Financing for camera?

[jovince3000]

Also, banks will NEVER accept camera gear to guarantee a loan

Bank accept any valuables as guarantee if they are properly insured and the risk is low enough, in the case where the item in guarantee is easy to lose, they may require a second object as backup (such as car) or a second person responsible for payment in case the first person doesn't pay up. I'm an accountant and budget counsellor so I've arranged plenty of these kind of transaction in the past, you just need to be VERY convincing and have a solid plan to show them.

Any case... we're probably talking about a maximum 3000$ loan for a new camera, I highly doubt that a bank would refuse such a loan if the OP can prove he has revenues and isn't head to toes in debt already.

 

[Microbois]

Bank accept any valuables as guarantee if they are properly insured and the risk is low enough, in the case where the item in guarantee is easy to lose, they may require a second object as backup (such as car) or a second person responsible for payment in case the first person doesn't pay up.

Well, I guess banks have been harder on me than with anybody else, because I've been told and explained several times in my younger age by both bankers and accountants that toys such as cameras, computers or software CANNOT be used as a guarantee for a loan. Of course, there are obviously exceptions to that rule, for instance if you owe already tens of thousand of dollars in camera gear, borrowing money for 2K$ or 3K$ will not be a problem considering your assets that are very high vs the amount borrowed, but giving the new acquired camera in guarantee for a loan is not serious proposition. But you just said it, if a second person endorses your loan, then it changes the story completely. What a bank will do though, if you have assets or if you have a good credit score, you can be given a "personal loan" that it's not tied to your equipment, but you'll have to accept a higher interest rate though. At that point, you're probably better off asking for a line of credit, but that's hard to get, if not impossible, if you're just starting up in life.

I'm an accountant and budget counsellor so I've arranged plenty of these kind of transaction in the past, you just need to be VERY convincing and have a solid plan to show them.

This is a totally different situation. If you are a budget counsellor, then you are negotiating with banks on behalf of your clients who are on the edge of bankruptcy. Between losing everything and getting nothing back, or give a chance to someone to repair his mistakes so he can pay the bank back, all that backed up by a solid plan, is a different animal. Every bank are doing the best they can to avoid such situations, but once they are forced into it, they will do what's best in their interest, not yours. That being said, this is totally off topic and the OP is not in that situation.

Any case... we're probably talking about a maximum 3000$ loan for a new camera, I highly doubt that a bank would refuse such a loan if the OP can prove he has revenues and isn't head to toes in debt already.

This is again highly unlikely if the OP doesn't have a stable job and regular income. Banks are not there to finance your dream job, they are there to make money on your back with the lowest amount of risks. Never forget this.

 

[Microbois]

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.

Yup, it was that crazy. There's a logic behind leasing your equipment for a company, as you can write it off every month as an expense instead of amortizing it over couple years, but it all depends on the net cost. I finally ended up using my line of credit at 3% interest rate to buy my gear, and fortunately, made a good contract and paid it off in less than 2 months.

That being said, a Canadian financing company has a webpage to allow you to calculate your monthly payments : Vistek - Equilease

It's not as steep as I've been quoted last year, but it's still a very expensive proposition as the interest rate varies between 17.3% (4 years) and 20.2% (2 years).

 

[Lizzytish]

Wow!!!

Thank you everyone for the support and great advice! Seriously one of the first times I've been on a forum and not attacked by trolls and actually given helpful advice! Seriously, thank you all very much!

I am going to see what I can do to find possibly a used camera. My DSLR is 5+ years old and I just found out yesterday that my boss is moving and she is willing to help me move my future photography business forward BUT I need to find a dang camera. It's frustrating but I will def look into many of your suggestions but please, anything else you may be able to come up with, let me know! Thank you thank you thank you again for your honest and nice remarks.

 

[PropilotBW]

Best Buy ALWAYS has interest free financing for 12 months on qualified purchases over $400. Occasionally you can find their deal at 18 month no interest.
If you're responsible with you're money, I don't see how that could be not-recommended.

 

[Rgollar]

plus best buy will price match most places

 

[KmH]

At only 5 years old, your current DSLR is likely still good enough, if you know how to use it to it's capabilities.

 

[unpopular]

the quality is just plain shoddy compared to what I am capable of

Unless you're shooting with a p/s or something - I very much doubt that this is the case.

 

[Microbois]

At only 5 years old, your current DSLR is likely still good enough, if you know how to use it to it's capabilities.

