Sure a gun safe may not be as expensive as buying a car or a home. However, that doesn’t mean you should throw any money away. Getting an accurate credit report from the 3 major credit agencies is the first step towards getting leverage.
Finding the right gun safe financing allows you to get your hands on that quality model you crave even when money is tight.
Even a top quality rifle safe of medium size can run into several thousands of dollars. If you own a fair bit of firearms, you may have little option but to get one of those.
Safe dealerships are aware that it is not always easy to purchase a quality safe with a huge price tag. You may need a safe urgently for your guns but money may be tight at that particular point in time.
This is why many of them have in-house financing programs for customers who cannot afford to buy outright.
Best Gun Safe Financing Tips for Gun Owners
There are lots of financing options on the market today when you are looking to purchase your dream safe. However, you will more than likely end up paying way over the top as a novice.
The good news is that there are advanced tips that can be followed in order to navigate the market successfully.
#1. Check Your Credit Reports
This is one of the most critical tips you can employ when looking for a gun safe loan. You have gone through lots of gun safe reviews to find the best model. Why can’t you do the same when looking for financing for your safe?
The website AnnualCreditReport.com gives you access to your current credit scores from EquiFax, Experian, and TransUnion. This website is specially founded by the United States government to help you get the best deal whenever you need financing for any item.
Checking your credit reports from all 3 agencies allows you to verify that everything is in order. You have to correct any mistakes found immediately no matter how small you think it may be.
You don’t know which agency your bank or gun safe dealer prefers to use in their credit checks. This is why you can’t take errors from any agency lightly, no matter how negligible.
Remember, the lower your credit score, the lower the amount of interest that will be demanded on the gun safe loan. If your scores are terrible then you may not even qualify for any sort of financing at all.
Getting your credit scores in order allows you to negotiate well when buying a firearm safe on credit. Sometimes, this can even give you the chance to get interest-free financing when you pay up quickly.
#2. Look Around for the Best Rate
It is easy to get sucked into the monthly payment amount when seeking financing to purchase a safe. Lots of buyers are fooled into believing they are getting an awesome deal as long as they can afford the monthly payment.
It is important to shop around multiple dealers to get an idea of interest rates and other terms of conditions. With this information up your sleeve, you will be in a better position to negotiate with your current dealer.
If a preferred gun safe dealer won’t budge then you can always go to a competitor with more favorable terms.
Some gun owners go to the first dealership they come across that has their preferred model in stock. As long as that dealer offers financing, they sign up the forms and walk away with the safe.
This is a huge mistake that can come back to haunt you in future. There are lots of variations in interest rates charged by different financing programs at different gun safe dealerships.
Even if you have excellent scores, failure to compare and contrast the different options in the market can cost you.
Sure, getting a gun safe on loan becomes more difficult when your credit scores are less than perfect. But that doesn’t mean you should be held to ransom.
Just shop around different dealers and you will be amazed at the interest rates that will be offered to you.
#3. Select the Shortest Loan Period You Can Pay
Most gun safe loans on the market today typically give you anywhere from 3-60 months to pay up. Most people choose the longest period of payment possible due to the significantly lower monthly payments.
However, this is a huge mistake that will cost you a lot more in the long run. Typically, the longer the repayment period, the higher the interest rate you have to pay. This can add up to a significant amount of money by the time it is fully paid up.
If you can pay up the whole loan amount comfortably in 6 months why wait longer? Remember, you will sleep better with no debt hanging over your head, in addition to the huge financial savings.
In fact, it is not unusual to come across interest-free gun safe loans for those who pay up within 3-6 months. This can be a great way to get that expensive model you want on credit with zero interest.
We have come across some lay-away programs which allow your preferred gun safe to be locked in for 90 days. As long as you finish paying up within the time-frame, you can walk away with quality storage for your guns at no interest.
Lay-away programs typically require a 25% percent down-payment with the rest spread over the remainder of the payment period.
#4. Don’t Be Fooled By the Monthly Payment
This couldn’t be further from accurate because it’s not just about the monthly payment. You should calculate the total amount it will cost you at the end of the period. Then compare it with other options to determine whether you can get a better deal elsewhere.
Most gun safe dealerships try to disguise expensive financing with low monthly payments. This mostly works out for them because they get lots of customers to sign on the dotted line with ease.
The Bottom Line
Gun safe financing can be explored to secure optimum protection for your guns if your money is tied up somewhere.
If you can afford to buy a gun safe outright then there’s no point looking for a loan. Just make sure you understand the payment terms completely and shop around for the best rate.
Also, take advantage of the secrets revealed here to get an affordable deal with great value.