Thomas
WIS
Nun Gut
Posts: 1,480 
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Post by Thomas on May 10, 2015 17:01:07 GMT -8
What do you think about taking out a loan to buy a watch?
It sounds a bit "crazy", like that would be "pushing it", a "bridge too far".
If you can afford the watch, or can sell some stuff to get the money, then you buy it, right? If you don't have the money, you don't buy the watch.
But what if your lifetime ultra-mega-super-grail of all time watch suddenly came up for sale, at a really decent price?
If you don't jump on it, someone else is going to buy it, and these watches don't come up for sale very often, like less than once a year, and their price is going up and up.
But you are a little low on cash, perhaps due to a recent "best offer" incident, and so you would have to borrow some money, short-term, to buy this scarce and "precious" object.
Then it's okay to take out a loan to buy a watch, right?
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It's okay them, right?
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Right?
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Oh, I see...
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Well, I thought it was the right thing to do! It's only a few thousand dollars!!
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Hmph, okay, I get it. Thanks.
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- Thomas
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Adrian-VTA
Global Moderator
Adelaide, South Australia
Posts: 5,327
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Post by Adrian-VTA on May 10, 2015 17:12:17 GMT -8
No Way.
Never take a loan for something that doesn't have bricks in it.
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trandy
Needs a Life!
Posts: 3,274
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Post by trandy on May 10, 2015 17:26:11 GMT -8
I normally don't advocate such a thing....but if the circumstances are unique enough...well then....what the hell.
This is your life...it is not a dress rehearsal.
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Post by sundog on May 10, 2015 17:27:10 GMT -8
No Way. Never take a loan for something that doesn't have bricks in it. Well....you can be buried [or cremated] with your uber grail watch. Bricks [aka. house]....not so much...  |
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Post by 69ChevelleSS on May 10, 2015 17:35:22 GMT -8
I personally wouldn't but that is based on my personal financial situation. If you're comfortable with it then go for it!
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Post by philsinclair on May 10, 2015 17:56:21 GMT -8
Hi. Generally, I would say no,but then again I don't need to borrow. If the watch is the one you want and you will not be too scared to constantly wear it, go ahead. Only if it is new from an authorized dealer in your locality.Cherrs Phil
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on May 10, 2015 18:10:11 GMT -8
Nearly every watch I have bought involved a loan. My Paypal is attached to my credit card. So every expenditure I make on the card is a loan  |
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Post by estrickland on May 10, 2015 18:23:46 GMT -8
If you're not financially secure, it's a bad idea to increase your financial insecurity.
If you are financially secure, and just don't have the liquid capital to take advantage of an opportunity on favorable terms, then sure - why not use credit?
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mar52
Timekeeper
Posts: 873 
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Post by mar52 on May 10, 2015 18:46:37 GMT -8
Other real life issues can happen and then what?
Buy a watch when know you can afford it.
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Post by sweffymo on May 10, 2015 19:02:18 GMT -8
One of my friends got a very VERY good job offer when he first graduated from college. He wanted to buy a car with a car loan to build credit because up until then he never had any credit at all. However when he graduated his parents bought him a car, so he did what any sane person would do and took out a loan to buy an SBGH001.  He paid it off within a year... He really only did it to game the stupid US credit score system. I personally would never take out a loan for anything other than a house. I plan on never even having a credit card. |
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Post by pollythecat on May 10, 2015 22:41:38 GMT -8
Other real life issues can happen and then what? Buy a watch when know you can afford it. That's exactly my view. I had £2k on my credit card for Polly's vet bills but other than that I have never had a loan or credit. If I want a watch I sell off some of my collection or/and dip into my currant account. If my grail was to come up and I could not afford it then I would pass on it. |
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tritto
WS Benefactor
Posts: 5,880
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Post by tritto on May 10, 2015 22:56:17 GMT -8
I've never bought a watch on credit (either loan or credit card), and will never do so. Loans are for things you really need but don't have the redies for like a house, car, or if you're really pinched, a new fridge when the old one dies unexpectedly. For me, debt isn't for 'want to have' items.
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Post by estrickland on May 10, 2015 23:23:22 GMT -8
Having cash on hand and being able to afford something aren't the same thing.
Just like you should never choose to buy anything you can't afford, you should also not pass on a great opportunity just because you don't have cash on hand.
Credit is a useful tool - like maybe most tools it can be dangerous, but it can play an important role in helping you achieve your goals efficiently. There are a lot better things you can do with money than leave it sitting in your bank accounts waiting for a grail.
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Post by watchguy71 on May 11, 2015 1:41:19 GMT -8
I always buy using my credit card if I can, just to earn points and build up a credit history of which I had zero when I first returned back to my home country after living overseas for more than a decade. Of course full payment is made before the billing cycle due date.
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Post by lordflagpolecrabtree on May 11, 2015 3:49:40 GMT -8
I always buy using my credit card if I can, just to earn points. Of course full payment is made before the billing cycle due date. Me too ! I would never take out an actual loan for something I didn't NEED. And you never met my wife, did you ?  |
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Post by C4L18R3 on May 11, 2015 4:23:08 GMT -8
My grail(s) show up from time to time (Omega Flightmaster, Speedy Mark 2-5, Solar Impulse to name a few). I'm resigned to the fact that right now its out of reach. That's it... If and when I have the money for it (or close to it), that's when I pull the trigger. There are a number if watches I van play around with until then. So no loan for me.
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Post by dougbthom on May 11, 2015 4:37:44 GMT -8
If you are using a credit card that you maintain a zero balance on each and every month ( never paying any interest) and you intend on paying off the full balance when the bill arrives, go for it. If not, wait until you can afford it without paying any interest.
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sdoocms
Is a Permanent Fixture
Carl
Posts: 5,296
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Post by sdoocms on May 11, 2015 4:55:33 GMT -8
Personally I think it's a lot more fun to scrimp and save for a watch that I crave after. At this point in my life I am using credit as a 30 day charge since I no longer use my checking account to pay for anything.
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Post by 69ChevelleSS on May 11, 2015 7:01:30 GMT -8
One point not already mentioned . . . . buying on a CC affords the buyer certain protections that paying with cash doesn't!
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on May 11, 2015 7:28:14 GMT -8
Never taken a loan out. If you can't afford it cash then walk on. Just my opinion. I've never owed anyone a bean. Never taken out a loan. I don't even own a credit card. If I cannot afford some thing I save for it or sell some thing else. I'll leave this world with a zero bank balance unless some total git wipes me out beforehand.
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