill only to have to pay $125 (or more)a month later to get the item back?? It's a dangerous trap to get caught in.

Ask a local dealer to price match, if not forget it!

 

[Rule3]

As they say. ALWAYS read the fine print!

https://www.budsgunshop.com/layaway.php

 

[Thibaut]

Geez, 500 was almost my last mortgage payment. Can't imagine paying that on a car

Everyone is wealthy online. Apparently. Of course people still finance all sorts of things. If some didn't, they wouldn't have a sofa to sit on, a bed to sleep on, a tv to watch, a car to drive and so forth and so on. Not everyone on THR is retired and settled, financially. It just depends on how cautious a person is when it comes to paying off debt before incurring more debt. Someone mentioned, "read the fine print." Always good advice in any transaction. Good luck with it, Antihero. You were cautious enough to ask for some opinions so I think you'll make the right one for yourself and be just fine with it.

 

[redneck2]

Years ago I told the owner of the LGS that I wanted to start paying layaway on a gun. He asked which gun, and I replied that I didn’t know. At the time I didn’t see one that really caught my attention, but by the time I had paid up a few hundred dollars I’d probably find one

Fast forward a few months and they got a nice one in. I’d already paid ahead about 2/3rd, so I paid cash for the balance

It’s amazing that people think it’s impossible to save $400 a month for a car, but making a $400 a month payment is routine

At 69 Y.O I look back and think that financing toys is not smart at all. At one time I bought a new outboard motor on a credit card because it was a great deal. Thought I’d get it paid off in a few months. Well, life happened and it took years. I probably ended up paying 50% of the purchase price in interest

 

[Antihero]

It’s true that new cars are depreciating assets, but so are used cars. I tried buying a used car this year as a beater but everything I could find below 5k was rebuilt garbage and a new Ford Fiesta could be had for $9995 with a full warranty. I’m not rich by any means but owning a new car is one of the luxuries I’m willing to indulge myself, but I pay cash. The time to start saving for your next car is the month after you buy a new one. It’s sort of like making payments but you are paying yourself. The money I lose to depreciation is probably less than a lot of people lose on beer and lottery tickets over the same amount of time.

Guns might appreciate over a decade if you buy the right one. Given the passage of time most guns will at least break even but a different investment might have returned more. I’ve never borrowed money to buy a gun.

I work on my cars so I still have my first truck and the explorer I bought a few years later. 20 and 16 years later.

Although I did get a good mpg car and got a tiny loan on it to also help my credit too.