Afirm financing

[DarkSky]

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

People grow beautiful tanks with black box LEDs. The amount you spend on your lighting won't make much of a difference.

 

[VA5]

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

Just because lights are cheaper does not mean they are "crap". I currently run 4 radon pros but have used asian knock offs in the past that worked pretty well. I saw a thread not too long ago on what companies are good (maybe someone can link it).
Sorry if this was said in thread but also depending on what you are growing the stronger light may not be needed.

 

[Bryce M.]

Quick question also, what are you lighting, how old is the tank, tank info. You may not even need a high end light for a while.

Not taking position on stocks other than what happens to me

This is a brand new 150 gal mixed reef though LPS dominant with SPS. I'm upgrading my 60 gal

 

[Bryce M.]

What have I done?

 

[Biokabe]

What have I done?

Nothing bad, forum threads just sometimes go off the rails a little. No harm, no foul. =)

What are the dimensions on your 150g?

 

[Bryce M.]

Nothing bad, forum threads just sometimes go off the rails a little. No harm, no foul. =)

What are the dimensions on your 150g?

81 inches long and 2 tall, don't remember how wide, I think 1.5 feet

 

[vetteguy53081]

To add as there are many mixed feelings with financing through companies such as Affirm - this should be intended as in my case to be a short term and not full contract method of acquisition.
An example is my skimmer. I bought the giant reef octopus to accommodate my new tank. It was on sale at 15% off making it $694 instead of $849.
I took the 12 month option at $66 per month but paid $150/mo for under 5 months and have it paid and saved a bunch of interest. This happened also at a time vAcation was forthcoming and I didn’t want to use my card or cash.
Worked out well for me in this case.

 

[siggy]

Finance or cash its a personal choice

 

[Bryce M.]

Finance or cash its a personal choice

yup, thats how I feel about it

 

[siggy]

I wonder when we will be able to LEASE reefing equipment :p the cost is astronomical. I just got a new lease and a new Ram was almost what I paid for my first house. To purchase was almost 800 a month. Off topic but relevant ;Wacky

 

[Bryce M.]

I wonder when we will be able to LEASE reefing equipment :p the cost is astronomical. I just got a new lease and a new Ram was almost what I paid for my first house. To purchase was almost 800 a month. Off topic but relevant ;Wacky

Sometimes some of our reef equipment seems like this

 

[Mastiffsrule]

Since were off topic on cars, this always kills me. I’m special, I have a Lexus (I actually do). Oh, you have a Chevrolet. Isn’t that nice.

Not exact comparison but still..

 

[BlindGirlReefing]

Very straightforward company. Applying is a soft pull on credit score. They will give you all the info before you commit to buy so you can back out if you don't like the rates and/or terms. I've always been offered a 0% rate so it beats the heck out of a credit card. No penalty for paying off early. Used them to buy a wine chiller....no regrets at all.

 

[codycolina707]

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.

Ya but if you have a bank like me they charge 12 bucks a month for a savings account unless you have 3500 in it so even a 1000 dollar purchase at 20% apr would still be cheaper than trying to save it in my bank account

 

[reefwiser]

There are so many used lights for sell all the time. There are good deals out there.

 

[piranhaman00]

In my opinion, you should just sign up for a new credit card. They almost all have an intro 0%APR for 12-18 months sometimes. You can just make minimum payments each month and there is no interest. Just did this for a dental implant!

 

[Brian_68]

On BRS Afirm says interest from 10 - 30% APR. Now that is highway robbery and predatory. Seems like there are a few better options, or many.......

 

[Biokabe]

Ya but if you have a bank like me they charge 12 bucks a month for a savings account unless you have 3500 in it so even a 1000 dollar purchase at 20% apr would still be cheaper than trying to save it in my bank account

So shop around for a new bank that doesn't charge that. Credit unions are usually pretty favorable - my credit union has no fees regardless of anything. You don't have to bank with a big national bank, and you honestly probably shouldn't unless they provide something that you can't get through a local credit union.

 

[damselindistress]

An additional thing to keep in mind - borrowing money from a finance company (Afirm and others) no matter the amount, no matter the term, no matter if you pay on time or early will have a negative impact on your credit score. The credit bureaus view finance company loans as high risk lenders that are used often times when people are in a crunch or are making a purchase outside their means. Not saying anything bad against finance companies or anyone that uses them, I have at times used them if the deal was sweet enough - but be aware if you are a person that's working to build credit this can have the opposite effect you are working for.

Before anyone gets keyboard happy - I've been a loan officer for 22+ years, consumer lending, mortgages, construction and commercial lending. I've pulled literally thousands of credit reports. I don't know much in this world but what little I do know, I know well ;Clown lol. I've seen many first time borrowers come in to the bank who - thinking they've done the right things to build credit - are crushed when their scores come back low even when they've been making timely payments over a significant period of time to a finance company (because with limited credit history that's the only place that would approve them). Just be aware:). Knowledge=power.

 

[siggy]

The credit bureaus view finance company loans as high risk

Did not know

There are so many used lights for sell all the time. There are good deals out there.

I will be posting 2 360's, controller and ap mounts 2.5 YO=500