Best Way To Finance?

[hoopy]

Here is a topic that I have not seen as of late. I have spoken with my local dealers and they all treat financing differently. Which method do all of you recommend? Some dealers offer 6 months or 12 months same as cash, with some dealers saying that there is a percentage monthly bill while others say you don't have to pay a dime. But at the end of the 6 or 12 months, you occur all that back interest. So which methods are preferred?

[thestallion]

Here is a topic that I have not seen as of late. I have spoken with my local dealers and they all treat financing differently. Which method do all of you recommend? Some dealers offer 6 months or 12 months same as cash, with some dealers saying that there is a percentage monthly bill while others say you don't have to pay a dime. But at the end of the 6 or 12 months, you occur all that back interest. So which methods are preferred?

smart money will take 6 months no payment no interest and when you get a credit card offer to transfer your balance at say 3.9% for the life of the balance you do that, unless of course you have the cash to pay it in full. but make no mistake these programs cost your dealer money and at some point are factored into your deal.

[spatech (the unreal one)]

smart money will take 6 months no payment no interest and when you get a credit card offer to transfer your balance at say 3.9% for the life of the balance you do that, unless of course you have the cash to pay it in full. but make no mistake these programs cost your dealer money and at some point are factored into your deal.

and along those lines, if you an affford to apy it with a check you might ask your dealer if you can get a better deal that way because those programs cost $$ for teh dealer to use.

[Trigger]

and along those lines, if you an affford to apy it with a check you might ask your dealer if you can get a better deal that way because those programs cost $$ for teh dealer to use.

And read the fine print on the CC transfer. Lately more and more credit cards are insisting that in order to keep the transfered balance at the low % rate, you must use the card a certain number of times per billig cycle for new purchases, and have spending minums.

[Sunbuilt Pools]

If you are looking for sound advise talk to your local bank branch. Discuss the options and then compare. You may want to ask how much will it cost if you pay in one lump sum vs. using the financing. Financing does indeed cost the dealer and those costs are passed on to you. So you have to figure out the extra cost. You may find a home equity loan or line of credit is more advantageous especially if you want to do any other work such as adding a deck, gazebo, pay the electrician or plumber.

[Canadian Kahuna]

If you are looking for sound advise talk to your local bank branch. Discuss the options and then compare. You may want to ask how much will it cost if you pay in one lump sum vs. using the financing. Financing does indeed cost the dealer and those costs are passed on to you. So you have to figure out the extra cost. You may find a home equity loan or line of credit is more advantageous especially if you want to do any other work such as adding a deck, gazebo, pay the electrician or plumber.

Good advice, i ended up going to my bank for a loan for the balance of what i didn't have on my tub. I already had some money set aside for a deck, my electrician and other costs that i wanted. The unsecured bank loan was the best option for me, with lower interest rates than financing and the option of putting more money on should i need to at a later date (suppose i want to add a gazebo, or a fence, or landscape a bit, the money is there if needed). I guess what it comes down to is what is financially feasible for yourself, as well as your personal needs, but there are lots of different options out there.

[hoopy]

An unsecured bank loan? Not too familiar with that? Could you explain it to me? I have contacted my local bank (credit union) and can get about 5% for 5 years on about six grand. Sound good?

[Roger]

An unsecured bank loan? Not too familiar with that? Could you explain it to me? I have contacted my local bank (credit union) and can get about 5% for 5 years on about six grand. Sound good?

That's not bad Hoppy and that is a non secured loan. A home equity line of credit is also low interest and also tax deductable. This is based on the equity in your house and is a secured loan by that. It is tied to your mortgage.

[paintnsunni]

Here is a topic that I have not seen as of late. I have spoken with my local dealers and they all treat financing differently. Which method do all of you recommend? Some dealers offer 6 months or 12 months same as cash, with some dealers saying that there is a percentage monthly bill while others say you don't have to pay a dime. But at the end of the 6 or 12 months, you occur all that back interest. So which methods are preferred?

best way to buy a spa is cash! that simple. A spa is to help out stress and tension not add another monthly obligation.

[Trigger]

best way to buy a spa is cash! that simple. A spa is to help out stress and tension not add another monthly obligation.

