PurseBlog Asks

PurseBlog Asks: Have You Ever Financed a Bag?

Resale websites make it more and more appealing to ensure you never fall victim to "the one that got away"


We’ve all been there. Where, you might ask? Scrolling through our favorite resale website when up pops that rare bag. You know, the limited edition one you’ve always wanted, or the one that got away from you all those years ago. And even though you know you were “just looking,” how can you possibly pass it up?

Or what about that rare deal you find. That diamond in the rough? You tell yourself that opportunities like this don’t come around often, as the tiny little pay with affirm logo teases a low monthly payment.

To Finance or Not to Finance

Recently I started exploring Chanel Bags on the resale market, as I want to get an idea of what price points are for certain styles and what I’m actually looking for. Do I want to buy something that’s super vintage (think 90s or early 2000s Chanel), or do I want a gently-used bag from the last few years? I came across a multicolor patchwork Chanel Flap Bag on The RealReal, in nearly perfect condition. I was seriously tempted by the option to use affirm or afterpay, but then I thought better of it.

Four years ago, we covered the relatively new phenomenon of having the option to finance your luxury purchase. At the time, affirm had been popping up across fashion e-tailers for only a little over a year when its competitor afterpay came up, allowing customers to split purchases into 4 monthly payments with a 0% interest fee, always. Now, there are more options than ever, with companies like PayPal and Klarna offering buy now, pay later options.

When we first broached the topic, we wanted to know if you would ever consider using one of these up-and-coming options. Four years later, they’ve tempted me, and I want to know if any of you have actually used a pay-later option. Did you regret it?


Leave a Comment

  1. Sara Avatar

    Finance things that are necessities such as your car or your home. If your only option to buy a luxury bag is by financing it, you probably shouldn’t buy it.

  2. Rania Avatar

    I would only buy now and pay later for essentials that I would need to survive such as shelter, food or health care. No luxury item is worth jeopardizing my financial well-being, even a holy grail bag. Desires come and desires go, but not massive debt. So no , I would never do it and would never recommend it either.

  3. Heather Tweedy Avatar
    Heather Tweedy

    I have used the interest free option a few times recently since my savings account is paying over 4% right now. I set aside the cash and it grows (albeit just a little) while I pay the bag off for no additional cost.

    I would never buy a bag if it meant paying interest on the purchase.

    1. Preppie Avatar

      Same, I have done it twice with zero interest. I would never pay interest to finance a bag, but why not at 0% when I am getting a return elsewhere.

      1. Gayle Avatar

        Exactly the same thing my mom taught me.

  4. Sam Avatar

    I have, in the past, only to establish a credit history. I utilized the 4 month option with zero percent interest. Money was withdrawn, monthly, from my bank account until the balance was paid. I didn’t go into debt to pay for the bag and never would.

  5. malina Avatar

    Sounds like you’re promoting financial irresponsibility. 🤷🏾‍♀️

  6. Joan Avatar

    If you have to pay for a luxury bag in installments, you can’t afford it. It’s that simple.

    1. Emily Avatar

      If you have to pay for a house and car in installments, you can’t afford it. It’s that simple.

      1. Aspen Avatar

        A bag isn’t going to keep you warm at night on the streets. Don’t try it.

      2. Jenn Avatar

        Lol not you comparing a frivolous purchase to a necessity. Big eye roll.

      3. Fabuleux Avatar

        This is the dumbest comment I have ever read on PB. Are you really comparing the need for housing and transportation to… a purse? Get real. 🙄

      4. Jennyfur Avatar

        The irony is lost on the replies 🙄

    2. psny15 Avatar

      Agreed –

    3. Sam Avatar

      Speaking only for myself this is not true. I had the money set aside in my bank account, but to establish a credit history I paid in installments. Once, my credit history was established I never paid anything in installments.

      1. Sara Avatar

        But that means you didn’t HAVE TO pay in installments. You made a choice do this so you could establish credit history. Not the same thing.

