I'm happy, but am I stupid?

H

Hair

Joined
Nov 9, 2005
Messages
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I love instant gratification, and I hate waiting. So, I just took out a loan to buy knives. I am going to get a Large Classic Sebenza, Spyderco Manix, Benchmade Skirmish, Benchmade Griptilian, and some carry cases and knife care supplies (cloths, metal polishers, more sharpening supplies etc...).

Am I the first person to take out a loan for knives? Am I crazy? I decided I'd rather pay interest and get them now rather than wait.

For those that care, here are the terms for the loan:

$2,000 (the minimum). I will only use about a grand of it for the knives and supplies, and leave the other grand untouched to be a safety net for the payments if I lose my job, or have a bad month. I would get a loan for 1K if I could, but 2K is the minimum.

The loan is for 3 years at $75 a month (around 2800 total), but I want to pay it off 6 months if possible at around 370 a month (and a total of 2310). The math seems a little off because there are a few small fees added to the total. There is no fee for paying it off early. I actually wanted to make the term 6 months, but the nice lady on the phone told me that would give me no advantage versus a 3-year loan, as I could still pay it off in 6 months but also have the option of paying less in a month if I am short on money.

So I will pay the 370 a month as much as possible, and that still leaves me a good chunk of money each month for other needs (as 370 a month is currently about what I pay for knives). And if I can't pay the 370 for a certain month, I can pay the minimum of 75, or just draw from the 1K I will leave in my account.

Seems pretty safe, I think. Hope... With a minimum payment for 75 and an extra grand as a safety net, I don't think I will run into any trouble. Plus, I am building my credit (I have none so far).

I have given myself an edict that I will not buy any new knives with the loan money (other than those I am taking the loan out for) until the loan is paid off. I am trying to think of the loan as all of my knife money for the next 6 months, but all at once. So since my knife money is already used, I can't buy any additional knives.

Has anyone else done anything like this?

I can't freaking wait!
 
i must say that i have never done that. seems excessive

for me half the fun is picking a blade and saving for it.
the excitement and anticipation when you finally have the money and buy it.

i think it makes me appreciate them more as well.

but different strokes as they say.

enjoy your new knives in good health.

all the best,
rackness
 
Quote,,I have given myself an edict that I will not buy any new knives with the loan money (other than those I am taking the loan out for) until the loan is paid off. I am trying to think of the loan as all of my knife money for the next 6 months, but all at once. So since my knife money is already used, I can't buy any additional knives.


you better stay away from this site then,,,if you don't ummm ,,,,,,,,,



This will be fun,,,,let's bet how long it will be until he fall's to the pressure.

I say 2weeks,,,,,,,,,,what say ye!
 
rackness- Thanks.

Your view is very understandable. If I were to save up for the Sebenza, and then carry it every day while I save up for the Skirmish, and then carry it every day while I save up for the Manix, etc, I would probably enjoy them on a different level. However, before getting my current job, I made a pittence giving guitar lessons. I had to save up for a very long time to get *ANYTHING* fun. I am just sick of waiting but don't make enough to get all of these knives at once without a loan.

I want them all, and I want them now. I know that makes me sound like a spoiled brat, and maybe I am. But it is only because I had to make due with so little for so long that since I can afford to take out a loan and be spoiled now, I want to enjoy it.

I don't think I will make a habit of taking out loans for knives. I used to believe in trying to stay out of debt as much as possible.

Also, the building of my credit isn't just a means for me to rationalize my impulse decision- it's much of reason I am doing it. If I already had a good credit rating, I probably wouldn't be doing this. I have been thinking about building my credit for a while now. I was going to get a credit card (I currently have a debit card), but this seems to offer me more gratification.

But I agree with you that it is excessive. I can hardly say "I took out a loan to buy knives" without laughing at myself.

Gunslinger- You are very right. This is going to be a test for me. I hope that my fear of banks and uncontrollable debt keeps me straight. I can only hope that having a new Sebenza, Skirmish, and Manix for EDC rotation will keep me happy. If not, then I really need some help.
 
I've definitely made some (many) knife purchases that could not be justified.. but thats pretty bad..lol. Im supprised that I never considered that. I'd forget that idea if I were you and just get the sebenza for now. But hey .. do what makes ya happy:o
 
If you are going to take out a loan for some knives, I would suggest going the custom route.

Production knives will never give you a return on your money, should you decide the blades you purchased aren't to your liking.

Currently there are some custom makers who will give you an instant return on your money (and some makers knives actually appreciate the moment you buy them, meaning you could buy, then sell for an instant profit)

I would rethink this decision very carefully, send me an Email if you like, I can provide some makers names who are sure bets.

Please, I don't want an Email from everyone.
 
I wouldnt do it if I were you. Sounds like the knife bug already got you good! That grand will be really tough to just let sit there. Besides, If you can pay 370 a month, just get the knives as you get the cash.... The wait is half the fun.

Worse case scenario is you pay 800.00 in interest. But think of it this way- You can get almost everything you mentioned on your list for about that price.
 
love- I haven't even got the loan money yet, and I am very happy :D

Goblin- Your words are wise, but I am not into custom knives right now. I don't know why, but my interest lies in collecting the archtypal production knives. I don't expect to get my money back, I just want the knives to use them. I haven't handled the Sebenza, but I have used the Grip, Skirmish, and Manix, and I know I like them. I think my decision will work for me, but your words have caused me to take pause and think it over a bit before I sign the papers.

mlot- I disagree on the wait being fun. I used to be patient, but not anymore. You are right that the worst case scenerio of 800 bucks interest being able to cover all of the knives I want anyways, and that is a sobering thought, but this way I get the knives now, rather than having them trickle in over the course of several months.

