(Topic ID: 114131)

Pinball payment plan?

By RichmanBri

6 years ago


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  • 56 posts
  • 31 Pinsiders participating
  • Latest reply 6 years ago by PanzerFreak
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    #1 6 years ago

    I know if you pre-order a machine you get certain monthly payment thresholds to hit while you're paying off the machine before release. What if I wanted to buy a game that is already out, is there a retailer that supports a payment plan of more manageable payments($300-$500 a month or so)?
    I know that just putting the entire machine on a credit card and paying that off would do the trick also but it would require a credit card with that much available credit and the interest on the machine would suck.
    Thoughts?

    Thanks

    #2 6 years ago

    Call Firestone Financial and see if they will lend to you. Set up a fake COmpaNy if necessary.

    20
    #3 6 years ago

    I don't think I've ever bought a pin I couldn't pay cash for. Save your money until you have enough to buy the one you want.

    #4 6 years ago

    Several will but the rates are normally worse than a credit card.

    Best way to do this is to set up a line of credit with a credit union. This is what I did. It's my play money. $300 a month for 10k. Rate is 7%. I know I throw money away in interest but I just rather do this for my expensive hobbies. Personal preference thing while most would say any type of financing for pinball is dumb.

    #5 6 years ago

    Some distributors can set up a nice layaway plan for you that will fit your needs. Best thing is to call them and ask.

    #6 6 years ago

    I don't mind paying cash for pins I can get second hand through the marketplace but getting a chunk of money in the 5K range for a new machine is a pain. Obviously having the cash on hand to just purchase what I want is the best way to do it but paying off monthly is something I'd be able to do more easily.

    #7 6 years ago

    Save up & pay cash, it's a rewarding way to live life. Make that monthly payment into a savings account or an envelope.
    Buy & selling pins is fun also, trading up & down! Before you know it your owning the $5000 pin you want & you paid for it gradually, interest free & got to enjoy several titles along the way!

    #8 6 years ago

    I've been doing this for years. The game stays here however until its paid for. Works out rather well.

    John P. Dayhuff
    Battle Creek, Mi.
    269-979-3836

    #9 6 years ago
    Quoted from Dayhuff:

    I've been doing this for years. The game stays here however until its paid for. Works out rather well.
    John P. Dayhuff
    Battle Creek, Mi.
    269-979-3836

    Do you charge interest or a fee John? Just curious.

    #10 6 years ago
    Quoted from Dayhuff:

    I've been doing this for years. The game stays here however until its paid for. Works out rather well.

    Sorry, doing what exactly?

    Quoted from Zampinator:

    Buy & selling pins is fun also, trading up & down! Before you know it your owning the $5000 pin you want & you paid for it gradually, interest free & got to enjoy several titles along the way!

    This is really good advice. Maybe you just start near the bottom and wheel and deal to up trade for what you want.

    #11 6 years ago

    Perhaps a more important consideration: if you need credit to buy the pin today, what happens if you're in further financial difficulties later? At least in my field, a harmed credit score would be pretty bad - not just for borrowing purposes but even for job position.

    #12 6 years ago

    If you can afford a monthly payment of $500, just don't buy for a year. Poof, 5k in the bank ready to go. The only reason to use a card to buy something like that is the protection it gives you.

    So I guess that means "cash on the glass" no matter what. Otherwise you can't afford it.

    #13 6 years ago

    This is want I did this summer.
    I bought 10 pins, I currently have 1, NIB TWDLE. I have way less than retail into it, way less. Most importantly I had fun meeting new people & playing pins I never had before.

    #14 6 years ago

    As to those preaching financial advice about only paying cash; please don't tell me how to spend my money.

    13
    #15 6 years ago
    Quoted from Zampinator:

    Do you charge interest or a fee John? Just curious.

    Nope, never...its bad business if you do. People put money down, they pay when they can and the game stays here. Should they decide to back out at any time they get a full refund with no fee's charged back....fully refunded with no questions asked.

    John P. Dayhuff
    Battle Creek, Mi.
    269-979-3836

    #16 6 years ago

    Also, if your house and cars aren't paid in full you are still financing your machines, technically speaking. Do what makes you more comfortable.