This is a year old post, so I think the original poster probably figured it all out by now.

However to answer the quetion, I agree, cash is the way to go. I still would have paid via a credit card and secured some Frequent flyer miles, or bous points, and paid the cash out at the end of the month to the CC company.

But paying cash was not the question. The question was how to finance a tub. If one decides to fiance, it depends on individual circumstances and the budget. The no interest, no payment deals can be great, if you pay off the principle before the end of the 6 or 12 months. Interest only comes due if the balance is not completley paid off. - However, and this is important: the interest is not calulated on the remaining balance, but the total, inital price - So, if you are sure you can pay off the total amount before the grace periord ends, it could be a good deal. If you cannot pay off the total balance, you are screwed and probably would have done better to finance the tub via a personal loan/home improvement/or equity loan at a lower % rate, rather than a credit card, or the dealers promotion.

Read and understand the fine print on those promotions.

[paintnsunni]

true as to frquent miles and cash back but still to have a finnancial burden on a 7 to 10 k tub to pay isn't relaxing I guess that all comes in perspective as I have hat to take extended leave from work to deal with cancer and lately a broken wrist to deal with so I know first hand what it means to be abble to afford a purchase vs. overextending oneself. I personally love useing a card to get air miles, double the warranty and get cash back. I alwas have the cash, use a card then immediaely pay it off as you never know when something bad can happen and when I broke my wrist, the last thing I worried about was a finnanced spa but rather the oposite I couldn't wait to get in and relax. just some food for thought is all since I have a few weeks to kill while my wrist heals

[Trigger]

true as to frquent miles and cash back but still to have a finnancial burden on a 7 to 10 k tub to pay isn't relaxing I guess that all comes in perspective as I have hat to take extended leave from work to deal with cancer and lately a broken wrist to deal with so I know first hand what it means to be abble to afford a purchase vs. overextending oneself. I personally love useing a card to get air miles, double the warranty and get cash back. I alwas have the cash, use a card then immediaely pay it off as you never know when something bad can happen and when I broke my wrist, the last thing I worried about was a finnanced spa but rather the oposite I couldn't wait to get in and relax. just some food for thought is all since I have a few weeks to kill while my wrist heals

Sorry to hear about your misfortunes. Hopefully things will begin to turn a corner for you. I think we are both in agrement on what we prefer to do and how to pay. however, some folks may disagree, or not be in the same stituation.My point was if they choose to go with a promotional financing offer, then they need to be aware of how the interest is calculated, and in an ealirer post I also noted that if one then chooses to transfer to the remaining balance to a cc, be aware that in order to mainint the 0% interest on transfered balances, you may be required to purchase a minimal amount per billing cycle using the card. (ie: if you don't use the new CC to purchase at least $150 per month using our card, - regardless if you pay it off or not, they will hit you with interest due on the transeferd balance).

Some of what these CC do is down right scary.

As far as home equity loans, they were all the rage when housing prices were going through the roofs, and most of the equity lines I saw advertised (from large, banks, not just fly by night mortagage brokers), were offering them as interest only loans. My wife was alsmost suckered into one. The banker was slick too, I asked her outright when I was in ther office If this was an interest only loan.She said outright "no. It's not an interst only loan" but then went on for 20 mintues explainign it actually was, but in a very round about and consfusing manner. Arrrrrgh.

[Dr. Spa]

So people that don't have the cash on hand should not buy a spa? If it weren't for credit most people wouldn't own a home or a car, and many children would be quite disappointed come Christmas morning . What's "stressful" for you (paying your bills) isn't necessarily stressful for others.

Do you feel it's in the best interests of the universe to be this judgmental on people that think or feel differently than you?

[paintnsunni]

So people that don't have the cash on hand should not buy a spa? If it weren't for credit most people wouldn't own a home or a car, and many children would be quite disappointed come Christmas morning . What's "stressful" for you (paying your bills) isn't necessarily stressful for others.

Do you feel it's in the best interests of the universe to be this judgmental on people that think or feel differently than you?

