Financing for camera?

Lizzytish

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Hello everyone!

I am trying to find a website that offers financing through their website to buy camera bodies and lenses. I am still in college so my income isn't quite that great nor is it really possible for me to save up because I am in need of a new camera/lens now. My current camera has about had it and I really need to upgrade because the quality is just plain shoddy compared to what I am capable of and I am in the process of continuing to move up in my position as a second shooter so I really need my own camera. Any help is greatly appreciated! Thanks
 
paypal offers bill me later options which you can use anywhere that takes paypal and its interest free for 6 months
 
Unless you're gonna make a living using it, I wouldn't recommend using credit to buy your toys with.
 
Why not finance it if you can get no interest for 6 months. just pay it off within the 6 months. I do it all the time and have 20k worth of gear and never paid one cent of interest. Now if you cant pay it off in time then no I wouldnt advise charging it. Then I would save up for used maybe.
 
Paypal just got fined $10 million for deceptive practices and has to pay an additional $15 mil back to customers for apparently misleading them about the Bill Me Later program.


I agree about buying used being a better option. I've bought quite a bit from KEH and Adorama, and B&H is also reputable. You can always upgrade later when it becomes more affordable.
 
Wish I was part of that $15 mill payback. Never had a problem with paypal. Its simple you have 6 months so I just divide what I buy by 5 to be safe and thats my montly payment until its payed off. That must be why now when I use them they send me emails every time a bill is due about how much time is left and what will happen if you dont pay it off in time. They clearly got there hand slapped. I agree though that if things are that tight you should not finance. Financing is only a good option if you could pay it off if you wanted and your just using there money for free other wise its spells trouble.
 
Few people read the terms and conditions when they sign up for things online.

I've never used PayPal's Bill Me Later option and agree that financing camera gear is not a sound financial practice.
 
Pro-tip: don't take advice from 50- and 60 year-old men on the internet who have ZERO information about YOUR personal financial situation. Don't take advice from people who can't be bothered to fully read your posts. Second shooter. College age and in actual NEED of a camera bought with financing, not from some guy's healthy bank account established over 40 years of work...look around.

At times, BestBuy has had some decent financing options, plus you have the actual brick and mortar store for issues that might arise, as well as hands-on, pre-sale ability to check things out, plus one of the best return policies of any world-wide store; not just ONE store in New York, but thousands of stores all across the USA.
 
Whatever the case, read the fine print of the agreement and take note the difference between "interest free" and "deferred interest".

I wouldn't recommend it but hey.. its your choice.
 
June is the busiest wedding month of the year in the USA. According to an article I read yesterday, there on on average 13,000 weddings each day in June. If you need a new camera for your second shooting weddings this summer, then GET one for yourself, and you will have it for the peak wedding season which is June through September.
 
I've looked into financing when I bought for about 6K$ of camera gear last year. I have a my own company so I thought I would just write it off every month as an expense. Well, the fine prints were quite scary, and worst, the interest rate was outrageaous. Just make a simple mathematical operation and multiply the monthly payment the financing company will ask by the number of months you want to spead the total amount. Make sure you're well sitted because you'll be floored. Over a 24 months periods, I would have paid more than 3K$ in interest alone, on top of the initial 6K$.

If you really don't have the money, try to get a loan from your bank. Interest rate will be much less crazy than those financing companies who are probably worst than credit cards (+28% interest rate and up). If you're young, still at school, chances are banks won't give you a loan, so it will be tough honestly. Either you buy used, and you make do with what you can afford. Maybe your family can help?

Sorry, my answer is not very positive, but I would hate that a young person get screwed by those financing companies. Buying is very easy and taking on debts even easier... Paying back takes a long time and never seem to end. Lastly, there's also another phenomenon happening as it is very exciting at the beginning to receive your new gear and pay a small payment every month, but once you're 2 or 3 years down your payments, and your camera's value has gone down faster than what you have left to pay, it's not as much fun anymore...

Think about it very seriously young woman...
 
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If you're second shooter, it mean you're making money out of it, right ?

If you need a new camera, you need a new camera, there's no two way about it. It either that or don't work, I don't think the decision is hard to take here.

Consider interest as an investment, you don't have much choice.

Amazon offer some credit solution, I'm not well versed in them so you might find better information on it from someone else, just know it's an option.

I recommend you take a loan off your bank, if you go there with your project on paper and how you plan on making money out of the new equipment you're buying, there's a good chance they will accept the loan. They love entrepreneurs. You can give the camera in waranty, too, their side have no risk in this case and you're pretty much guaranteed the loan.

Just make sure you CAN pay it back. Credit strike and repossession hurt a credit score like mad.
 
I saw that the OP is a student and a second shooter; that's why I said I thought buying used could be an option to consider. I'd think about using money made from shooting assignments toward buying or upgrading camera equipment rather than getting into debt.

If the shooting assignments aren't paying enough to cover equipment expenses when needed then maybe it's not going to be worth continuing to second shoot. Another type part time job where you don't have to provide your own equipment might be a better option while still in college.
 
They love entrepreneurs. You can give the camera in waranty, too, their side have no risk in this case and you're pretty much guaranteed the loan.

I'm not so sure about this. Banks don't like entrepreneurs as per say. They like low risk successful entrepreneurs who will pay their loan back, but they won't trust entrepreneur wannabees with no credentials, no assets, and who have just their willingness to work hard. At least, not in my world. Being a second photographer, especially in the current state of the business of photography, is nothing to make a bank confident to lend you money. Also, banks will NEVER accept camera gear to guarantee a loan, this is only in your dreams. You can sell your gear, lose it, have it stolen, and there's nothing to seize. One more reason they won't, how much a camera is worth 2, 3 or 4 years later? Only buildings can be accepted in guarantee, and even then, not all categories. For instance, try to get a loan for an inexpensive cottage in the country... Won't happen.
 
I've looked into financing when I bought for about 6K$ of camera gear last year. I have a my own company so I thought I would just write it off every month as an expense. Well, the fine prints were quite scary, and worst, the interest rate was outrageaous. Just make a simple mathematical operation and multiply the monthly payment the financing company will ask by the number of months you want to spead the total amount. Make sure you're well sitted because you'll be floored. Over a 24 months periods, I would have paid more than 3K$ in interest alone, on top of the initial 6K$.

If you really don't have the money, try to get a loan from your bank. Interest rate will be much less crazy than those financing companies who are probably worst than credit cards (+28% interest rate and up). If you're young, still at school, chances are banks won't give you a loan, so it will be tough honestly. Either you buy used, and you make do with what you can afford. Maybe your family can help?

Sorry, my answer is not very positive, but I would hate that a young person get screwed by those financing companies. Buying is very easy and taking on debts even easier... Paying back takes a long time and never seem to end. Lastly, there's also another phenomenon happening as it is very exciting at the beginning to receive your new gear and pay a small payment every month, but once you're 2 or 3 years down your payments, and your camera's value has gone down faster than what you have left to pay, it's not as much fun anymore...

Think about it very seriously young woman...
28% and up?

seriously, go open an account at a credit union.
Get a credit card for 12.9 - 17.9% (the highest rate of a couple CUs I belong to).
Mine is 8.99 on a different card type.

or get a personal loan through a credit union.
 

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