What are the coral sellers that offer financing, and have any of you guys used that option?
- Thread starter Daniel@R2R
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Hallelujah brother! I think I got almost 2k in my TREX 600 XN after all the upgrades. I am a way better reefer than flyer too it scares the crap out of me sometimes when I come in hot. Can’t beat that nitro Heli rush though. I stick to foamies for my planes and jets though. Way to cocky on the stick with my planes. Plus Gorilla glue is like liquid EPO foam and I can put the worst crashes back together again…I really hope you where talking about RC and not real planes. I would look dumb. That’s another dumb thing to finance . Maybe even dumber than the corals. I can and have killed a plane in record time.
Wick3d_1
Active Member
Corals? That's gonna be a no for me, dawg. Just because I'm not financing a living creature that at any point in time could become a non living creature. In this hobby too much dies way too quickly. And I feel like watching a coral i still own money on die is a whole new level of suck. No thanks. We did finance our lights because we wanted the credit boost. They were paid off fairly quickly.
flashsmith
Valuable Member
This entire hobby is ridiculously expensive and you have zero chance of getting any kind of return if you decide you have had enough and sell out. That $2,000 dollar 1 year old tank will get you $500 back if you are lucky. I too don't understand the elitist attitude I'm seeing here. Did you work for that money someone else spent? It's not what you spend but how much are you willing to lose or waste in this hobby. Nobody comes out ahead..
ClownWrangler
Well-Known Member
To remain objective, I am not going to say people should or shouldn't do this. I will simply point out what it may lead to, good bad or indifferent.
Any time the government lowers interest rates on mortgages to make housing "more affordable", the demand for housing goes up and the market responds by increasing prices. The same thing happens with college loans. The more easy it is to get loans, the more people can afford to spend and the market responds with increased tuition across the board. This harms people who normally save up for college and to buy a house. (I know this because I went that rout for both) This makes housing and college less affordable for everyone in the long run and eventually leads to going into debt becoming the only option for larger groups of people. The same can happen to this hobby. Not saying it will. But the shoe fits.
Any time the government lowers interest rates on mortgages to make housing "more affordable", the demand for housing goes up and the market responds by increasing prices. The same thing happens with college loans. The more easy it is to get loans, the more people can afford to spend and the market responds with increased tuition across the board. This harms people who normally save up for college and to buy a house. (I know this because I went that rout for both) This makes housing and college less affordable for everyone in the long run and eventually leads to going into debt becoming the only option for larger groups of people. The same can happen to this hobby. Not saying it will. But the shoe fits.
OneSockERock
Community Member
I saw the option when I was cruising one of the recent livesales and felt it was a little bit predatory to reel in those newbie impulse buyers. It's cool that it's there if you want it, but it's just not for me though.
I would never finance a coral purchase. That mostly comes from the fact that I would never buy a piece of coral I couldn't afford to lose. I treat this hobby as a blackhole of disposable income for my enjoyment. I'm not out here looking for a return on an investment, which I feel like the super high end pieces are at least partially marketed as. Not to mention that the concept of continuing to make payments on a dead coral makes me cringe considering how many I killed in my first years.
But hey, if someone feels it's a good option for themselves, more power to them. It doesn't affect me in any way.
I would never finance a coral purchase. That mostly comes from the fact that I would never buy a piece of coral I couldn't afford to lose. I treat this hobby as a blackhole of disposable income for my enjoyment. I'm not out here looking for a return on an investment, which I feel like the super high end pieces are at least partially marketed as. Not to mention that the concept of continuing to make payments on a dead coral makes me cringe considering how many I killed in my first years.
But hey, if someone feels it's a good option for themselves, more power to them. It doesn't affect me in any way.
Id USE it. The best leverage you could possibly have is 850 credit score when you need it.
I do use my credit cards when I buy corals. I try to use a different one every time. I never make a credit card purchase that I can't pay off same day most of the time.
Earn cash back and jack my credit score in process. No brainer
I do use my credit cards when I buy corals. I try to use a different one every time. I never make a credit card purchase that I can't pay off same day most of the time.
Earn cash back and jack my credit score in process. No brainer
Snookin
Well-Known Member
It could have an effect on you in terms of coral prices from online vendors. If low/no interest financing options are available it could result in an increase in demand for corals from a larger pool of consumers. If that occurs, the online vendors will continue to raise their pricing. Low interest rates have traditionally increased demand and in turn increased prices. Basic economics
A tank, skimmer, pumps, lights, no interest for whatever? Yeah, okay.
A fish or coral that can get ich, flukes, velvet, brown jelly, or fried by the unpaid new lights, and then leave me paying 6 or 12 months in memory of ???
Nah!!!
