Wanstalls Retail Store Now Offering Financing

I work with folks who can't afford what they want and can't live without every day - recreational vehicles. But honestly, if you can't afford to buy a GUN, then let it go, you don't have enough money and you should sort out your finances. Loans are priced on the basis of the value of the loan, real lenders, like banks won't touch loans for less than $5000.00 in my business and the cost of these $5000.00 loans is Shylock! Anyone, friendly or not who is lending $1000.00 for a single purchase is RIPPING you off.

And to top it off, if you can't spring for a $1000.00 then you have some real issues to deal with and a firearm isn't one of them. I don't mean this in a mean way, I have seen people ruin their lives over stupid "must have" purchases and they have never had to have them but they did ruin their lives.
 
fdc said:
I work with folks who can't afford what they want and can't live without every day - recreational vehicles. But honestly, if you can't afford to buy a GUN, then let it go, you don't have enough money and you should sort out your finances. Loans are priced on the basis of the value of the loan, real lenders, like banks won't touch loans for less than $5000.00 in my business and the cost of these $5000.00 loans is Shylock! Anyone, friendly or not who is lending $1000.00 for a single purchase is RIPPING you off.

And to top it off, if you can't spring for a $1000.00 then you have some real issues to deal with and a firearm isn't one of them. I don't mean this in a mean way, I have seen people ruin their lives over stupid "must have" purchases and they have never had to have them but they did ruin their lives.
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Well said . Agree 100%
 
Hey at least this way when the people irresponsible enough to finance a minor purchase like a firearm monthly payment themselves into bankruptcy they'll have the firearm to off themselves.

I sure wouldn't want to be the repo guy who has to go knocking on some schmucks door to repo his assault rifle!

Good on Wanstalls though. This will be a huge success, especially when it hits online.
 
CdnCombatMedic said:
I think a lot of people are going to get into financial trouble with this.
Wonder how high the interest rates will be?
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Yup I agree. I am of the opinion if you cant pay off your firearm with money in your bank account then you probaly cant afford it. I still shake my head at people who max out their credit cards and pay 15% or more interest on purchases.
 
http://4.bp.########.com/-2z7pzqpODOQ/T4Ja94cdzYI/AAAAAAAAAJI/UE38MaTQPMA/s1600/And+the+Peasants+Rejoiced.jpg

Interesting news.

This certainly gives some flexibility. Yes you will end up paying extra, but the real question that can only be answered by each person is how much your time is worth. Save $500 a month for a year and you can afford a $6000 rifle, but in the meantime you cannot access or use it.

On the flip side, with the 12 month loan for $6,000 you pay ~$604 per month for the next 12. That's a total price of $7,248. Suppose you have the rifle for six months, paying $3,624 during that time, and using it to compete in that year's target shooting season, and then you sell the rifle for $5,000 and pay off the rest of the loan. Unless my math is wrong, which it very well may be, the net cost to you would be ~$2,248 for the use of that rifle during the time period. Right?

Regardless, this is a very interesting business proposition.
 
This is a financial tool and it is one more option offer to the gunnutz world, i applaude Wanstalls inovative mind, peoples know if they have to use credit or not, in life having multiple choices is good... JP.
 
It's another tool in the tool box for Wanstalls to increase sales. Good for them.

It seems as though a lot of guys are getting really excited by this and I'm not sure why. Anyone who would be willing to pay 15% interest clearly doesn't have either good credit or what credit they do have is either limited or possibly maxed out. If you're facing financial difficulties no lending institution is going to lend you money for toys. This company is going to do credit checks and risk assessment on the applicant.

So, what does this all mean? If you haven't got a pot to piss in and you think you're walking out the door with a Nemesis so you can try to keep up with Caramel, you're sadly mistaken. Dreams only come true at Disneyland - not Wanstalls. lol

I've worked in financial services management at RV stores and I can tell you that lending institutions aren't stupid. They know that when people have financial difficulties the first loans that don't get paid are the ones that aren't for subsistence needs, aka: the toys. Generally speaking, the qualification process, credit guidelines, and interest rates charged for luxury products are higher when compared to programs that are offered for common purchases such as automobiles, for example.

With lines of credit and credit card rates being fairly reasonable (if you have good credit to begin with) then I fail to see where a lot of people are going to take advantage of this. Spontaneous purchases while made in the store may be the most popular use of this program. For those who are a good credit risk but have limited credit, I can possibly see it happening, however, if they actively were looking to increase their available credit, I would believe they would likely get credit they could use later for other purposes than for just firearms purposes.
 
2bad4u2 said:
It's another tool in the tool box for Wanstalls to increase sales. Good for them..
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I agree - great idea for Wanstalls. Financially, bad idea for users.

Looking back on my finances, I wouldn't finance something like this today. I would say it's a dumb idea. However, years ago I bought a small boat that we couldn't afford upfront, and financed it over about 300 years at some atrocious interest rate. Looking at the interest I paid, it was a bad idea. Looking at the use we got out of that boat through the years, it was worth every penny. The boat was the centerpiece of our family vacations - we fished in it, we took boat tours around the lakes in it, the kids leaned to waterski with it. Yeah it was a bad idea financially, but I don't necessarily regret buying it.
 
Can you imagine having to reposes a firearm that someone hasn't been making their payments on?

Given there is no LGR who's to say a guy doesn't sell it and it disappears.


Could get interesting.
 
As a personal rule, I dont spend money I dont have on luxury/hobby items, that said , I think this is a great idea for Wanstalls, people do it with cars and boats and all kinds of other things, I have NO CLUE why people are hating on this idea. No one need a ####ing boat, yet they finance them. And with guns, you NEVER know whats gonna be there in 6 months time when you got the money saved up.

Financing a gun is not for me , but a great ... Even Genius move by Wanstalls, and if it will get some guns in the hands of gun nuts that wouldn't have otherwise, good on it!.
 
I think it would be neat for one of the more expensive toys in the 5K+ range. I don't need a .50cal sniper rifle, but.....lol

Cannon
 
My math it is not very good, but according to their website for a 1000$ rifle over 6 months, the costing are something like this:

- Fee: 25$
- Payments: 6x196= 1176$
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Total: 1201$

So, cost of the 1000$ over 6 months is actually 201$.
Actually, the real interest is OVER 40% , and this is for a 6 months finance!
In my opinion, this is a RIP OFF.
 
cataling said:
My math it is not very good, but according to their website for a 1000$ rifle over 6 months, the costing are something like this:

- Fee: 25$
- Payments: 6x196= 1176$
------------------------------------
Total: 1201$

So, cost of the 1000$ over 6 months is actually 201$.
Actually, the real interest is OVER 40% , and this is for a 6 months finance!
In my opinion, this is a RIP OFF.
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Wouldn't 40% interest result in a total of $1,425 or something?
 
Stevebot-7 said:
Wouldn't 40% interest result in a total of $1,425 or something?
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Over a year, yes. But over six months you'd get about $1200.

I believe debating whether this is a good deal financially is irrelevant. It's not a good deal financially. Loans on recreational activities never are, they're always high interest. And I'd expect even higher interest on a shorter term loan for small amounts like $1000. It's simply a good way for the retailer to sell stuff to impulse buyers who can't afford it. That's pretty clear. I don't fault the retailer for doing this, I'd applaud them - they're giving their customers what they want. My customers are always buying stuff from me that isn't the product I recommend, but they're buying what they want. Fine with me. They're happy and I'm happy :).
 
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