I don't see how my reply of the best way to finnance a spa is to pay cash is being judgemental in any way. Also a house is something that we as Amercan's need and it's unrealistic to expect one to have the cash for a home in todays market. A spa is not a neccesity at all and think about this a bit...... if you don't have the money foor a 5k to 10 k spa and put it on credit then its a good bet that most ( not all) will not have six months salary put aside nor a emergancy cash reseve in place as finnancers all agree is smart finnancial planning. that being said most people finnance a car they can't afford its only natural to think its ok to finnance a tub. Reality hits fast when finnancial hardship comes on a individuall or familly so the credit items now become a great deal of stress no exceptions to tha finnancial scenario. then the car they need is repossesed as well as the spa, this happens everyday. I used to have everything on credit so no judgement at all been there done that and cash is a much better way feelings and all. I thinks its a generation of people that have to get it now and yes I used to be a card packing member( no pun intended)

[Dr. Spa]

" Also a house is something that we as Amercan's need and it's unrealistic to expect one to have the cash for a home in todays market."

Not true. Up until the end of World War 2 and the return of the troops the majority of Americans did NOT own their own home. The trend towards home ownership came much later for people in England.

"A spa is not a neccesity at all"

Not a necessity for whom? You? Even if this is true, there's probably at least 10 times as many boats financed each year. I might even bet that there's more jet skis financed each year than spas. Many other things are also financed by people simply because THEY feel it's a necessity for them.

"..... if you don't have the money foor a 5k to 10 k spa and put it on credit then its a good bet that most ( not all) will not have six months salary put aside nor a emergancy cash reseve in place as finnancers all agree is smart finnancial planning."

So again you're telling people how to act and how to spend their money? And they're not even ASKING you!

Do you feel it's in the best interests of the universe to be this judgmental on people that think or feel differently than you?

"that being said most people finnance a car they can't afford"

Most people BUY a car that's WAY more than they need....... I know I did

"its only natural to think its ok to finnance a tub."

Dude! It's ok to finance anything someone feels they want.......... as long as the bank agrees.

"Reality hits fast when finnancial hardship comes on a individuall or familly so the credit items now become a great deal of stress no exceptions to tha finnancial scenario."

Ahhhhhhhhhh the doom and gloom story.

"then the car they need is repossesed as well as the spa, this happens everyday."

And I"m sure everyday people pay off a loan on something. maybe even a spa

"I used to have everything on credit so no judgement at all been there done that and cash is a much better way feelings and all."

Again, for you it obviously is. But, that in no way make it right for someone, anyone, else.

"I thinks its a generation of people that have to get it now"

Actually it started many generations ago. Thank Mr. Roebuck (<----- figure that out for the trivia question of the day )

[paintnsunni]

" Also a house is something that we as Amercan's need and it's unrealistic to expect one to have the cash for a home in todays market."

Not true. Up until the end of World War 2 and the return of the troops the majority of Americans did NOT own their own home. The trend towards home ownership came much later for people in England.

"A spa is not a neccesity at all"

Not a necessity for whom? You? Even if this is true, there's probably at least 10 times as many boats financed each year. I might even bet that there's more jet skis financed each year than spas. Many other things are also financed by people simply because THEY feel it's a necessity for them.

"..... if you don't have the money foor a 5k to 10 k spa and put it on credit then its a good bet that most ( not all) will not have six months salary put aside nor a emergancy cash reseve in place as finnancers all agree is smart finnancial planning."

So again you're telling people how to act and how to spend their money? And they're not even ASKING you!

Do you feel it's in the best interests of the universe to be this judgmental on people that think or feel differently than you?

"that being said most people finnance a car they can't afford"

Most people BUY a car that's WAY more than they need....... I know I did

"its only natural to think its ok to finnance a tub."

Dude! It's ok to finance anything someone feels they want.......... as long as the bank agrees.

"Reality hits fast when finnancial hardship comes on a individuall or familly so the credit items now become a great deal of stress no exceptions to tha finnancial scenario."

Ahhhhhhhhhh the doom and gloom story.

"then the car they need is repossesed as well as the spa, this happens everyday."

And I"m sure everyday people pay off a loan on something. maybe even a spa

"I used to have everything on credit so no judgement at all been there done that and cash is a much better way feelings and all."

