Financing equipment

Benjamin Hill · December 31st, 2007, 07:54 AM

Quote:

Originally Posted by Terry Lee

Interest rates :(

The word "finance" usually implies some kind of interest.

Chris Davis · January 2nd, 2008, 08:25 AM

Quote:

Originally Posted by Terry Lee

Interest rates :(

Financing through a dealer will typically mean interest rates as high or higher than a credit card. There is no way you are going to avoid paying interest.

What I'm going to say next may sound offensive, but it's not meant to be: Considering your apparent naiveté in regards to financing and borrowing, you probably have a low (or no) credit score. As a first time borrower, you are probably going to pay the maximum interest rate, no matter what credit vehicle you use.

You would be better off to avoid debt altogether. Just get some extra hours at work, get an extra job, sell some stuff, do whatever you can to get the cash together and buy a reasonable used camera. Take advantage of that situation rather than being taken advantage of by creditors.

Jamie Baughman · January 2nd, 2008, 01:40 PM

When I first started in video, I got a gig doing legal video. I bought a bunch of equipment on credit and found that, even though I did make a nice grip of cash pretty fast using the equipment, I used that cash for my living expenses for my family and I...not paying off the gear like I previously planned.

In the short term, I thought I'd just let the credit hang for a few months while I got my feet under me, but those few months lagged and I'm still paying off the equipment.

I'd echo previous comments advising to do whatever possible to avoid buying gear on credit unless you have a deal in hand for enough work where you're SURE you can pay it off with a gig or two.

So many good cams on the boards here for sale used and for great deals. Maybe a good way to get your hands on some good quality stuff for a good rate.

Boyd Ostroff · January 2nd, 2008, 06:05 PM

Terry, I think Chris and Jamie are giving you good advice. Since you're just starting out, scale back you expectations for a camera and buy something you can afford with CASH. There really aren't any free lunches, and it's very easy to get in trouble with credit. Just look at the disaster unfolding in the housing market where people bought houses they couldn't afford.

January 2nd, 2008, 01:40 PM	#18
Jamie Baughman Regular Crew Join Date: Nov 2005 Location: San Francisco, CA Posts: 180	When I first started in video, I got a gig doing legal video. I bought a bunch of equipment on credit and found that, even though I did make a nice grip of cash pretty fast using the equipment, I used that cash for my living expenses for my family and I...not paying off the gear like I previously planned. In the short term, I thought I'd just let the credit hang for a few months while I got my feet under me, but those few months lagged and I'm still paying off the equipment. I'd echo previous comments advising to do whatever possible to avoid buying gear on credit unless you have a deal in hand for enough work where you're SURE you can pay it off with a gig or two. So many good cams on the boards here for sale used and for great deals. Maybe a good way to get your hands on some good quality stuff for a good rate. __________________ Jamie Baughman

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January 2nd, 2008, 06:05 PM	#19
Boyd Ostroff Wrangler Join Date: Dec 2002 Location: Mays Landing, NJ Posts: 11,794	Terry, I think Chris and Jamie are giving you good advice. Since you're just starting out, scale back you expectations for a camera and buy something you can afford with CASH. There really aren't any free lunches, and it's very easy to get in trouble with credit. Just look at the disaster unfolding in the housing market where people bought houses they couldn't afford.