What are the coral sellers that offer financing, and have any of you guys used that option?

[Daniel@R2R]

I've noticed some coral vendors have even started offering financing options (which IMO is actually pretty cool when there's a same as cash kind of option). Who are some vendors you know who offer this? How many of you guys have used that? What's been your experience?

EDIT TO CLARIFY (this is from post #14): I will say that I FULLY agree that if you can't afford something, you shouldn't buy it. That said, if I can finance something for 0% over 4-6 payments and it makes more sense than paying cash up front, I do use that option as a personal finance strategy. That's what I was thinking about bc I've seen those options floating around. I'm the kind of person to use points and cash back systems on credit cards and pay them out every month, so leveraging is something that interests me. However, I'm in full agreement that you shouldn't pay high interest or go into perpetual debt for a hobby.

 

[elorablue]

Lol hahaha! Financing coral!! Lolololololol ! Omg! Hahaha!

umm no I haven’t.

 

[Epic Aquaculture]

I would say that if you have to finance your coral, maybe you should re-evaluate your spending habits. That being said I have not done it.

 

[Darren in Tacoma]

Another way to buy something you don't need and can't afford. Probably be disappointed when you get it in the mail anyway.

 

[DivingTheWorld]

I would never finance a hobby.

 

[Tamberav]

Coral prices getting so high... probably why it is an option now...

But heck no, I wouldn't.

 

[monkeyCmonkeyDo]

If it does it would be a big disappointment.
D

 

[terraincognita]

I think this is great for a complete system. Like sometimes Coral Vendors also have contracts with Red Sea or another company, and I'm sure they have financing plans they got for them specifically but no reason you couldn't use it on coral.

I'd do this for say a $10,000 Aquarium complete system with all lights and coral and rock etc with a set up in my house. I'd gladly break that up into payments even if I had the cash on hand. a same as cash option for something like that for 6-12 months would be great. IF I could throw my entire live stock in with the payment why the hell not?

That's the only situation however I see this being healthy any situation I think of going into debt for livestock is a bad idea. but I always favor financing for larger purchases if there's no interest or penalties etc added.

 

[flashsmith]

The first thing I learned about owning a business and financing equipment is at 0% to 2% it's a no brainer. It's always best best to play with someone else's money. Nothing wrong with using affirm or any other service for short term financing. What do you think you are doing by using a credit card? Tying up cash and credit by putting it on a card. Most people even with the best intentions never pay their card off every month. I prefer short term financing over using a CC. Most if not all of them soft pull and purchases and balances never show on your report. Knock it all you want though ..

 

[monkeyCmonkeyDo]

Dies* not does stupid autocorrect

 

[Pico bam]

As long as the payments have a low to no apr, why not? Keep the money in your portfolio. lol financing would be a genius way to sell me coral. Anybody?

 

[Daniel@R2R]

The first thing I learned about owning a business and financing equipment is at 0% to 2% it's a no brainer. It's always best best to play with someone else's money. Nothing wrong with using affirm or any other service for short term financing. What do you think you are doing by using a credit card? Tying up cash and credit by putting it on a card. Most people even with the best intentions never pay their card off every month. I prefer short term financing over using a CC. Most if not all of them soft pull and purchases and balances never show on your report. Knock it all you want though ..

See this was kind of my thought. I was hoping people would talk about experiences, but instead I got a lot of pushback. Oops!

 

[Tamberav]

I pay my CC off every month and put just about everything on it cuz it pays me 2% cashback or 5% in other categories depending on the card. I like it.

This thread was about financing coral and not aquariums. Maybe I just don't spend amount needed on coral to even make me consider it.

 

[Daniel@R2R]

Btw, I will say that I FULLY agree that if you can't afford something, you shouldn't buy it. That said, if I can finance something for 0% over 4-6 payments and it makes more sense than paying cash up front, I do use that option as a personal finance strategy. That's what I was thinking about bc I've seen those options floating around. I'm the kind of person to use points and cash back systems on credit cards and pay them out every month, so leveraging is something that interests me. However, I'm in full agreement that you shouldn't pay high interest or go into perpetual debt for a hobby.

 

[flashsmith]

Pretty sure BRS and others have offered 0% with affirm before. Also the option if breaking up payments over 4 to 6 months with zero interest is a great way to hide purchases from the wife if you need to. Not just for corals . I have about a dozen rod and reel combos that have never been on the boat thanks to 0% pay over time offers.. Now if only I could find an online liquor store that offered pay over time...

 

[RMS18]

lol I have never seen this before.. if you have to fiance corals you need to check in with your priorities in life.. this hobby may not be for you. As it it Americans fiance more than they should on things they shouldn't. But to each his own.

 

[DonTavo27]

Sounds Dangerous! Lol

 

[Snookin]

People going to be paying for corals they killed 4 months ago. The turnover rate is already high in this industry with people knowing they burned past tense cash. When they see they are making payments on skeletons this will increase early exits

 

[flashsmith]

It's kind of like say rooms to go offering 0% for 60 months so you can buy 6k worth of furniture for $100 a month. Sounds crazy. Who wouldn't do that if they needed a house full of furnishings? Truth is they make a killing on defaults. That's why they happily offer that to almost everyone who walks through the door.

 

[dwair]

I"m all for financing aquariums, but living things that in this hobby die ALOT especially to newer reefers, I'm strongly opposed.