    #17 6 years ago
    Quoted from Zampinator:

    Save up & pay cash, it's a rewarding way to live life. Make that monthly payment into a savings account or an envelope.
    Buy & selling pins is fun also, trading up & down! Before you know it your owning the $5000 pin you want & you paid for it gradually, interest free & got to enjoy several titles along the way!

    That's how I do it now, I used to have loans and credit cards for everything I bought, and I quickly realized that's not the best road to travel.

    I also fixed up some pins along the way so I could "trade-up". I recently purchased a NIB using that method.

    #18 6 years ago
    Quoted from 85vett:

    Also, if your house and cars aren't paid in full you are still financing your machines, technically speaking. Do what makes you more comfortable.

    This is the most important post in this thread.

    #19 6 years ago
    Quoted from Dayhuff:

    Nope, never...its bad business if you do. People put money down, they pay when they can and the game stays here. Should they decide to back out at any time they get a full refund with no fee's charged back....fully refunded with no questions asked.
    John P. Dayhuff
    Battle Creek, Mi.
    269-979-3836

    Very cool of you to offer that!

    #20 6 years ago
    Quoted from Pin_Crazed:

    This is the most important post in this thread.

    I find this one interesting.

    Quoted from 85vett: I know I throw money away in interest but I just rather do this for my expensive hobbies. Personal preference thing while most would say any type of financing for pinball is dumb.

    #21 6 years ago

    With a name like " RichmanBri " sounds like it shouldn't be a problem

    #22 6 years ago

    Yeah man..do whatever you feel comfortable doing.
    The bulk of people pay in cash and I think the rule of thumb is to own what you can afford. I may WANT the newest Stern LE or something. But I can't afford that much in cash. And, like anything else, new pins will likely depreciate.

    So what happens if you find a dealer who will finance a pin for you through some plan...and you finance, say, an $8k pin. And in 3 months you want to sell it, but you still owe money and it's only worth half of what you paid for it...
    But to each his own.

    The challenge is not having the funds for it and not having credit for it.

    #23 6 years ago

    A lot of places do monthly plans if your an operator. But for people just wanting one in the house...paid in full.

    #24 6 years ago
    Quoted from RonB:

    That's how I do it now, I used to have loans and credit cards for everything I bought, and I quickly realized that's not the best road to travel.
    I also fixed up some pins along the way so I could "trade-up". I recently purchased a NIB using that method.

    I was in the same boat Ron! I was a slave to the lender. I could barely make monthly payments, it was bad. I started a new business, it has grown rapidly & I now have very little debt. Over the past 2 years I have paid off over $50,000 in debt, that would've been a lot of pins! But I feel good about my decision.

    By the way, no one is preaching. A question was posted to the pinside community, & advice has been given by several people.

    #25 6 years ago
    Quoted from centerflank:

    Some distributors can set up a nice layaway plan for you that will fit your needs. Best thing is to call them and ask.

    I bought 2 pins from JJ at Gamexchange through payment plans, granted I paid them off within 2-3 months of making the agreement but its a solid option.

    #26 6 years ago
    Quoted from Hdmike444:

    With a name like " RichmanBri " sounds like it shouldn't be a problem

    Hahahaha, very fair point. Unfortunately it is the name only.

    #27 6 years ago

    As always the thread is filled with great opinions and ideas. As a newbie pinball enthusiast I am very thankful for all of the posts!

    #28 6 years ago
    Quoted from centerflank:

    I bought 2 pins from JJ at Gamexchange through payment plans, granted I paid them off within 2-3 months of making the agreement but its a solid option.

    I know a few places like that. Still, if you can pay it off in 2-3 months, you could pay it all off if you REALLY wanted to. Just makes it earlier on the bank.

    #29 6 years ago
    Quoted from MrBally:

    As to those preaching financial advice about only paying cash; please don't tell me how to spend my money.

    We weren't talking about money, we were talking about buying toys using credit.

    #30 6 years ago

    I dunno, people seem to buy cars, RVs, recreational properties - which are all toys to some extent - on credit.

