I just came across a Bowflex for sale for really cheap. It made me think about 15 or so years ago when bowflex first came out, and they were so popular, and so expensive. My husband and I decided we needed one. I called the "number on the screen to order" my very own bowflex. I found out ho much it was, and then asked about a possible payment plan. What they told me was they don't have payment plans. Its cash up front. But what gets me is their suggestion that I take out a bank loan to pay for it. I have taken a bank loan twice in my life. Both times was to buy a vehicle. Would you ever consider taking a bank loan out on something like an exercise machine?
Nope. I wouldn't consider taking out a loan on anything that isn't needed. If you don't have the cash, then you really don't need it. Car, okay perhaps. House now that needs a loan.
Being someone that neither uses a credit card nor borrows money - as I prefer to only buy things if I can afford them - no I wouldn't consider taking out a loan. In fact realistically speaking - the only time that it would be worth considering taking on a loan - is when something is likely to appreciate in value - as that way you would be more likely to get a return on your investment - however as there are very few things nowadays that do actually appreciate in value - taking out a loan to pay for something is generally not the most cost effective way of buying something - for the simple reason - that because of the interest rates - you normally land up paying way more for something than you would have if you had saved up and paid cash.
I wish I had the good sense that you do. I'm not going to take out a loan on an exercise machine that won't benefit me anymore than a jog around the block. But I have never been good at saving money, so when it comes time to make a huge purchase, I'm getting a loan. So far, though thats only been cars.
