2017 was our 20th year online!

Welcome to the Piano World Piano Forums
Over 3 million posts about pianos, digital pianos, and all types of keyboard instruments.
Over 100,000 members from around the world.
Join the World's Largest Community of Piano Lovers (it's free)
It's Fun to Play the Piano ... Please Pass It On!

Shop our online store for music lovers
SEARCH
Piano Forums & Piano World
(ad) Piano Sight Reading
train piano sight reading with your iPhone or iPad
(ad)
Best of Piano Buyer
 Best of Piano Buyer
(ad)
Pianoteq
Steinway Spiro Layering
(ad)
Wessell Nickel & Gross
PianoForAll
Who's Online Now
45 members (anotherscott, briangmoore, Dfrankjazz, chopinetto, Bill McKaig,RPT, c++, dhull100, Carey, 1957, 12 invisible), 465 guests, and 440 robots.
Key: Admin, Global Mod, Mod
(ad)
Estonia Pianos
Estonia Pianos
Previous Thread
Next Thread
Print Thread
Hop To
#3084156 02/19/21 12:22 AM
Joined: Nov 2005
Posts: 110
ryantim Offline OP
Full Member
OP Offline
Full Member
Joined: Nov 2005
Posts: 110
Just wondering if anyone has recently financed a grand piano.

* What kind of interest rates are these (specialized?) companies asking for?

* What is a good % down payment vs. finance to get a reasonable rate?

* Any finance partners that people have had good experience with and recommend?

* Does the brand or age of piano you're buying make a big difference (I am looking at USED grands, high quality). Thanks for any insights.

Last edited by ryantim; 02/19/21 12:24 AM.

Yamaha P515
Fender Custom Shop NOS 64 Jazz Bass
Joined: Mar 2006
Posts: 14,137
Yikes! 10000 Post Club Member
Online Content
Yikes! 10000 Post Club Member
Joined: Mar 2006
Posts: 14,137
I've never financed a piano, but I'd think it would depend on your credit score more than anything else.

Secondly, I doubt you'd find a really low interest rate with financial institutions who specialize in financing pianos, or other expensive musical instruments many may deem luxury items. I'd say you'd be looking at just under 10%, if you were lucky, but likely more.

If you really wanted an expensive piano, and needed to finance it, the best interest rate would likely be a mortgage refinance or second mortgage, at, say 3% to 5%, if you owned a home, and had equity in it.

Also, and this is just my middle class income status talking here, but if you can afford the monthly payment, the interest rate really doesn't matter much. However, more interest means more total cost over the amount of time the piano is financed.

Unfortunately, when it comes to borrowing money or financing purchases, the borrower is pretty much at the mercy of the lender. I won't say where this came from, but I happen to believe it... the borrower is slave to the lender, at least until the loan is paid off. smile

Good luck!

Rick


Piano enthusiast and amateur musician: "Treat others the way you would like to be treated". Yamaha C7. YouTube Channel
Joined: May 2001
Posts: 24,956
Gold Subscriber
Yikes! 10000 Post Club Member
Offline
Gold Subscriber
Yikes! 10000 Post Club Member
Joined: May 2001
Posts: 24,956
At one time - this goes back 16 years - Allegro Acceptance of Los Angeles, CA (no address given), arranged through the dealer selling the piano, was offering financing at 90 days same-as-cash. Beyond that, their finance rate was 13.99% annually.

I have no knowledge of the company's current status and/or whether they still finance pianos. Speak to your dealer would be my suggestion.

See this link from the Better Business Bureau : BBB - Allegro Acceptance Corporation'

but the BBB link indicates that the company has been in business for only 12 years. There may have been some restructuring of the company since the date of the records in my files.

Speak to your dealer.

Regards,


BruceD
- - - - -
Estonia 190
Joined: Dec 2004
Posts: 6,423
6000 Post Club Member
Offline
6000 Post Club Member
Joined: Dec 2004
Posts: 6,423
I had heard of Allegro as well. I never heard anything bad but I’ve never used them. I would say, see if you can get them to give you a quote without doing an actual hard credit pull. Then contact your bank and ask what options they have for a personal loan. Credit unions might have better rates but you maybe already need to have an account.

