Financing Fido - Take out a loan for your dream dog
It had honestly never crossed my mind that you could take out a loan to buy your dog until I came across this story about a woman who bought a $2,500 golden doodle from a pet store and financed it -
“Once you pick out the puppy, they finance you like a car,” Laura Eastman says.She says for her and her family, financing seemed to be the only way to go.
“I didn’t put any money down and you pay it off in three years, and they were small payments, ‘So, oh that’s feasible,’ ” Eastman thought.
Except for the part where she didn't read the loan terms.
...Everything seemed fine until 14 days later when a payment was taken from her bank account without her knowing.“They said: ‘Oh, you’re on automatic payments, it’s online,’ so and so he also told me, which wasn’t disclosed, that if the loan wasn’t paid within 90 days it goes up to 99 percent interest.”... Eastman says her payments were supposed to be $245 a month for three years. That means she would’ve paid more than $8,800 for her $2,500 dog.
Oops... guess she won't forget to read the loan terms next time.
Also, in my opinion, if you cant afford to buy your dog upfront, don't buy it. Period. I paid $0.00 for my dog as a puppy (she's a mix, but people always say she looks like a purebred). There are plenty of affordable, cute dogs who need homes. But to each their own I guess. Opinions?
good god. What happens if they want to repossess Fido? Does someone jump out of a bush and tackle your dog one day while walking?
LMAO SB'd
Adopt, don't shop. And for God's sake don't lever up.
If you have to finance a $2,500 dog then damn it you can't afford a dog at all.
Only lever up for a Caucasian shepherd.
If interest rates drop can you put your pooch back before maturity for a lower interest one ?
Can't wait for the new pet loan crisis - I hear the underlying assets are literal dogshit
Dogrivitives ?
Credit Dogfault Swaps?
Hilarious. Waking up to this made my day ahahaahaahaha!!!!!
All of these comments got me thinking about one of my favorite memes...
I think I remember reading somewhere that someone did this and their dog died like 6 months later. They got stuck paying a loan on a dog they didn't even have anymore.
This is one of the many reasons I would never take out a loan to buy a dog. That is something I definitely thought about while reading the article. On other financed purchases there's insurance if something happens, but not for a dog.
adopt an animal
How fucking stupid would someone have to be to do this??
I already have my dream dog....he cost me a $185 adoption fee at the rescue place.
Guys who want a particular breed of dog, wannabe richies.
Wall Street needs to securitize pet loans and the sell them to pension funds because these are super profitable and super diversified. I mean millions of american's can't default on their pet loans, right? I already can imagine myself selling Subprime Hamster Bonds to some Victor from Moscow.
If the dog jumps in a lake, does that make your loan underwater?
Anyone want to apply leverage to a set of pure-breeds to breed and sell the offspring?
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