Funding a high-end sound system on a budget may seem like a challenge, but it’s certainly not impossible. Even if you have bad credit, you may still have options available to you. Whether you need access to a top-tier sound system for work or leisure, there are lots of things you can do to make your purchase a reality. These include buying second-hand, paying in installments, and shopping around to get the best deal.
Let’s take a look at some of the best financing options for getting hold of a first-class sound system on a budget right now.
Set your budget
Work out how much you can afford to spend and stick to your budget. If you have a clear idea of how much you want to spend, this will help you to narrow down your options so you can avoid going over budget. Although spending more than you can afford can be tempting, this can cause you big financial headaches further down the line.
Research and compare prices
Look out for deals and discounts on sound systems online. There may be more generous deals available to you than you think. Head to a number of different websites and see if there are any big price differences between retailers. It may be wise to buy at a certain time of year when retailers are offering big discounts to attract budgeting customers. Sales events like Black Friday can be great times to buy audio equipment which would normally be much more expensive. You might be able to save hundreds or more on a top-tier sound system if you can postpone your purchase until a specific time of year.
Buy used equipment
Another step that you can take when you want to purchase top-tier audio equipment but you’re on a tight budget is to buy used or refurbished equipment. Lots of music fans have been able to access the quality equipment they needed by buying it second-hand. Websites where you might be able to find amazing deals on used audio equipment include Gumtree, eBay and Facebook Marketplace. Just make sure you’re buying from a reputable seller and that the equipment is in good condition.
Look for bundle deals
Sometimes retailers offer bundle deals to their customers. These deals can help you get hold of multiple sound system components at discounted rates. This can be a very cost-effective way to acquire the audio equipment that you need.
Consider entry-level models or lesser-known brands
Top-tier sound systems from the most prestigious and well-known brands can be really expensive, but you might be able to save money by buying equipment manufactured by a lesser-known brand. Lots of growing brands offer equipment that delivers fantastic sound quality for less than you’d pay with a big-name manufacturer.
If you want to find out what to expect from the equipment before you go ahead and make a purchase, read a range of reviews online to see what kind of feedback the sound systems or sound system components have received. Think about buying a model that meets your most essential requirements but doesn’t have unnecessary features, which could put it out of your price range.
Finance options
Some audio equipment retailers will offer their customers finance options or payment plans so you can spread the cost over months or years. Just make sure the interest doesn’t make the equipment unaffordable if you do decide to take out finance. It can be all too easy to underestimate the impact that interest can have on your financial situation. Make sure you read the small print closely too.
Build your own system with multiple components
You can also buy multiple components for your sound system over time. If you have the patience, you could build an incredible sound system, piece by piece.
Attend exhibitions and trade shows
You can sometimes get big discounts at events such as trade shows and exhibitions. You might also get the opportunity to test out different systems to find one that meets your specific audio needs.
Network with other music lovers
Joining a community of audio experts online or offline can be a great way to find out where the best deals are and make a few friends at the same time. You could meet someone who's upgrading their current equipment and selling their sound system at a very generous price. You might also receive in-depth advice on finding the best system for your needs.
Don't compromise on audio quality if this is something you're really passionate about, or you're likely to regret your purchase. Patience, careful planning, networking, and research can all help you get your hands on a top-tier sound system without overspending.
How to build your credit score so you can buy a top-tier sound system on finance
If bad credit has made it hard for you to make the audio purchases that you want to make and you don’t have savings to cover the cost, there are things you can do to improve your credit score.
One of the first things you should do is get access to a credit report so know where you stand. Be vigilant for errors and get in touch with the referencing agency or lender in question if there's a mistake on your report that’s making it harder for you to get credit.
It’s also advisable to ensure all your bills are paid on time. You can avoid missing payments by budgeting wisely and setting up direct debits to ensure your bills come out of your account automatically. You may also be able to improve your credit score by paying down any existing debts. Prioritise debts that have the highest interest, and try to use no more than 30% of the credit that’s available to you.
Don’t apply for multiple loans or credit cards in a short period of time as this can bring your credit score down substantially. This can also send a signal to lenders that you are in an unstable financial position and make them more cautious about lending to you. You should also register on the electoral roll if you haven’t already. Another step you can take is to apply for a credit-builder card or loan. These products are specifically designed to help people boost their credit score. Do remember that they can have high interest rates, so make sure you’ll be able to manage these debts.
