Paying for an instrument

redeye41
Fri, 15 Jun 2012 05:40:00 +0000

To upgrade our daughter’s Oboe, we just went into our local credit union that we belong to and asked about interest rates and terms. They were very accommodating, and gave us a very low interest rate because they didn’t classify it as a personal loan but one with collateral that wouldn’t lose value. (Most quality high end Oboes and other instruments keep their value or even increase in value over time.) We actually made the last payment this week, glad that’s done! If you have a long standing relationship with a bank, they can be very accommodating. We borrowed a little money years ago to complete an adoption, and they gave us a very low interest rate, very low for a personal loan, because our baby was definitely not collateral! This way we didn’t have to touch any money invested or set aside for different reasons.