    If the buyer is responsible in payment and it's something that they really want, I don't see why using credit it frowned upon.

    #31 6 years ago
    Quoted from AbacusMan:

    I know a few places like that. Still, if you can pay it off in 2-3 months, you could pay it all off if you REALLY wanted to. Just makes it earlier on the bank.

    There was no interest or anything, just a straight up deal with the Distributor. Its easier for me to come up with 6-7K over 3 months and have it reserved. All good, do what works best for ya all.

    #32 6 years ago

    Another option. I know TNT does layway, just make payments until it's yours:
    http://www.tntamusements.com/inventory/pinball-machines/

    #33 6 years ago
    Quoted from robbiedoo:

    Another option. I know TNT does layway, just make payments until it's yours:
    http://www.tntamusements.com/inventory/pinball-machines/

    Maybe that's why their prices are a little high, it's like built in interest. lol
    I don't have a problem with layaway or making payments @ 0%, in fact it's a great option!

    #34 6 years ago

    A little high, but it's a business. Not unexpected to pay a little more... you do get a machine in good working order, and if something goes wrong they'll be there to help.

    #35 6 years ago
    Quoted from 85vett:

    Also, if your house and cars aren't paid in full you are still financing your machines, technically speaking. Do what makes you more comfortable.

    Why rush to pay off your mortgage when rates are 3%? Extra money is better spent on investments, IRAs, and pins!

    #36 6 years ago
    Quoted from NorCalRealtor:

    Why rush to pay off your mortgage when rates are 3%? Extra money is better spent on investments, IRAs, and pins!

    We paid off our mortgage and everyone thought we were foolish not to put the money into the stock market. Then the market crashed. We are the ones laughing now.

    #37 6 years ago
    Quoted from Daddy-o:

    We paid off our mortgage and everyone thought we were foolish not to put the money into the stock market. Then the market crashed. We are the ones laughing now.

    Good for you! That's a historic day for most people, I'm looking forward to reaching that goal too!

    #38 6 years ago
    Quoted from Zampinator:

    Good for you! That's a historic day for most people, I'm looking forward to reaching that goal too!

    Yea, it was really scary handing the mortgage co. a check for $250k. But now, 10 years later, we can take work a little slower and never worry about fore-closure.

    #39 6 years ago
    Quoted from NorCalRealtor:

    Why rush to pay off your mortgage when rates are 3%? Extra money is better spent on investments, IRAs, and pins!

    Paid off mortgage + home equity line is the same ability to invest as needed.

    #40 6 years ago

    Fortunately for me I have good credit and in July I got a Chase Freedom credit card. You get 1% off all purchases and every quarter you get 5% off some select vendors (Amazon, Lowes, Gas Stations etc..). They also had a promotion for 0% interest on balance till November 2015. I went ahead and purchased my IMv NIB using this card and was charged a 2% credit card fee from distributor but with the 1% off from the card the fee was 1% so about ~$50. I was able to pay this off in 3 months which of course led me to my ST Pro NIB purchase which should be paid off this month. I'm pretty confident I've been cured of this NIB purchasing bug but I've got until November this year till the 0% interest promotion is over.

    Obviously if you have poor credit you will either not get approved for this card or or not have enough of a credit line to cover the cost of an entire pin. I went back and forth on whether this was the right financial decision and decided you live once and to just go for it. Could I of purchased TWDLE, ST Premium etc.. with this credit card? Yes, but I did want to be a tad responsible and just stick with NIB under $5k.

    Good luck with whatever you decide to do!

    #41 6 years ago
    Quoted from ZenTron:

    Fortunately for me I have good credit and in July I got a Chase Freedom credit card. You get 1% off all purchases and every quarter you get 5% off some select vendors (Amazon, Lowes, Gas Stations etc..). They also had a promotion for 0% interest on balance till November 2015. I went ahead and purchased my IMv NIB using this card and was charged a 2% credit card fee from distributor but with the 1% off from the card the fee was 1% so about ~$50. I was able to pay this off in 3 months which of course led me to my ST Pro NIB purchase which should be paid off this month. I'm pretty confident I've been cured of this NIB purchasing bug but I've got until November this year till the 0% interest promotion is over.
    Obviously if you have poor credit you will either not get approved for this card or or not have enough of a credit line to cover the cost of an entire pin. I went back and forth on whether this was the right financial decision and decided you live once and to just go for it. Could I of purchased TWDLE, ST Premium etc.. with this credit card? Yes, but I did want to be a tad responsible and just stick with NIB under $5k.
    Good luck with whatever you decide to do!

