How to fund buying a piano
In the Buying a piano article we discussed how to pick the best piano based on your circumstances, needs and preferences. However, as we discussed different recommendations based on budgets, one thing became clear- buying a piano is a big financial investment. Today’s article will give you different tips on how to finance buying an instrument
1. Shop financing options
Most shops will offer financing options, meaning you can pay monthly until you pay off the piano. Some shops might even offer interest free options, although that is rare. For interest-free loans, check the Take it Away scheme below.
2. Take it Away scheme
Take it Away scheme offers interest free loans, for levels of any age and level. You can check the shops that take part in the scheme on their website. You will need to be over 18 to apply for the grant, have 10% deposit minimum, over £5,000 salary/year and be a permanent UK resident. A credit check will be run. Most shops allow an interest-free loan up to £5,000, while others can go up to £25,000. It is an amazing scheme and there are several shops in Manchester which take part in this scheme.
3. Grants for purchasing an instrument / Charities
There are several charities and foundations which support young musicians to buy an instrument. Each foundation has different criteria and offers a different amount of money. Unfortunately, most of these foundations do not support adult learners, but they are great if you are buying an instrument for a child.
- Help Musicians
Offers advice and point you towards grants for purchasing musical instruments.
- Universal Music UK Sound Foundation
Up to £1,500 towards the cost of purchasing an instrument for individuals in full time education, who are either having regular music lessons from a qualified teacher or are studying music at school/college.
- Awards for Young Musicians
Grants for young musicians who come from a lower income family towards musical costs: tuition, instruments, and travel.
4. Rent an instrument (rent-to-buy)
Some music shops offer the possibility of rent-to-buy. Although each shop can have slightly different terms, in general you pay a monthly rent-fee and at the end, when you are ready to buy the instrument the rent you paid is either fully or partially deducted from the final price of the piano.
5. Piano auctions
There are several piano auctions you can attend, including online ones. You can find amazing offers for both upright and grand pianos for a fraction of their real value. However, as mentioned in our article about acoustic pianos, it is highly recommended you only buy a used piano after seeing it in person and if you can get a piano technician to inspect it. You can read more about what you need to pay attention to when buying used instruments in our article.
6. Part exchange
Some shops offer part exchanges, meaning that you can sell your old piano and get a new one at a lower price. Yamaha, as well as several music shops, offer part exchanges so it is worth asking. Of course, this only works if you already have an instrument and you are looking to upgrade it.
7. Facebook Marketplace
Sometimes, you can find some great deals on Marketplace. Same as with buying a used piano from a shop or auction, you need to go and inspect the piano in person and bring along a technician. If that is not possible, you must request pictures of the inside of the piano, information about how and where it was stored and how often it was tuned. You can find out more about what questions to ask a vendor when buying a used instrument here.
If you are buying an electric piano, you don’t need to worry about where it was stored or about tuning, however you must request a full sound sample if you buy it online. Please ask the vendor to play every single key on the piano slowly (both black and white keys). Also ask the vendor to record a video/sound sample of them using the pedal(s). Remember to check that the electric piano has all the must haves we discussed about in our electric pianos article.
Cosmetic issues such as scratches, dents on the body of the piano are not a major issue, if the instrument is in good condition on the inside or if the electric parts are functioning correctly.
Hopefully this article will give you a starting point for ideas on how to fund buying a piano. Although getting a piano is a big investment, it is an investment you take in yourself and your passions! If you need help finding the right instrument for you, check out our articles below.
Buying a second hand piano – A checklist
Buying a piano – A guide for beginners
Acoustic pianos – A guide for beginners
Buying a second-hand piano – A checklist
Electric pianos – A guide for beginners
Silent and hybrid pianos – A guide for beginners