How to Finance a Grand Piano

A piano of any kind constitutes a major purchase, but this is especially true of any type of grand piano. You don't always have to pay for your piano in full at the time of purchase, many piano sellers offer financing options, allowing you to have a grand piano in our home while making monthly payments.

Call local piano sellers and ask if they have financing or payment plans. Make a list of the sellers that do.

Visit the sellers with financing plans and look for a reputable shop. A piano store of good repute should be certified to sell new pianos from at least one major manufacturer, such as Yamaha, Steinway, Weinbach, Bosendorfer, Seiler or Steinmayer.

Ask sellers whether their financing plans are strict purchase plans or rent-to-own. The difference between these is that a strict purchase plan constitutes an obligation to buy, but with a rent-to-own plan, you rent the piano but part of the rental payment goes toward a purchase but you may also return the instrument.

Inquire about equity transfer options with your music seller if considering rent-to-own. Equity transfer means that if you return the piano before you finish purchasing it, some of the money that's accrued toward the purchase price becomes store credit you can use to purchase other items or apply to another instrument.

Get a copy of the financing contract and read it carefully. Look for information about how much of your monthly payment will go toward the purchase price of the piano and how much goes to store fees and interest. Look for a warranty or guarantee against manufacturer's defects.

Calculate how long it will take you to complete the purchase your piano if this information is not communicated to you by the contract or store employees. Consider whether you're likely to move from your current home during this time, since moving a piano is costly and often risky.

Contact your homeowner's insurance company or renter's insurance company before you buy the piano. Discuss the purchase of a financed piano with a representative of the insurance company and find out what kind of protection you can get on your instrument.