      2. Sam Avatar

        Whatever my reasons for choosing to pay in installments it is still paying in installments. This can be seen from many different viewpoints, not just what you are describing. In other words, people pay in installments for a variety of reasons. See above: “Heather Tweedy” and “Preppie”. I’m done discussing and explaining this to you and other’s.

      3. Jerri R Avatar
        Jerri R

        Uh context? You know they are not talking about people doing it strategically, like you, rather about people who cannot afford to pay in one sum.

  7. Fabuleux Avatar

    Most Americans are completely financially illiterate and this trend is all about pushing people to overspend by giving them the illusion they can afford these goods. These “zero” interest payment companies get a big cut from brands—up to 8% according to a recent NPR story,

  8. Aspen Avatar

    Yes but only to hit a certain goal with my credit card or something of the sort. If I’m not going to gain anything more than just a bag, then no. If I don’t have the money readily available for it, and can’t pay it off instantly, it’s not for me.

  9. ladyet Avatar

    I have never but the unsolicited advice in the comments certainly wouldn’t encourage anyone who has to be forthright about their spending habits.

  10. psny15 Avatar

    If one doesn’t have enough money to buy a bag maybe one should not be buying the bag

    1. Irene Avatar

      Maybe you should not be so judgmental and come off like a total douche. I’m assuming then you don’t have a Nordstrom card? , Bloomingdale’s, etc?
      I’m assuming you pay strictly debit or cash for everything? Highly doubt it.

      1. Hmmm Avatar

        Yeah, lots of people have these cards, but that doesn’t necessarily mean debt. I only use a credit card for purchases, and pay it off every month. I racked up a massive amount of air miles by doing so.

  11. Terri Avatar

    I have paid for a luxury item in installments as they offer 0% interest with 5% cash back if I chose to pay in installments and 18% on top discount if I use my credit card points equivalent to the amount. So why not!

  12. Jerri R Avatar
    Jerri R

    If the one special bag that gives the buyer immense happiness, and such buyer is financially sensible otherwise, I don’t see why not.

  13. Irene Avatar

    So I’m guessing that all of you who are telling people “if you have to finance it, you can’t afford it”,
    don’t have a Nordstrom card, Saks card, etc..?
    GTF out of here. The utter snobbery and “key board elite status perpetrating” on this bog is a joke .
    So am I to understand that everyone just drops 2k plus right out of checking every time they buy an expensive bag?
    I use Klarna , affirm , and pay plans ALL the time.
    Why? Because I don’t want to see a huge deduction out of my account. I use my weekly “extra spending money” on these type of items. I budget it out without having to touch my savings.

    1. Shartelle Avatar

      You sound like the perfect customer for the banking industry. 👀

      1. Irene Avatar

        Sounds like you don’t own your own house or car? The “banking industry “ is good for those..
        but perhaps your unfamiliar with that.
        yeah, I’m a good customer for them, but not the credit card companies. They don’t have a chance to collect too much interest on my behalf. Klarna and affirm don’t charge interest though. They take installments interest free.

    2. Yamaliz Avatar

      Thank you👏👏👏and I also can afford to buy them at the moment.

      1. Yamaliz Avatar

        And I own my houses and cars !

  14. Laura Avatar

    Yes, I have lol. And I would do it again. I’m sure many people reading this have too.

  15. VeraVera Avatar

    Once, with zero interest over four months. I could have been responsible: waited and saved up, but with the rampant price increases currently, I figured it would be worth it. I have a monthly budget for clothes/accessories so I just made it a lot smaller for those four months.

    I was right, the price did increase, so in the end I saved a couple hundred dollars on not waiting and doing the “responsible” thing!

  16. Hazel Avatar

    It really depends on if it is within your budget. For example, I can probably out right pay for a Toyota Yaris but I’d finance a Mercedes. I’m still paying a premium for enjoyment but it is proportional to my income and I don’t have to make sacrifice on other aspect of my life style. I think as long as it’s not falling out of your budget, you finance the purse but spend less on other items in the following months I don’t see the problem. It’s all about conscious budgeting and sticking to it. Just my two cents.