I can't agree more with that. I had a Nikon D40 with the kit-lens for a few years and had hundreds of pictures published in woodworking and home renovation magazines. Granted I couldn't make a 2 page spread because the D40 didn't have enough pixels, but made several full page photos though. It's truly more about knowing what you are doing, than blaming the camera. Before that, I was shooting with a Canon Powershot Pro 1 and managed to get very good pictures too. Last year, I upgraded to a Nikon D610 as I was waiting for an affordable full frame camera to come out before reinvesting massively into a set of lenses.

 

[waday]

At only 5 years old, your current DSLR is likely still good enough, if you know how to use it to it's capabilities.

the quality is just plain shoddy compared to what I am capable of

Unless you're shooting with a p/s or something - I very much doubt that this is the case.

How come when some people ask about starting a business with an older/amateurish camera, they get torn to shreds, but this time, you guys are recommending to keep an older/amateurish camera? The OP has specifically said they are outgrowing their current camera, and they need something newer. Unless I missed something, and I very well could have, we don't even know what camera the OP has...

I would never try to start a business with my Canon Rebel XSi.

 

[jovince3000]

I would never try to start a business with my Canon Rebel XSi.

Gotta disagree with you on that one, I've been running a small scale sideline business with my Rebel t3I for a year now. 90% of time you can get away with it. Renting is also a solution for the 10% of the time where you can't.

In my opinion, if you can't do things that you would normally be able to do with what you have, it's time for an upgrade. Like you said, I don't think the OP mentioned what camera he does have ? How old is it ? what's the shutter count on it etc.

 

[Microbois]

How come when some people ask about starting a business with an older/amateurish camera, they get torn to shreds, but this time, you guys are recommending to keep an older/amateurish camera? The OP has specifically said they are outgrowing their current camera, and they need something newer. Unless I missed something, and I very well could have, we don't even know what camera the OP has...

Maybe because she said she had no money and needed to finance it all?

I would never try to start a business with my Canon Rebel XSi.

And why not? Sure, if you want to become a sports photographer, it might not be the best camera, but if you will be doing portraits, and you have a good set of flashes, why it wouldn't work? I used a Nikon D40 with the kit lens (18-55mm) during 3 years for magazine work, I repeat : MAGAZINE WORK, and it was plenty enough. Your Canon Rebel XSi is even better than a Nikon D40... As I said before, getting good results has a lot more to do with your knowledge and the technique rather than the camera itself.

 

[waday]

Gotta disagree with you on that one, I've been running a small scale sideline business with my Rebel t3I for a year now. 90% of time you can get away with it. Renting is also a solution for the 10% of the time where you can't.

For a small-scale, side business, yeah, I could probably get away with it doing portraits or engagement shoots. Weddings? Nope.

That 10% of the time can leave your business scarred with bad reviews, bad word of mouth, and loss of revenue. If this is for a business, I'm assuming they'll want something that will work for them 100% of the time. Which is why they're considering financing.

In my opinion, if you can't do things that you would normally be able to do with what you have, it's time for an upgrade. Like you said, I don't think the OP mentioned what camera he does have ? How old is it ? what's the shutter count on it etc.

This would be good information to help us figure out the OP's needs and to recommend the correct gear.

Maybe because she said she had no money and needed to finance it all?

Cost of doing business?

And why not? Sure, if you want to become a sports photographer, it might not be the best camera, but if you will be doing portraits, and you have a good set of flashes, why it wouldn't work? I used a Nikon D40 with the kit lens (18-55mm) during 3 years for magazine work, I repeat : MAGAZINE WORK, and it was plenty enough. Your Canon Rebel XSi is even better than a Nikon D40...

We still don't know what camera the OP has, or what kind of work the OP will be doing. I admit, yes, portrait/landscape work would probably be 'okay' assuming the correct lighting/accessories with the XSi and kit lens. However, sports, weddings, etc. No way. Autofocus is way too sluggish, and shots at higher ISO in low light have considerable noise. The XSi is an entry level camera, not a professional or semi-professional camera.

As I said before, getting good results has a lot more to do with your knowledge and the technique rather than the camera itself.

Absolutely. To a certain extent.

 

[jovince3000]

For a small-scale, side business, yeah, I could probably get away with it doing portraits or engagement shoots. Weddings? Nope.

That 10% of the time can leave your business scarred with bad reviews, bad word of mouth, and loss of revenue. If this is for a business, I'm assuming they'll want something that will work for them 100% of the time. Which is why they're considering financing.

Agree, for weddings you need some serious Body camera, that's basically when I go to the shop and rent a 5D mark III.

I was assuming that you could get away with that 10% if you know in advance that it's coming, you can plan for it. Never do a contract if you ain't able to pull it off I say. I generally ask what the light condition are and plan accordingly before I go do something.

 

[runnah]

Rent until you can afford to buy.

Or rack up your credit cards, fake your own death, move to Fiji and sell surf boards.