Anyway, I have used a personal loan from my credit union in the past, I think the rate I got was ... 9%, I’m not exactly sure. Back then my credit wasn’t bad but not as good as it is now. The term was pretty long (like maybe 5 years) but I paid it off in a year. At the time, I remember something about how the loan needs to be above a certain amount or they wouldn’t do it, and I also remember thinking how much higher that interest rate was compared to the kind of auto loans you usually see offered.

The other thing you could do is see if your current credit card would increase your limit and use that, but I would imagine the rate would not be good.

How much are you thinking of financing?

Last edited by ShiroKuro; 02/19/21 08:03 AM.

Started piano June 1999.
Proud owner of a Yamaha C2

[Linked Image]
[Linked Image]
[Linked Image]
Joined: Feb 2021
Posts: 42
W
Full Member
Offline
Full Member
W
Joined: Feb 2021
Posts: 42
On your 1st point I was quoted 7% last weekend. Although I didn't run the inquiry to lock a real rate, nor discuss any details so take it with a grain of salt.

Will be interesting to see what discussion comes from your other 3 points.

Joined: Mar 2015
Posts: 70
P
Full Member
Offline
Full Member
P
Joined: Mar 2015
Posts: 70
I was able to borrow from a life insurance policy cash value and then paid it back on my own timetable. It worked out great.

Joined: May 2020
Posts: 490
M
Full Member
Offline
Full Member
M
Joined: May 2020
Posts: 490
Originally Posted by Piano Math
I was able to borrow from a life insurance policy cash value and then paid it back on my own timetable. It worked out great.

Well, after all, you're Piano Math! (Sorry.)


at home: Kawai MP11SE; Yamaha LG800; Yamaha HS7; Ultimate MS-100B; Sennheiser HD558 | office: MP7SE; K&M 18820; Beyerdynamic DT-770 Pro

Adult beginner
Hugh Sung, Popular Piano course (in progress)
Joined: May 2007
Posts: 1,785
M
1000 Post Club Member
Offline
1000 Post Club Member
M
Joined: May 2007
Posts: 1,785
If you own a home, either a HELOC or home equity would would be your best bet. HELOC is more flexible because the money is pre-approved, so the day you buy the piano you can write a check for up to the loan amount, then the interest clock starts ticking. Peer to peer loans vary widely on charges, but especially if your credit score isn't that high they could be a reasonable option. You said you planned to buy used, but manufacturers seem to often run 0% financing. You might compare the savings from buying new with a 0% loan to the cost of buying used with say a 7% loan to see which is least expensive. For example a $25K loan for 5 years at 7% will cost you $5k. Compare that to the difference between a new piano and a used one.

If the piano is going to live in Texas, don't forget to add the cost of a generator...


Yamaha P90, Kawai GL-10
Joined: Oct 2009
Posts: 4,310
j&j Offline
4000 Post Club Member
Offline
4000 Post Club Member
Joined: Oct 2009
Posts: 4,310
I myself haven’t financed a piano before but I know Yamaha offers 0% financing for their new piano around the Christmas and New Year holidays. Frequently, people take out a home equity loan to purchase an expensive piano so that they can deduct the interest paid from their income tax but that choice makes me really uncomfortable. Interest levels are at rock bottom these days so if you’re buying new from a dealer ask about financing from the manufacturer. If you’re buying from a private sale, go talk to your bank or credit union. Best Wishes.


J & J
Estonia L190 Hidden Beauty
Casio Privia PX-330
My piano’s voice is beautiful!
[Linked Image]
Joined: Jun 2005
Posts: 1,294
1000 Post Club Member
Offline
1000 Post Club Member
Joined: Jun 2005
Posts: 1,294
I’ve always wondered myself how people did this. Financing for cars is so common that you can get seven year loans now on cars that are way above most people’s budgets. But you don’t hear much about piano financing.

My first piano as a teenager was bought on clearance, and my parents paid $50 a month directly to the store for several years. My mom made sure to rub it in each month, too, making me feel so guilty.

My Walter was paid for from my wife’s retirement account through a credit union that we paid back quickly, no interest. Her idea, not mine.

While I can get my piano worked on under warranty, we are going to use it as an opportunity to upgrade. Her idea, again. We are refinancing as our home value more than doubled and to take care of some much needed projects. We were going to go all nuts for that grand piano, but another, much much more important project came up this last weekend, so now my upgrade can only be a smidge more than the Walter. Thankfully my Walter is worth way more than I thought. So that’s how we will fund a slight upgrade.