By the way, I put all of the knives in my cart on NGK, and it comes out to quite a bit less than I was expecting. I can even add a SERE2K to it and have my total be well below a grand, even with super fast shipping, but that might be going a little too far *grin*.

I appreciate the input, guys. That's why I posted. But so far it hasn't changed my mind. You know how some decisions just "sit well"? Well, this decision is sitting very well and has made me very happy. That doesn't mean it is the right decision, or the smart decision, but it feels right, and I think the loan is very safe.

Again, building my credit was something I was looking into anyways. I don't know how the "get a knife loan" idea came to me, but I think it will be a very fun way to do something I had to do anyways.

But you guys have given me some food for thought, and I have a day to think it over before the loan is given a go-ahead.

Thanks.
 
I think it just plain foolish to do it like that. You would be far better off to get a credit card and buy some knives with that. That would also help you to build credit and if you pay the balance in full each month you would not have to pay any interest on your purchases.
For instance you could buy the sebenza , use for a month. Pay your credit card bill and then next month buy another blade. It's kinda hard to use more than one knife at a time anyways.
 
I won't say stupid.....I would say ill advised.
From the sounds of your situation some restraint would do you good.
You are correct to be afraid of debt.
Either you earn interest or you pay it and this does not seem like a wise thing to owe money on.

I fully appreciate your desire to get all these great knives NOW, but you will enjoy them more if you rank them in terms of desireability and get your top choices as you can afford them. Also your desires may change as you enjoy these knives in turn.

Also part of the experience for me has been the interaction with the folks I bought knives from. You might hunt through forum posts for deals on the knives you desire, or bid on E-bay for these models.
The best is buying from the person who made the knife. Nothing else quite like being able to express the admiration you feel for the makers' skill in person. Hand made knives are an excellent value compared to production knives.

Good luck and enjoy!!
 
You'd be much better off taking that extra grand and paying it right back towards the loan. That way it's applied to the principal and you won't have to pay as much interest later on. I used to be a loan officer.
 
I am constantly replenishing my paypal acct to purchase knives. Just started selling some of my EKI's which I don't like to do. Don't like selling knives but do like trading and buying. As for taking out a loan for that amount my wife would flip out. On the other hand everyone here probably uses there c.c.'s to buy knives so it is probably the same thing. keepem sharp
 
I... would not have done that. Half the pleasure for me is budgeting until the day I can afford to buy another one.
 
If you're prepared to pay $370 or whatever a month to pay off the loan in 6months, why not just buy 1 knife a month? If you buy all those knives at once you will get sick of them all at the same time and you'll be wanting another new knife a month from now.

Well, maybe you won't get sick of them, but your urge to buy more knives will still be there. So just buy 1 a month and enjoy it and then you can look forward to the next purchase. Spread out the fun. :)
 
I am off the opinion that you get to do what makes YOU happy!! If that is what makes you happy, and you can do it, great! I am happy for you!! I am looking forward to seeing and hearing about the knives you get!
 
Loans, like weapons, are a very dangerous tool that can hurt an imprudent user. They can also be useful - for durable necessities or appreciating assets - home, car, home improvement, etc.

Knives are a hobby that should be enjoyed to the extent you can afford it without damaging other more important areas of your life. If you had to borrow 2k for the knives, it tells me you cannot afford them and you are consumed with the desire for instant gratification. About 99% of the population would say that spending that much on knives is crazy, and that's for someone who can afford to drop that much money. You cannot afford that luxury, so you indebt yourself to get it now now now.

At your age I was getting a loan to get a decent reliable car to drive to work and school. Not wishing bad on you, but if this episode does bite you in the butt, I hope you learn from it.
 
My guess is that the "nice lady" is with a finance company and that there are going to be all kinds of "gotchas". The "I gotta have it now" syndrome, so promoted in American society and the ability to "have it now" with easy access to debt is why personal bankruptcy rates are soaring.

Someone mentioned getting a credit card (make sure its not a "secured" credit card that the low life companies float at you) and go that route. Look for the lowest APR you can get. Many are zero percent for the first 6 to 12 months. That way you can payoff what you use in the first 6 months and you pay NO interest. You also start to build an excellent credit report (I know, I was a VP for one of the three national credit reporting companies).

IMHO, knives are a frivoulous item, and not one you want to go into big debt for. Save the debt for mortgages, education, automobiles; real necessities.
If you are wooring about losing your job, the last thing you want to go in debt for is knives.
 
I like the "one knife a month" idea, sort of your very own Knife of the Month club. Plus when you do that, it gives you a month to SHOP for the best deal, instead of getting hi-grossed on everything up front. You might save enuf money that some months (not the Sebenza month) you could get 2 knives.

But on the other hand, I bet a lot of folks here have (like me) bought a knife or 2 on their credit card...basically the same thing unless you pay it off every month.
 
I'm with wadeF, part of the fun is carefully thiking about the next knife you want to get, the planning, etc.

which all goes out the window when you see something that you like for cheap.

:p l
 
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