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I have a question that I just can't seem to find the answer to. How does anyone finance a piano? I know some places can help you finance one, I think. But I'm not completely sure of all the options and ways of doing this. I am graduating in the summer and would like to perhaps purchase an acoustic after graduation. Does anyone have advice on this topic?

Thanks!

~ClassicalImproviser

Financing a new piano is usually facilitated through the piano dealer. The finance application is proceeded by the participating dealer. You have to realize financing a piano is not much different than a personal loan in that there is no lien or title on a piano whereas one could technically sell the piano before actually paying the piano off. Not such a great idea.
Many secure financing through a credit union or even the musician's union. The best financier,easiest qualifier and the lowest interest rates is usually one's parents after graduation. I need $.

Haha thanks, but that won't happen. Thanks for the information though. I wasn't sure if all piano dealers did that.

This is cut and pasted from a post I made a year or two ago, but it's probably still relevant (though the interest rates and willingness to make loans may be a little more tightly-controlled in these times):

"I was considering similar options as you regarding financing my piano. I pre-qualified with my credit union as I was shopping, but the loan rate was lousy (a little over 9%-- they didn't know how to deal with a piano and made it a personal loan instead).

As you figured out, some of the larger makers have arrangements with finance companies for simple-interest loans. If your credit is good, the rates can be better than those of a bank. Most will require a 10% down payment.

Some well-established piano stores have finance arrangements with particular banks at favorable rates for those who qualify. That's what I did with my Schimmel. I have a 5-year note @ 7.9%, simple interest, that I can pay "ahead" if/when I can. They also wanted a 10% down payment."

I think in the last two cases they are actually using the piano as the "security" on a secured loan of a slightly lower interest rate.

There are a half dozen or so finance companies that service most of the piano dealers in the nation. Standard rates on piano loans are between 11-14% APR as a general practice. Any rates quoted below that are subsidized either by the manufacturer or the dealer. I know of no commercial paper offering "simple interest".