    I have the Capital One Signature card. 2% on everything plus the bonus deals. I have over 125,000 miles (or "points") saved up and never carry a monthly balance.

    #42 6 years ago

    If you've never been completely debt free, you wouldn't understand what the feeling is like.

    Quoted from NorCalRealtor:

    Why rush to pay off your mortgage when rates are 3%? Extra money is better spent on investments, IRAs, and pins!

    #43 6 years ago

    I could see some limited financing or payment plan if the machine you want is nearing the end of its run, and may become more difficult to obtain or more expensive in the near future. The short term interest expense might be worth it if, a year later you have saved up the money, but it is difficult to find a distributor with a NIB left (at an acceptable price) of the machine you really want.

    #44 6 years ago
    Quoted from Daddy-o:

    We paid off our mortgage and everyone thought we were foolish not to put the money into the stock market. Then the market crashed. We are the ones laughing now.

    Don't disagree with the security and peace of mind that comes with paying off a mortgage (I've done the same), but the market is up about 50% from the pre-crash high. So the people who let their money ride through the scary times are doing plenty of laughing now. All depends on your investment horizon. I certainly wouldn't encourage a younger person to go into debt for pinball machines.

    #45 6 years ago

    Chuck has a deal where if you want in line for AMH you can pay $1000 per month and then the rest when your game is ready (since they are not six months out)

    #46 6 years ago
    Quoted from Astropin:

    I have the Capital One Signature card. 2% on everything plus the bonus deals. I have over 125,000 miles (or "points") saved up and never carry a monthly balance.

    I need to do this. My monthly fuel bill for my trucking company is pushing $10,000 a month. I pay it off every month. If I used one of these cards or a Cabelas card I would be earning crazy points, plus keeping a zero balance as well!

    #47 6 years ago
    Quoted from Dayhuff:

    Nope, never...its bad business if you do. People put money down, they pay when they can and the game stays here. Should they decide to back out at any time they get a full refund with no fee's charged back....fully refunded with no questions asked.
    John P. Dayhuff
    Battle Creek, Mi.
    269-979-3836

    I just want to point out the obvious... John's case is special, NOT the norm for most private sellers. If you get a seller to do this type of thing, please check out their references. It's easy to see with all the "boutiques" refusing to give refunds on preorders how a similiar situation might develop between private parties and then someone loses their money. John is golden, his reputation is well documented and known to most everyone in the community I would think, but beware others.

    The one time I asked another private seller to hold a game until I could pay, I did give him a deposit and a printed contract for timetable of payment or the deposit was forfeit. Protected both of us, and we were even local to each other. We each had a copy and both were signed. Didn't make me any less nervous about the situation even though I was the one that insisted on the contract and paying a deposit, but I think he got some peace of mind out of it that I wasn't just some flake.

    #48 6 years ago

    Thanks for the response Frax, it's very helpful information. I was a bit concerned about that idea anyway but hearing it said puts the idea into perspective.

    #49 6 years ago
    Quoted from benheck:

    Chuck has a deal where if you want in line for AMH you can pay $1000 per month and then the rest when your game is ready (since they are not six months out)

    This is smart, and how I did it with Spooky. I also know my queue spot and about how many weeks b/c they are certain of their build speed of 2-3 a week.

    #50 6 years ago
    Quoted from jfesler:

    Perhaps a more important consideration: if you need credit to buy the pin today, what happens if you're in further financial difficulties later? At least in my field, a harmed credit score would be pretty bad - not just for borrowing purposes but even for job position.

    How so? I get the impression credit scores are a big deal in the states.

    There are 56 posts in this topic. You are on page 1 of 2.

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