Vendors Offering Financing - Do You Support It?

Billldg · Mar 23, 2020

I personally don't have any problem with it. The vendors are OFFERING it, nothing more. Its up to us to choose whether its the right or wrong choice based on our current situation

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squampton · Mar 23, 2020

I used financing once for an aquarium, it was 12 payments, 0% interest no finance charges of any sort promotion, why not break it up over 12 payments if the end cost is the same. I wouldn't do it at their typical interest rates though.

Hydrored · Mar 23, 2020

At 0% i see no issue with, if i had an option to buy all my equipment up front at 0% interest for 12 months I would do it. Using somebody elses money and not paying interest is great IMO

good.reef · Mar 23, 2020

I don't think it's anyone's business how someone else chooses to manage their spending, credit, or finances.

TheHarold · Mar 23, 2020

I dont think it is appropriate for people to finance a superfluous hobby like this.

Then again, vendors aren't babysitters. People can do what they want.

Cwentz758 · Mar 23, 2020

I use PayPal credit for online purchases for the aquarium. Not because I can’t afford to buy stuff just because I hate big purchases lol and PayPal credit is 0 interest if paid off within six months so of course I pay anything off before then.

CrystalMcdonald · Mar 23, 2020

I can respect both views. I think it's a good idea because we tend to get excited and want the better or best equipment and though you go in with a budget sometimes it's hard to walk away from a good deal. True story I went to my lfs Saturday spent my "so called budget" and was the first client Sunday at noon because I wanted a piece of coral that I knew would be hard to get my hands again. And not only did I buy that but also added a six line wrasse, a yellow goby, a sexy shrimp and an additional piece of coral all because it was a good deal

Greybeard · Mar 23, 2020

Vendors? Eh. Whatever makes you happy. Personally, I'd rather loose a sale, or put something on layaway for a repeat customer than send it to a high interest 3rd party.

Hobbyists? If you're putting yourself in debt in order to buy new stuff for your reef tank, you need to reexamine your priorities.

Bills are paid, family is fed and clothed, emergency fund in place, retirement plan is on track...

NOW you've got money for hobbies.

Putting off paying the utilities so that you can add a coral? QUIT IT!

PeaBrain · Mar 23, 2020

I am all for options. Who's not about options?

Hotshot163 · Mar 23, 2020

0% to spread the cost out over 6 months or a year? Nothing wrong with that at all, assuming you have food, housing, clothes, vehicles, 401k, insurance/medical, etc. covered first AND you can cover the cost fully in that window of time. No hobby is worth going into debt for. Otherwise get a system that fits within your discretionary budget, hammer the used sections out there, or save up longer until your system of choice is within reach (I am completely gun shy on financing biologicals, though). Like any other tool out there, it has to be used correctly to help you out.

MTBake · Mar 23, 2020

Doesn't bother me at all. People will spend money on what makes them happy. If buying coral makes them happy and they want to finance it, let them. Hope it all works out well for those that buy more than they can afford.

Pntbll687 · Mar 23, 2020

squampton said:
I used financing once for an aquarium, it was 12 payments, 0% interest no finance charges of any sort promotion, why not break it up over 12 payments if the end cost is the same. I wouldn't do it at their typical interest rates though.

^^^ this is what you need to find when financing

Right now I wouldn't finance. But maybe when I finally break down and buy good lighting for my 180, I'll probably finance it.

Scotty Buttons · Mar 23, 2020

People finance all sorts of stuff they don't really need. The only thing in life I've financed is my house. I personally don't care how other people use their credit.

Slim64684 · Mar 23, 2020

Copingwithpods said:
I'm split

On one hand I do believe if you need to finance anything in this hobby you need to seriously reevaluate your priorities. Excuses like something broke and I didn't have the money for it just underline the existing problem of scraping by and getting into a very expensive hobby one your wallet is telling you you can't afford. If you cannot immediately replace a broken piece of equipment without a loan you are living above your means.

How is this any different than saving for equipment and buying it. I just bout new lights for my tank, I had to save to do it. Now say I make a stupid mistake and dunk one in the tank and blow it up, no manufacturer is going to warranty it. At the same time spending another $500 for lights is out of my budget.

Not saying you ment it this way, but by my understanding of your logic I shouldn't be in the hobby.

Everyone's financial situation is different. I would go as far as to say 95% of everyone's financial situation is fluid to some extent. That's not to say that % of us that save to make purchases shouldn't be in the hobby solely because we cant go and buy a replacement for something at the drop of a hat.

Again sorry if I misinterpreted your comment, was just how it came off to me.

Sisterlimonpot · Mar 23, 2020

I would have to take a big step back and assess the situation before I finance something (or put it on a credit card) for this hobby.

Honestly, I would seriously consider breaking everything down if I was in the position.

I remember when I first started and I wanted a particular piece of equipment, I would do odd jobs and save up for it.

That's just me though, I have financial priorities and this hobby (although it consumes a lot of my time) isn't one of them.

Rabidgoose · Mar 23, 2020

As with most things I believe you should have a budget. If you want to spend your "hobby" budget on an installment plan for a piece of eqipment/fish for your tank, by all means, do so. I have seen some offers at 0% interest, I see know problem with these sorts of deals. I will make the monthly payment and leave the remainder of the money in my bank account. Interesting thread....it seems almost a tad condescending, but I am confident that hasn't been the intention. As an old retired "OK Boomer" I would say you can tell me how to spend my money when you start paying my bills.

chuck

Jedi Knghit · Mar 23, 2020

Slim64684 said:
How is this any different than saving for equipment and buying it. I just bout new lights for my tank, I had to save to do it. Now say I make a stupid mistake and dunk one in the tank and blow it up, no manufacturer is going to warranty it. At the same time spending another $500 for lights is out of my budget.

Not saying you ment it this way, but by my understanding of your logic I shouldn't be in the hobby.

Everyone's financial situation is different. I would go as far as to say 95% of everyone's financial situation is fluid to some extent. That's not to say that % of us that save to make purchases shouldn't be in the hobby solely because we cant go and buy a replacement for something at the drop of a hat.

Again sorry if I misinterpreted your comment, was just how it came off to me.

This topic is a matter of option and some will find my opinion offensive. I do not presume to know what Copingwithpods meant, but I would absolutely say you should not be in an expensive hobby if you cannot afford to replace an expensive component at the drop of a hat.

If you cannot, you have little to no savings and will be in a dire financial situation when the next emergency occurs. You never know what the future holds and that next illness, expensive car or home repair, job loss, or combination of them may be right around the corner.

Again, this is just my opinion, live your life as you see fit. However, don't be like my parents and run to family members for money on a monthly basis when that next "emergency" occurs because you lived outside of your means.

Wtyson254 · Mar 23, 2020

If they are offering 0% interest financing, I see nothing wrong with it, especially if you are buying a very large purchase (such as starting a new tank). I think where people get into trouble is when they agree to financing with interest.

torresj36 · Mar 23, 2020

At 0% interest why wouldn't I finance, keep my money in the bank making some interest money for me and allow me to keep more emergency funds readily available if needed. At high interest then don't touch the loan, save and pay outright. When you think about it many of us pay monthly for our phones. That is 0% financing there.

naterealbig · Mar 23, 2020

ddrueckh said:
With more and more vendors offering financing, do you think it's good or bad for the hobby? I feel people shouldn't be spending money they don't have on their aquariums. This is just a hobby after all. What do you think?

I wouldn't use it. I also don't think it's my business to decide how other people should spend their money.