That’s probably an overshare, but it seems to add to the conversation.


I do music stuffs
Yep, I have a YouTube channel!

Current:
1998 PETROF Model IV Chippendale
LEGO Grand Piano (IDEAS 031|21323)
YAMAHA PSR-520

Past:
2017 Charles Walter 1500 in semi-polish ebony
1991 Kawai 602-M Console in Oak
Joined: Mar 2019
Posts: 1,642
W
1000 Post Club Member
Offline
1000 Post Club Member
W
Joined: Mar 2019
Posts: 1,642
I’m not in the US but I also recently financed my piano (upright) through a finance company that works with all the music shops. I chose the “12 equal payments for 0% interest” plan. If I wanted to pay off my piano in 5 years instead of 1 year, the interest would be higher although I don’t recall now what it was.


Kawai K-500
Casio PX-735 (in retirement)
Joined: May 2020
Posts: 490
M
Full Member
Offline
Full Member
M
Joined: May 2020
Posts: 490
Originally Posted by SonatainfSharp
We were going to go all nuts for that grand piano, but another, much much more important project came up this last weekend, so now my upgrade can only be a smidge more than the Walter. Thankfully my Walter is worth way more than I thought. So that’s how we will fund a slight upgrade.

So... no Seiler for you?!

Man, what a bummer – again! I hope you and your family are doing fine?


at home: Kawai MP11SE; Yamaha LG800; Yamaha HS7; Ultimate MS-100B; Sennheiser HD558 | office: MP7SE; K&M 18820; Beyerdynamic DT-770 Pro

Adult beginner
Hugh Sung, Popular Piano course (in progress)
Joined: Jun 2003
Posts: 29,429
B
BDB Offline
Yikes! 10000 Post Club Member
Offline
Yikes! 10000 Post Club Member
B
Joined: Jun 2003
Posts: 29,429
Best way to finance a piano: Pick up a decent free piano. Put the money you save into a brokerage account with steady dividend stocks, as much as the payment would be. When you have enough for a better piano, either borrow against the account, or cash it out, remembering to keep enough to pay the taxes on it.


Semipro Tech
Joined: Jun 2005
Posts: 1,294
1000 Post Club Member
Offline
1000 Post Club Member
Joined: Jun 2005
Posts: 1,294
Originally Posted by Mickey_
Originally Posted by SonatainfSharp
We were going to go all nuts for that grand piano, but another, much much more important project came up this last weekend, so now my upgrade can only be a smidge more than the Walter. Thankfully my Walter is worth way more than I thought. So that’s how we will fund a slight upgrade.

So... no Seiler for you?!
Huge bummer, and I feel like a spoiled 9yo whining and stomping my feet about it in my 43yo head, BUT I also see the bright side of things and overuse "perhaps it's a blessing in disguise", so that is how I am looking at it. Either a miracle will come my way and I will still end up with it, OR perhaps there is a more appropriate SE116 waiting for me and I just don't know it yet.

The dealer is getting a few Seiler SE uprights in a few months from Germany, and that is within my new budget. I may still come across a grand, though, but it would have to be a 20yo Petrof or a really old unrefurbished S&S, for example, to be in that price range. I would take a new SE upright over a very used, likely worn out grand old enough to cost the same. (As much as I love Kawai, the old grands in my price range are very disappointing for some reason.) An upright is more "appropriate", but I am still open to the "right" used grand, too.

So, now it's just a waiting game for those SE uprights to arrive, and I will go from there. I am not set on that for sure, though, but it's a direction I am heading. I know those uprights can be ordered with a sost, but it probably costs way too much plus four months of waiting for one to arrive.

Family is okay, which is the main thing. It's just that we set aside money for a grand that has to go towards something else now. At least we have our priorities in order, even if I end up getting put on the bottom of the list...again. smile

/ending yet another hijacked thread. I am good at this. Sorry! laugh I really need to start a "The Sonatainfsharp Piano Search: 2021 Edition" thread.


I do music stuffs
Yep, I have a YouTube channel!

