Financing equipment
 

Hello everyone,

I am looking to purchase a Sony Z1u soon but am having trouble finding the best route to finance it. I have been looking into "rent-to-own" but have really had no experience in doing so. I found a site that does rent-to-own but not for the Z1u. Anyone have any good experiences with any certain dealer or perhaps have a good suggestion?

Thank you!
-Terry Lee.

Financing Equipment
 

Hi,

B & H Photo will sell you the unit at a competitive price and offers their "Bill Me Later" option (listed on their website accompanying product information).

This provides basic 6 months financing, with no interest charges during that period, provided the full amount is settled at the end of the 6 months. Only a basic credit check is required, and completed over the phone with B & H in less than 3 minutes.

Good Luck,

John

Thanks John.

Thats good because I like B&H and they seam to have a very well recognized reputation in film production and broadcasting. Their prices are very good considering the options available.

"Rent-to-Own" will typically cost you the most, and in my opinion is so bad I would never consider it.

Credit card offers with introductory rates of 3.9%, 1.9%, 0% abound. If you're so keen on borrowing to get the camera, why not go that route?

I believe the best option is to simply rent the equipment you need until you have saved enough cash to buy. Then buy used if possible.

The B&H option sounds good if you can pay it off in 6 months. I have used a 0% credit card in the past. I think I had 12 months to pay it off.

Terry,

I live in Louisville and we rent out our Z1U's. Shoot me an email if you are interested.

Thanks
Tim

you got the credit card through B&H?

Do you have a studio or business in Louisville?

We had a retail store for a while, but we were never there since we were always out of town shooting. Now we just work out of our house!

Hi Terry
i bought a Fx1 direct from sony on line before i bought my JVC 110 from B&H
Sony will finance their own cameras.
the only problem is you pay full price

Just a thought
Joe

Haha, well what better reason!

I will certainly keep you in mind once I began shooting on a higher scale. Right now I am simply trying to learn the tricks of the trade. Without first obtaining a camera, I won't be able to do that. And of corse without the ability to finance the equipment, I am stuck window shopping for now. Once I am more comfortable with everything, I am certain I will have to call upon local cinematographers for assistance. As I have learned, no single person can create a quality film, it will take a crew. I will of corse need a sound person, lighting expert, compositing/editor along with additional cameras. Once the time comes, I will keep the offer in mind. Do you have a business card or contact information available so that I can contact you?

So if you finance through Sony, there is a payment plan available?

Another option is a business equipment loan from your bank. Most of them will set up a line of credit for you to use for equipment purchases. If the LoC is for less than a certain amount (say $100k) then to approval process is usually somewhat simpler. It's likely you'll have other needs so go ahead and get approved for everything you might need. Debt sucks, so keep the term short and only borrow when it's really justified, i.e. you have paying gigs and the equipment is needed to help you make money.

What's wrong with the old credit card?

Interest rates :(

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

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.

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.

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.