Written by: Amber Brooks
Edited by: Lillian Guevara-Castro
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 for bad credit guitar financing. We’ll explore options for financing through the music store itself, personal loan options, and credit cards that may be well-suited for purchasing your next six-string.
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.
1. FlexShopper
For purchases of $2,500 or less, users can lease-to-own a guitar (or another instrument) with affordable weekly payments. FlexShopper has flexible credit score requirements and won’t require a down payment from most qualified applicants. You’ll need to earn at least $1,000 a month and have an active bank account to qualify.
2. 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.
3. 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.
4. 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.
5. 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.
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.
6. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% - 35.99% | 60 Days to 72 Months | See representative example |
8. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% - 35.99% | 3 to 72 Months | See representative example |
The above options offer installment loans (for those who qualify) that allow you to pay the loan back over time, whereas the following two options are short-term loans of up to $1,000 that require the borrower to pay the loan back in a shorter period of time — more of a paycheck advance, if you will.
- Short-term loan of $100 to $1,000
- Large network of lenders
- Loan decision as fast as a few minutes
- Funding as soon as the next business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $1,000 | 200% - 2,290% | Varies | See representative example |
10. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
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.
- Don’t let a low FICO score stop you from applying – we approve applications others may not.
- You don’t need good credit to apply.
- Just complete the short application and receive a response in 60 seconds.
- When you need assistance our award-winning US-based Customer Service agents are there to help.
- FICO scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any PREMIER Bankcard® product.
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 4 minutes | See Provider Website | Yes | 9.0/10 |
- You don’t need good credit to apply.
- We help people with bad credit, every day.
- Just complete the short application and receive a response in 60 seconds.
- You can build or rebuild your credit: apply for a PREMIER Bankcard credit card, keep your balance low, and pay all your monthly bills on time.
- Don’t let a low FICO score stop you from applying – we approve applications others may not.
- FICO scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any PREMIER Bankcard® product.
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 4 minutes | See Provider Website | Yes | 9.0/10 |
- Earn 3% Cash Back Rewards* on Gas, Groceries and Utility Bill Payments
- Earn 1% Cash Back Rewards* on all other eligible purchases
- Up to $1,000 credit limit subject to credit approval
- Prequalify** without affecting your credit score
- No security deposit
- Free access to your VantageScore 4.0 score from TransUnion®†
*See Program Terms for important information about the cash back rewards program.
** Prequalify means that you authorize us to make a soft inquiry (that will not affect your credit) to create an offer. If you accept an offer a hard inquiry will be made. Final approval is not guaranteed if you do not meet all applicable criteria (including adequate proof of ability to repay). Income verification through access to your bank account information may be required.
† Your credit score will be available in your online account starting 60 days after your account is opened. (Registration required.) The free VantageScore 4.0 credit score provided by TransUnion® is for educational purposes only. This score may not be used by The Bank of Missouri (the issuer of this card) or other creditors to make credit decisions.
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 7 minutes | 29.99% or 36% Fixed | Yes | 8.0/10 |
While the above three cards are our top offers for those with bad credit, the following two are still viable options from reputable issuers.
14. First PREMIER® Bank Credit Card
This offer is currently not available.
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| N/A | N/A | N/A | N/A |
- Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
- All credit types welcome to apply!
- Monthly Credit Score – Sign up for electronic statements, and get your Vantage 3.0 Score Credit Score From Experian
- Initial Credit Limit of $300 – $1,000 (subject to available credit)
- Monthly reporting to the three major credit bureaus
- See if you’re Pre-Qualified without impacting your credit score
- Fast and easy application process; results in seconds
- Online account access 24/7
- Checking Account Required
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 9 minutes | 29.99% APR (Variable) | 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. There’s nothing quite like picking up a brand-new, shiny guitar that still smells like its protective lacquer coating and strumming those first chords — and knowing you’ll be taking that guitar home with you.
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.
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