Current:
1998 PETROF Model IV Chippendale
LEGO Grand Piano (IDEAS 031|21323)
YAMAHA PSR-520

Past:
2017 Charles Walter 1500 in semi-polish ebony
1991 Kawai 602-M Console in Oak
Joined: Mar 2015
Posts: 644
S
500 Post Club Member
Offline
500 Post Club Member
S
Joined: Mar 2015
Posts: 644
Sorry to hear you had to make some adjustments, that is such a bummer when you're excited and about to pull the trigger on the purchase. I will add If you do finance a piano keep in mind you can often negotiate those rates with banks before agreeing. My local piano shop would use Allegro and was usually at 4% with good credit.

Last edited by Sebs; 02/19/21 01:32 PM.
Joined: May 2020
Posts: 490
M
Full Member
Offline
Full Member
M
Joined: May 2020
Posts: 490
Originally Posted by SonatainfSharp
Originally Posted by Mickey_
So... no Seiler for you?!
Huge bummer, and I feel like a spoiled 9yo whining and stomping my feet about it in my 43yo head, BUT I also see the bright side of things and overuse "perhaps it's a blessing in disguise", so that is how I am looking at it. Either a miracle will come my way and I will still end up with it, OR perhaps there is a more appropriate SE116 waiting for me and I just don't know it yet.

Oh, man... That must be so disappointing to you! I think you've got all the right in the world to feel like a spoiled child that that hasn't got his/her way.

On a positive note, I'm glad to hear that your family is doing fine. When I read that you had to change priorities, my first thought was: "Hopefully, nothing bad happened to you!", so... it's good to know that all is well in this regard.

Originally Posted by SonatainfSharp
/ending yet another hijacked thread. I am good at this. Sorry! laugh I really need to start a "The Sonatainfsharp Piano Search: 2021 Edition" thread.

I'd be highly interested in such a thread. But please, please, SonatainfSharp: Make sure it'll end in 2021 too... with pictures of a newly delivered grand piano standing right in your living room! :-)


at home: Kawai MP11SE; Yamaha LG800; Yamaha HS7; Ultimate MS-100B; Sennheiser HD558 | office: MP7SE; K&M 18820; Beyerdynamic DT-770 Pro

Adult beginner
Hugh Sung, Popular Piano course (in progress)

Moderated by  Ken Knapp, Piano World 

Link Copied to Clipboard
(ad)
Faust Harrison Pianos
Faust Harrison 100+ Steinway pianos
(ad)
Couch to Concert Hall
Couch to Concert Hall
(ad)
PianoDisc

PianoDisc
(ad)
Piano Life Saver - Dampp Chaser
Dampp Chaser Piano Life Saver
(ad)
Mason & Hamlin Pianos
New Topics - Multiple Forums
New Yamaha CX series vs Boston
by GraceTuraco - 04/20/21 09:15 PM
Thinking of buying a 2007 Yamaha G2 5'7" Grand
by Teresa100 - 04/20/21 07:52 PM
Estonia L190 Bass Scale
by mbd - 04/20/21 07:52 PM
A closer look at the Feurich 'Vienna' 123 model
by oswaldpeters - 04/20/21 04:22 PM
generic name for Mellotron
by TheophilusCarter - 04/20/21 03:24 PM
Download Sheet Music
Virtual Sheet Music - Classical Sheet Music Downloads
Forum Statistics
Forums42
Topics206,431
Posts3,084,688
Members101,254
Most Online15,252
Mar 21st, 2010
Please Support Our Advertisers

Faust Harrison 100+ Steinways

Dampp Chaser Piano Life Saver

 Best of Piano Buyer

PianoTeq Bechstein
Visit our online store for gifts for music lovers

Virtual Sheet Music - Classical Sheet Music Downloads



 
Help keep the forums up and running with a donation, any amount is appreciated!
Or by becoming a Subscribing member! Thank-you.
Donate   Subscribe
 
Our Piano Related Classified Ads
| Dealers | Tuners | Lessons | Movers | Restorations | Pianos For Sale | Sell Your Piano |

Advertise on Piano World
| Subscribe | Piano World | PianoSupplies.com | Advertise on Piano World |
| |Contact | Privacy | Legal | About Us | Site Map | Free Newsletter | MapleStreetMusicShop.com - Our store in Cornish Maine


© copyright 1997 - 2021 Piano World ® all rights reserved
No part of this site may be reproduced without prior written permission
Powered by UBB.threads™ PHP Forum Software 7.7.5