Again, for you it obviously is. But, that in no way make it right for someone, anyone, else.

"I thinks its a generation of people that have to get it now"

Actually it started many generations ago. Thank Mr. Roebuck (<----- figure that out for the trivia question of the day )

ha ha good trivia question. As for the a home, you either pay rent or own a home either way there is a payment involved. I think the issue that doesnt sit right is that I used the words " cant afford" and I never said it was a negative deal, there are alot of things I can't afford but make no mistake that credit is here for one reason and only one reason. Whats that you may ask? Credit is given to anyone thats a good risk according to a lender in order to help someone get a item that they can't afford at that time for whatever reason and allow instalments to repay the purchase. otherwise if people could afford the purchase no credit would be needed. Here is the definition for afford "To have the financial means for; bear the cost of" right out of the dictionary. and your right in people paying off loans everyday as I have and still am for a home I can't " afford" thus a mortgage or loan. no judgment just sound reasoning. Btw I asume Sears is the answer? not sure

[Dr. Spa]

It's from before Sears.

So, then by YOUR definition, there's no problem with financing a spa............as long as you can afford................ the payments

(I hate it when someone has more time than I to play on the message boards )

ha ha good trivia question. As for the a home, you either pay rent or own a home either way there is a payment involved. I think the issue that doesnt sit right is that I used the words " cant afford" and I never said it was a negative deal, there are alot of things I can't afford but make no mistake that credit is here for one reason and only one reason. Whats that you may ask? Credit is given to anyone thats a good risk according to a lender in order to help someone get a item that they can't afford at that time for whatever reason and allow instalments to repay the purchase. otherwise if people could afford the purchase no credit would be needed. Here is the definition for afford "To have the financial means for; bear the cost of" right out of the dictionary. and your right in people paying off loans everyday as I have and still am for a home I can't " afford" thus a mortgage or loan. no judgment just sound reasoning. Btw I asume Sears is the answer? not sure

[paintnsunni]

It's from before Sears.

So, then by YOUR definition, there's no problem with financing a spa............as long as you can afford................ the payments

(I hate it when someone has more time than I to play on the message boards )

Ok! I don't think fits the definition of being able to afford a spa but to be able to afford the 60 or so payments is a good point. on a short term plan

[Trigger]

duuuudes chill out, I mean, can you really ever "own" a spa? I mean, think about it man, can wer really own anything at all?

yea. it freaks me out too.

I ment a guy who said he owned a tree. I'm like nooooo, you never can really own a tree. It blew his mind away.

[Spa User Guy]

duuuudes chill out, I mean, can you really ever "own" a spa? I mean, think about it man, can wer really own anything at all?

yea. it freaks me out too.

I ment a guy who said he owned a tree. I'm like nooooo, you never can really own a tree. It blew his mind away.

I am not sure where you live??, ....but actually here in America we can actually own a spa outright. I own my own spa, its bought and paid for. As far as the question goes "Best Way to Finance a Spa", I would recommend a low interest home improvement loan if financing is needed. The interest on this type of loan can often be used as a deduction on your income taxes. If a person decides to finance a spa, I personally don't there is anything wrong with it at all. A spa provides so many health benefits for folks ailing with arthritis and muscle related diseases. A spa is truly worthyof financing for those in need. Personally I could not train at the level that I do without one. For me having a spa is not only for enjoyment and therapy, it has become a necessity in supporting my way of life.

[paintnsunni]

duuuudes chill out, I mean, can you really ever "own" a spa? I mean, think about it man, can wer really own anything at all?

yea. it freaks me out too.

I ment a guy who said he owned a tree. I'm like nooooo, you never can really own a tree. It blew his mind away.

Good point as we can't take anything with us for sure we all are indentured to the man I just read what I typed and think I took one to many percoset pills mmm

[Dr. Spa]

Wow man....... That's like so heavy, you know. I'm gonna have to get out the bong and study this for a while.

duuuudes chill out, I mean, can you really ever "own" a spa? I mean, think about it man, can wer really own anything at all?

yea. it freaks me out too.

I ment a guy who said he owned a tree. I'm like nooooo, you never can really own a tree. It blew his mind away.