Loans and financing

So there are a few firearms I want that may or may not be in stock, it depends on the day of the week and their last shipment. That being said I can’t afford any of them directly as they cost a few hundred up to 2k. Some companies work with creditors to loan money for firearms and you can make payments like classicfirearms and budsgunshop. Others don’t say anything about financing such as Aeroprecision and Palmetto State Armory. My question is would banks give a personal loan for a firearm/s? I have heard a few won’t give loans if they know that’s what it’s for. I use Navy Federal Credit Union, does anyone have experience getting a loan for a firearm through them?

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I’d rather have a ten year old pistol than ten years of additional debt. But that’s me :smirk:

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I know this doesn’t answer your question specifically, but my range does Layaway on fire arms (they sell a lot of popular guns. There selection is made of mostly Glock 43s and P365s :joy:) I was able to put an AR on Layaway. They give you 120 days to finish paying it off. I plan on buying guns like this in the future from them. (Many places are not doing this right now due to COVID though, I was kind of lucky to do this when I did, and I paid it off faster due to the circumstances.

I like this option more than financing. I have seen that Buds Gunshop does financing (I have not used them before). I am not scared of 0% interest financing. I don’t finance anything I can’t pay off in the time frame. Sometimes $100 a month is more affordable than $1,000 all at once. That being said, I try to keep financing to absolute necessities, for example (tires, AC, Vehicle). If I didn’t have a rifle and I would be open to financing it, but I’m less prone to finance something I simply want if that makes sense (not saying there’s anything wrong with financing a toy, just explaining my financial strategy).

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Yes. This. Exactly.

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I will quote Suze Orman, with regard to priorities:
People
Money
Toys.

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How are you with budgeting? I know it gets no interest, but interest rates at banks are crap anyway.
That said, take a look at your personal budget and decide how much every week/month you are able to “afford.” Take that money, whether you have something specific in mind or not, and that is your gun fund. When you get a wild hair for something, check your piggy bank and set the goal if you dont have enough. Maybe its enough for a big down payment on a layaway. That way too, its always there if something big happens that you cant cover in your savings, you can always redirect.

This is of course assuming that you are able to meet your household needs and goals without this money. It might even be something like redirecting your friday go out to lunch money into a gun fund.

That said, I have also had excellent luck with the seller OUT_DOOR_SPORTS on gunbroker.com. They offer no interest layaway plans with various years to make the payments easy to make. I used this when I bought my Barrett .50 BMG. The cost was so much, I couldnt do it as a single transaction on my credit card, and just as you are hinting, I didnt want to go into the bank to either get a certified check or explain the who and why I am wiring money to a gun shop. So, I did their payment plan and was able to make payments within my single transaction limit of my credit card and not have to have any face to face discussions with bank people.

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BubbaBear I use it also but never applied for a firearms loan. I never thought the did anything like that.

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Why is everyone so against financing. If he wants to finance a gun let the man finance. I wonder how many people finance motorcycles :joy:. Financing a gun for $50 a month is probably not a scary deal for most people.

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If I find a place that does it I will do it

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Credit card?

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Cause you pay interest on a depreciating asset.

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As far as a personal bank loan goes, it’s a “personal loan”, and no business of theirs what it goes towards, assuming you pass their original lending filters. I wouldn’t admit it’s for a gun however… They’d probably prefer home improvements, a much needed vacation, or a new 80" tv.

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Danial Defense uses a company called Credova that offers no interest for 90 days or financing for up to 3 years.

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I was going to mention this as well. Don’t know how good or bad they are. But I recently was looking for some additional parts for my gun I bought from DD.

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I have no rifles or shotguns at the moment. Strictly 2 9mm handguns.

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I can afford most guns under 100 a month for several months over 1200 all at once

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But it’s an asset I only have to buy once so long as it’s reliable and from a solid brand. I don’t intend to buy a firearm from a no name brand.

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Do you have to tell them what it’s for? Not sure how it works never done it before.

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Daniel defense is one of the companies I’m looking at purchasing from. @Zavier_D they are a reliable company from what I understand. I have heard very few complaints, and the ones I have were when the company was older. They were either quality control lacking which the company was able to replace usually at no cost.

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Specifically looking at the DD5 V3. It’s their version of the AR10 in 7.62x51/308 with a 16" barrel. Issue being they’re out of stock and have been for a while.

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