(Closed) Our families are not helping…(loans)

posted 10 years ago in Money
Post # 16
Member
575 posts
Busy bee
  • Wedding: December 2011

1) credit card intro offer

Do you mean taking a loan or just putting it on your credit card?  You sound pretty responsbile, so you may be able to get one of those low APR or no payment for six month cards. 

 

2) Negotiate with the veneu.

Ask the venue if they will A) let you pay in three installments by a certain date; if they say no,  B) Ask if they will let you pay them a larger amount either spread out or with an initial portion and a final lump sum.  Pick an interest rate think you would still be better than you would get for a loan (say 5%) and add that to the total price the venue quoted you.  You would in effect be having them make the loan to you, but I wouldn’t put it in those terms.  I would say something like, for the increased flexibility, if we upgrade the package by 5% what could you give us?   They take a slight risk, but make more money, and you get your problem resolved, and hopefully an upgrade out of it (e.g. matching table linens, chair covers, extra appetizer, whatever). 

Post # 17
Member
68 posts
Worker bee
  • Wedding: November 2011

I definitely think you should talk to the venue if you haven’t already.  It wouldn’t hurt to ask if they will make an exception… and just give them as much as you can up front. 

If that doesn’t work, then I say go for it.  Like you said, most people advise against going into debt for a wedding, but if you can pay it off in the time you said, then there isn’t a problem and you won’t be in debt once you get married.  I also think that if you have no credit card debt and your cars are nearly paid off, then paying a loan off will only boost your credit score.

And don’t worry about your families complaining about money and not being able to help.  It may be frustrating that they keep bringing it up, but they are only making themselves sound silly.  Good for you for being financially responsible and paying for the wedding on your own! Stay on that track and you might be able to help YOUR kids with wedding expenses one day!

Post # 18
Member
357 posts
Helper bee
  • Wedding: August 2011

we did the same thing, so i definitely approve 🙂

Post # 19
Member
1076 posts
Bumble bee

If you have good credit and are responsible, I would get a zero percent 6-12 month credit card (assuming venue accepts cards).

Why take a loan w/ interest when you can get free money?

Just make sure you pay that baby back before your interest period is up and make sure you make your monthly minimums (same thing goes for the loan as well!)

Post # 20
Member
2570 posts
Sugar bee

@heather25: I was going to say this for this circumstance.

We have had the money for things and took advantage of offers like these to maintain better cash flow. Its free money, as long as you can pay it back!

Post # 21
Member
133 posts
Blushing bee
  • Wedding: June 2012

i think justelope has some really great suggestions.  also, 75% upfront sounds super high to me. 

Post # 22
Member
8943 posts
Buzzing Beekeeper
  • Wedding: June 2009

How stable are your jobs?  I have known a lot of people who took out loans with intentions of paying them off a year later but something happens and they don’t have the same job anymore, don’t get a bonus, a tax refund, etc.

I know it’s hard but just think about the what ifs if something were to happen and you can’t save all the money you are planning to save.

Post # 23
Member
61 posts
Worker bee
  • Wedding: September 2011

I would definitely not take out a loan. Even with being as financially responsible as you two seem, it is a big risk. Do you HAVE to have that day? Do you just HAVE to have that venue?What about a smaller venue or number of people? If you get this venue, can you afford the rest of the wedding? You may have to cut corners because if the high cost of the venue.

In DC everything is through the roof! I ended up going 30 minutes away, found a beautiful place that included tables and chairs and I save $8,000! We ended up going through park and recreation  and found a beautiful garden mansion. With a little creativity and flexibility, you can find what you are looking for. Do not forget that some places give discounts if you are a county resident, teacher, firefighter, etc. USE THESE! Or do what I had a friend do: book it for another couple so they could save 15% on the venue because he was a county resident!

Post # 24
Member
6377 posts
Bee Keeper
  • Wedding: October 2011

I really don’t think that wedding loans are a good idea regardless of the situation. I know a couple who took out loans with every intention of paying them back with the money they received from their wedding but then one of them got laid off and they had to supplement that income with the wedding money. It’s now years later and they’re still paying it back. According to them, their amazing memories of their wedding day are kind of overshadowed by the check they have to write every month to pay it off.

My parents have generously offered to pay for our ceremony and reception but had they not offered that money, we would have had the wedding that we could afford without going into debt.

Ultimately it’s your decision and you know what’s best for you. Good luck with whatever you decide.

Post # 25
Member
5879 posts
Bee Keeper

I’d say no. All the posts on here on weekly basis of brides and their grooms losing jobs (sometimes within weeks of the wedding date) would have me nervous as hell. The what if would have me so nervous.

Post # 26
Member
5879 posts
Bee Keeper

I’d say no. All the posts on here on weekly basis of brides and their grooms losing jobs (sometimes within weeks of the wedding date) would have me nervous as hell. The what if would have me so nervous.

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