windcatcher 0 #1 September 15, 2004 So how do I go about doing it? (other than waiting around for a rich pilot!) A friend once told me he took out a personal loan for his first rig, and they gave it to him under the category of "Recreational Vehicle." Even though I am a student and should have plenty of experience with loans, I'm not sure...can I take out a personal loan to get my first rig? Sarah ps. I figure the sooner I get my own gear the more I can jump cuz they'll be 2 times cheaper than now! Mother to the cutest little thing in the world... Quote Share this post Link to post Share on other sites
PhreeZone 20 #2 September 15, 2004 If you can't afford the rig... save up, take a second job, etc to pay for it. Don't go further into debt to afford a toy. I've seen many jumpers buy a rig and not jump anymore after a year or they get hurt or 1000 different other things and they were left with a lot of debt and a rig they could'nt use anymore. The smart ones on the other hand bought their rig and were able to sell it at any point. That said... Mirage offers financing on new containers.Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
FlyingJ 0 #3 September 15, 2004 Obviously best if you can find some way of saving to get it with unborrowed money, but if a loan is the way to go...can you get additional student loan funding? You are going to pay a heck of a lot less in interest on a student loan than most personal loans, and you won't have to start paying until you are out of school and then some. With a personal loan you may get a small grace period, but you'll have to come up with the money for payments while still in school. That is how I was able to purchase a car in college (which actually was a somewhat legitimate school expense since I had to commute and my previous clunker wouldn't make it).Killing threads since 2004. Quote Share this post Link to post Share on other sites
shellybellyfly 0 #4 September 15, 2004 First of all, don't tell the bank the reason for the loan is skydiving equiptment. Just say personal or furniture.. it'll be unsecured anyway so it doesn't matter. Second of all, you get get some credit cards with 0% interest for the first year... And I think it's ok to finance it, otherwise you're just wasting all the money that could be paying it off on rig rental fees at your dz.... Quote Share this post Link to post Share on other sites
windcatcher 0 #5 September 15, 2004 QuoteFirst of all, don't tell the bank the reason for the loan is skydiving equiptment. Just say personal or furniture.. it'll be unsecured anyway so it doesn't matter. Second of all, you get get some credit cards with 0% interest for the first year... And I think it's ok to finance it, otherwise you're just wasting all the money that could be paying it off on rig rental fees at your dz.... My point exactly! Think of all the jump money I'll save if I don't hafta pay $30 extra dollars a jump... And besides, I would save up a little cash before getting a loan, I just think that if I only have $1000 in cash, maybe I should take out a $2000 loan to get gear....this gear has to last at least 2 years... so I think I would have it paid off by then! Mother to the cutest little thing in the world... Quote Share this post Link to post Share on other sites
PhreeZone 20 #6 September 15, 2004 Paying back the back $1000 a year is the equal of 33 jumps worth of rental a year. Toss in interst and its roughly 30 jumps a year. Something you might want to think about is if you are able to afford more then that many jumps and the loan payment just saving the $ and while keeping current put the money that would have gone towards a rig or rental into a savings account to pay cash for a rig. Even as a student I payed cash for mine and it was so nice since I never had to make a payment and I was'nt limited in my jumping due to that loan payment every month.Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
windcatcher 0 #7 September 15, 2004 thanks guys... I'm just gonna pray that I meet a rich pilot before I graduate college...hahahahhahaha, I kid, I kid. I'll just hafta save extra money and wait a few months maybe before I get my own rig ah well least I get to jump Mother to the cutest little thing in the world... Quote Share this post Link to post Share on other sites
