Bad Credit Guitar Financing (Top 15 Options)

Bad Credit Guitar Financing (Top 15 Options)
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Amber Brooks
By: Amber Brooks
Posted: April 27, 2016
BadCredit.org's popular "How-To" series is for those who seek to improve, rebuild or better understand their subprime credit rating.

Every guitarist, from beginner to professional, will tell you that there’s a guitar they’ve always dreamed of owning. Whether it’s the rockabilly feel of a semi-hollow Gretsch or the versatile action of a classic Fender Strat, most everyone who plays dreams of one day owning “the one.”

But what if your poor credit history is standing in the way of financing the guitar of your dreams? Fear not — we’ve researched the market and uncovered no fewer than 15 options for financing your dream guitar, even with a bad credit rating. Let’s take a look at the choices.

Store Financing (#1-5)  |  Personal Loans (#6-10)  |  Credit Cards (#11-15)

In-Store Guitar Financing (#1-5)

A handful of music stores offer financing options for instruments and equipment purchased at the store, either online or in person. The following is a list of music stores that approve customers with a less-than-perfect credit rating.

zZounds logo1. zZounds
The “Play As You Pay” installment plan is a simple, no-interest, automatic-approval option available upon checkout. You can choose 4-Pay, 8-Pay, or 12-Pay depending upon the price range of your merchandise. Only orders shipped to the U.S. are eligible for this program.

American Music Supply logo2. American Musical Supply
This store offers 0% interest payment plans, one of which doesn’t require a credit check. All customers are pre-approved to make three monthly payments on orders that cost between $249.00 and $995.94, with no interest attached. To make monthly payments for longer than three months, you’ll need a credit check. 

Guitar Center logo3. Guitar Center
With a Guitar Center Gear Card, you’ll get exclusive financing offers. This includes payment installment plans with  0% interest for 24 months on guitar, bass, keyboard, and amp purchases that come to $699 or more. Guitar Center also has a 30-day layaway program, requiring 25% of the price total to be deposited up front.

Chicago Music Exchange logo4. Chicago Music Exchange
Online financing with Affirm allows customers to pay in 3, 6, or 12 months. Affirm implements a soft credit check to verify eligibility for financing. In-store financing with GE Capital won’t charge interest until after 6 months of payments. PayPal’s Bill Me Later offer is also a lenient financing option available upon checkout.

Sweetwater logo5. Sweetwater
For purchases of $4,000 or less, the “3 Easy Payments Plan” equally disburses three monthly payments on your guitar. Apple products do not qualify for this plan. If late on a payment, customers will incur a $15 late fee. Sweetwater must approve your credit report before you can be enrolled.

Picking a finance plan to accompany your guitar purchase makes the final price easier to handle. Oftentimes, paying in increments is more doable for customers, but be on the lookout for high interest rates or fees. The cost could end up being more than you anticipate.

Personal Loan Financing (#6-10)

Instead of involving yourself in a store-specific payment plan, you can easily take out a personal loan to finance your guitar. The BadCredit.org team has rated and approved the following five lenders as reliable sources of loans for people with bad credit.

  • Loans from $2,000 to $35,000
  • Bad credit is no problem
  • Large lender network. Available in all 50 states.
  • Use the loan for any purpose
  • Fast approval and funding (as soon as 1 business day)
  • Click here for application, terms, and details.
★★★★★

5.0

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
6.00% and Up 1997 4 minutes 9.5/10
  • Signature loans from $1,000 to $20,000
  • Perfect credit not required
  • Use for anything - emergency expenses, medical bills, car repairs
  • Five minute application
  • Fast approval
  • Large network of lenders
  • Click here for application, terms, and details.
★★★★★

4.8

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1997 5 minutes 9.5/10
  • Short-term loan of $100 to $1,000
  • Bad credit is no problem
  • Large network of lenders
  • Loan decision as fast as a few minutes; funding as soon as next business day
  • Required: Income of $1000+/month and at least 90 days on job
  • Click here for application, terms, and details.
             
★★★★★

4.6

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1997 5 minutes 9.0/10
  • Short-term loans $300 to $1,000
  • Compare loan offers from multiple lenders
  • Funds wired in as little as one day
  • Specializes in bad credit
  • Must have a job and checking account to qualify
  • Not available in: GA, PA, WA, WV
  • Click here for application, terms, and details.
     
★★★★★

4.5

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1997 6 minutes 9.0/10
  • Cash loans of $300 to $1,000
  • Receive cash in as little as 24 hours
  • Options for US, UK and Canadian applicants
  • Bad credit OK
  • Note: Payday loans are designed for short-term needs and may have high interest rates
  • Not available in: GA, PA, WA, WV
  • Click here for application, terms, and details.
 
★★★

3.0

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1997 4 minutes 6.0/10

All five of these companies specialize in approving those with poor credit for a loan. Applying online is a quick process that can finance your musical purchases within hours. If you keep up with your monthly payments, you can earn a better credit rating as well.

Credit Card Financing (#11-15)

Have you considered using a credit card to finance your purchase? Not only do the following five cards approve those with bad credit, but they also report your payment history to credit bureaus, which can help your credit score in the long run. Besides, after landing the guitar of your dreams, you might need the extra spending power of a credit card to buy yourself an amp or case to accompany it.

  • Checking account and $10,000 gross annual income required
  • Unlike some other issuers, good credit is not required
  • All credit types welcome to apply
  • Reports to the major Consumer Reporting Agencies
  • Application response in 30 seconds
  • A credit card offer for those currently building credit history
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes See issuer website Yes 9.5/10
  • Up to $5,000 spending limit in less than 60 seconds
  • Shop from over 100,000 brand name products such as Apple, Samsung, Sony, Gucci, Prada and much more with low easy payments.
  • Less than perfect credit accepted. Approval is quick and easy
  • Must be 18 years or older, have a valid checking account and a verifiable source of income
  • Up to 12 months same as cash
  • 50% Early Payoff discount
  • No hidden fees
  • Return at any time
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
8 Minutes See website No New Offer
  • Checking account required
  • A manageable credit limit can help you stay in control
  • This is a credit card - not a debit or prepaid card
  • Track your progress. Your FICO Score is provided for free on your monthly billing statement.
  • Make your payments on time each month, and keep your balance low relative to the credit limit, for positive marks on your credit report.
  • Click here for official site, terms, and details.
★★★★★

4.6

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes See issuer website Yes 9.5/10
  • Checking account required
  • Monthly reporting to the major Consumer Reporting Agencies
  • Response provided in 60 seconds or less
  • No security deposit required
  • Apply today, and if approved, pay a Processing Fee and you can access your available credit (additional fees and charges apply)
  • Click here for official site, terms, and details.
★★★★★

4.6

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 minutes See issuer website Yes 9.5/10
  • Checking account required
  • Fast and easy application process; response provided in seconds
  • A genuine VISA card accepted by merchants nationwide across the USA and online
  • Manageable monthly payments
  • If approved, simply pay a processing fee to open your account and access your available credit
  • Reports monthly to all three major credit bureaus
  • Click here for official site, terms, and details.
★★★★★

4.5

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes 29.99% Yes 8.5/10

Keep in mind that credit cards aren’t a quick fix but a long-term investment. You will be responsible for paying back what you spend, but as long as you plan ahead and make your payments on time, you can avoid paying any interest on your credit card purchases.

Ready to Rock?

As you can see, the options for financing a guitar with bad credit are plentiful. From in-store financing to traditional lenders, there are a number of choices for you to consider when making your next purchase.

With these 15 financing tips, not only can you land the guitar of your dreams, but with regular on-time payments, you may also end up rebuilding your credit in the process.