Afirm financing

[Bryce M.]

has anyone used the afrim financing? I just don't want to go in not knowing. It's a big company but what exactly does it entail? I'm thinking of using it for lighting

 

[Silver14SS]

Mixed reviews in general, but the terms should spell out what it entails. Be prepared to get lots of comments about how you shouldn't finance a hobby :)

https://www.google.com/search?q=affirm financing reviews

 

[Bryce M.]

Mixed reviews in general, but the terms should spell out what it entails. Be prepared to get lots of comments about how you shouldn't finance a hobby :)

https://www.google.com/search?q=affirm financing reviews

hey, I don't think people would want me getting cheap lighting and killing all my corals. Rather get couple thousand lighting

 

[Jay Z]

Good company to deal with. Everything is straight forward. What you borrow, how many payments, interest per month, interest overall. Also shows on your account page all payments and dates plus the amounts.

One of the most straight forward places I’ve dealt with.

 

[Bryce M.]

Good company to deal with. Everything is straight forward. What you borrow, how many payments, interest per month, interest overall. Also shows on your account page all payments and dates plus the amounts.

One of the most straight forward places I’ve dealt with.

Thanks man, so I've seen a lot of financing and I guess I'm just confused with what I've seen before. This would be a loan correct? it won't be you get the item when it's full paid off or is it like that? both are fine honestly just wondering

 

[Hair Algae Wizard]

I used them once, when they had a Zero APR deal on my Peloton spin bike. They were very easy to work with, and would use them again if needed.

 

[Jay Z]

Pretty much fill out the info at the website your going to use. Affirm will tell you how much your approved for.

Add said items to cart and check out. You will then go to there website and pick your loan terms 12.24,36 months. Of course the longer you go the more interest cost. But they show you the break down on it. Then it takes you back to the original website and you complete your order.

Items are sent out same as any other order.

 

[cromag27 Verified Sponsor]

don’t finance even at 0% apr unless you are 100% sure you can pay it off in time. otherwise you could get nailed for the full interest!! these aprs are generally not favorable either.

also keep in mind this will be a hard inquiry on your credit report. is it worth it????

 

[Bryce M.]

don’t finance even at 0% apr unless you are 100% sure you can pay it off in time. otherwise you could get nailed for the full interested!! these aprs are generally not favorable either.

also keep in mind this will be a hard inquiry on your credit report. is it worth it????

Yeah that's what I'm trying to weigh right now, that, or risk having crappy lighting because I didn't get good lights?

 

[cromag27 Verified Sponsor]

Yeah that's what I'm trying to weigh right now, that, or risk having crappy lighting because I didn't get good lights?

do you have any current credit cards that are offering special 0% apr?

 

[Biokabe]

Basically, it's like buying the thing on a credit card, except as a one-time loan.

All the usual caveats about financing hobbies - someone had to say it. :) There are times when it makes sense to do so, though. I financed my wife's new computer, and I'll do the same when I build mine. I could afford to pay cash for them though - that's the general rule of thumb. Finance when you don't have to. If you have to finance in order to afford it - you can't afford it.

Rather than choosing between financing or getting crappy lights... might I suggest merely waiting longer to start off the build and saving up the money for your lights?

 

[Bryce M.]

Basically, it's like buying the thing on a credit card, except as a one-time loan.

All the usual caveats about financing hobbies - someone had to say it. :) There are times when it makes sense to do so, though. I financed my wife's new computer, and I'll do the same when I build mine. I could afford to pay cash for them though - that's the general rule of thumb. Finance when you don't have to. If you have to finance in order to afford it - you can't afford it.

Rather than choosing between financing or getting crappy lights... might I suggest merely waiting longer to start off the build and saving up the money for your lights?

For me I suck at saving up money so I'd rather pay monthly, that's my logic for doing it.

 

[cromag27 Verified Sponsor]

for those of you who want to know more about credit......

https://www.reef2reef.com/threads/credit.524085/

 

[Bryce M.]

for those of you who want to know more about credit......

https://www.reef2reef.com/threads/credit.524085/

well thank you, yeah I just need to kick myself and put some money away for a few months, trying to stop that dumb habit, think I can do it with the lighting as an incentive. I've just seen afirm around a lot and I was thinking maybe it would be a good alt to saving but no
I want to start cycling my new tank at the end of October and doing a long cycle so I really don't need them anytime soon

 

[mrpizzaface]

For me I suck at saving up money so I'd rather pay monthly, that's my logic for doing it.

If you suck at saving money how will you be able to make your monthly payments?

 

[MrDellimore]

I used Affirm to get a boosted board so I could speed around NYC and risk my life. Hardly something vital to my livelihood. Checking your rates with Affirm does a soft inquiry which will not effect your credit.

I am not an authority with finance, but I would advise to check your rates and see what they offer. I dont know if they still offer 0% interest, but if you find a low interest rate I think it is always better to finance and keep available cash for investments or ventures that will turn a higher return. Just my 2cents.

Hope in the end you get some quality lights to add to your setup!

 

[Biokabe]

For me I suck at saving up money so I'd rather pay monthly, that's my logic for doing it.

I get that, but here's how you can overcome it:

1) Figure out what you would pay per month if you financed it.

2) Open up a savings account. It'll ONLY be used for this purpose - once money goes in here, it doesn't come out until your savings project is finished. (With the obvious caveat that, if you have an emergency, you can tap this fund.)

3) Every month, put whatever your payment would have been into this account.

Now, instead of paying interest, you're actually earning interest. And when you're done and pull the trigger on the lights, you won't have to remember to pay anything - they'll just be paid for.

 

[Bryce M.]

If you suck at saving money how will you be able to make your monthly payments?

It's easier for me to save a couple hundred then a thousand or so

 

[Bryce M.]

I get that, but here's how you can overcome it:

1) Figure out what you would pay per month if you financed it.

2) Open up a savings account. It'll ONLY be used for this purpose - once money goes in here, it doesn't come out until your savings project is finished. (With the obvious caveat that, if you have an emergency, you can tap this fund.)

3) Every month, put whatever your payment would have been into this account.

Now, instead of paying interest, you're actually earning interest. And when you're done and pull the trigger on the lights, you won't have to remember to pay anything - they'll just be paid for.

This has been the most best comment yet

 

[Bryce M.]

I'm doing what Biokabe said, I think it's a fantastic idea
thank you all for your thoughts and knowledge, I just saw this was getting popular and decided to see if it was an option worth going with. I see it's not
I also think doing the saving would be good for saving in general. Set a monthly payment and act like I'm paying off a loan so I get the money in there and then pretend like it's gone now like I paid some off