When the Fish or Coral vendor extends their warranty period for as long as the loan ask me again.
A fish or coral that can get ich, flukes, velvet, brown jelly, or fried by the unpaid new lights, and then leave me paying 6 or 12 months in memory of ???
Nah!!!
When the Fish or Coral vendor extends their warranty period for as long as the loan ask me again.
Hardware has a warranty and chances are that if something should go wrong within 6-12 months it'll be covered and you don't lose your investment.
Livestock has a 7 day if you're lucky guarantee so if it dies and you owe you still pay. Kinda like paying your bookie for the sure thing you betted on and lost?
Extended payments make it easier for people to 'Afford' things they wouldn't normally have the cash for. Perfect example,Cars. Loans are up to 84 months. That's 7 years paying for a car! But we like it and want it so 7 years...
So we buy a $1500.00 coral and as luck would have it, it croaks. For the next 6 months you'll be paying for that coral that you really couldn't afford but bought on credit and don't have a thing to show for it but your spouse yelling at ya every time the credit card bill comes. Just my .02...
Livestock has a 7 day if you're lucky guarantee so if it dies and you owe you still pay. Kinda like paying your bookie for the sure thing you betted on and lost?
Extended payments make it easier for people to 'Afford' things they wouldn't normally have the cash for. Perfect example,Cars. Loans are up to 84 months. That's 7 years paying for a car! But we like it and want it so 7 years...
So we buy a $1500.00 coral and as luck would have it, it croaks. For the next 6 months you'll be paying for that coral that you really couldn't afford but bought on credit and don't have a thing to show for it but your spouse yelling at ya every time the credit card bill comes. Just my .02...
Wait!!! Here's a life saver. I really want a Yellow Tang but $500.00?! Here comes the car salesman, er , I meant the fish seller...." You can have it for 12 easy payments of $41.66."
Well doesn't that just fix everything???
Well doesn't that just fix everything???
Snookin
Well-Known Member
Hardware: A more longterm investment in the hobby with equipment lasting several years backed by longer term warranties. There are also a lot more sources to buy dry good from keeping prices more stable. MAP policies help this too.
Livestock: It’s a live animal….it can die at any time, pricing can’t be controlled with MAP policies, not as many sources to buy limit competition and drive price increases, designer “rare” corals and other marketing ploys to differentiate costs occur. The prices of corals are more subjective and financing something that could die tomorrow isn’t the same as investing in quality hardware.
GHOSTLY
2500 Club Member
My good friend that I won't name allows me to pay a bit by bit
smoleral
New Member
As a central FL resident I am lucky enough to live 20 minutes away from @WWC , and they let you finance basically anything you want, and I strongly support it. I’m someone who makes enough money to afford everything in the hobby upfront, but I choose the finance option every time. Personally I think it’s a remarkable option… it allows you to get a tank started with great equipment and stock it quickly without breaking the bank all at once. A lot of people here are hating on or laughing at the thought of financing the hobby, but think for a minute about how expensive the hobby has become - so much so that it’s the $$$ that’s preventing new people from joining this wonderful community, people who are interested but simply can’t afford it. I agree that taking on debt is a bad thing if you are in financial trouble, and this is the last thing you should be spending on if that’s the case. But for people who make a decent living but don’t want to go $10K in the hole overnight, financing is opening the door for so many new hobbyists. And from a business perspective, the competitive advantage is genius… the companies that provide this are rising to the top of the food chain.
smoleral
New Member
As a central FL resident I am lucky enough to live 20 minutes away from @WWC , and they let you finance basically anything you want, and I strongly support it. I’m someone who makes enough money to afford everything in the hobby upfront, but I choose the finance option every time. Personally I think it’s a remarkable option… it allows you to get a tank started with great equipment and stock it quickly without breaking the bank all at once. A lot of people here are hating on or laughing at the thought of financing the hobby, but think for a minute about how expensive the hobby has become - so much so that it’s the $$$ that’s preventing new people from joining this wonderful community, people who are interested but simply can’t afford it. I agree that taking on debt is a bad thing if you are in financial trouble, and this is the last thing you should be spending on if that’s the case. But for people who make a decent living but don’t want to go $10K in the hole overnight, financing is opening the door for so many new hobbyists. And from a business perspective, the competitive advantage is genius… the companies that provide this are rising to the top of the food chain.
I‘m talking about the fly you somewhere kind that cost ~$100 an hour to operate. But RCs aren’t cheap either.
jeffrey holloway
Active Member
I stopped giving out full payments for online products years ago. I rather keep money and pay at a low to 0 percent interest. In the old days we called it Lay A Way. With todays rates if its under 2K I pay cash. I think it an insult to tell some how to spend their money.
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