jmichaelh7
2500 Club Member
Has anyone ever thought about financing their Big dream tank?
What site did you go through?
Mixed opinions welcomed!
What site did you go through?
Mixed opinions welcomed!
Financing dream tank
- Thread starter jmichaelh7
- Start date
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dank reefer
IG: dankreefer_IG
Many have financed there dream tanks out in the community and it boils down to how you go about financing it. Affirm and other are offered straight from the site and it's a click away. In the other hand what would be better off in the long run for your credit, is to get a credit card and use it to pay for the tank, and just pay off the credit card. Your financing it and also affects your credit score in a positive way. If you have some money saved up but not the while amount for the tank, then just make a nice chunk payment to the CC give you a nice buffer.
At the end of the day it's going to boil down to commitment on all fronts to make your Dream Tank come to a reality.
Happy Reefing
At the end of the day it's going to boil down to commitment on all fronts to make your Dream Tank come to a reality.
Happy Reefing
OP
OP
jmichaelh7
2500 Club Member
Thank you for the honest opinion
Yes this is a much better option then using those financing sites on BRS.
I get this question a lot, how does a 21 year old college student build a massive 500+ gallon top of the line system like mine? Well the easy answer is I had a massive coral sale in December and took the $20k I made and bought all my equipment with it. I don’t take money out of reefing money I use that money to buy whatever I need from supply’s or coral with it. There are times I do put money into reefing money. High end Corals are investments, you just gotta keep them alive!
dank reefer
IG: dankreefer_IG
You're welcome!
Nick Steele
2500 Club Member
when I do my dream tank (400G 8’x3’x30”) I will most likely but it onto credit cards for the piece of mind in disputes etc. but we will have a good chunk of the money to start with. Planning on like 20k to get the tank up and running without livestock.
mrlavalamp
Well-Known Member
With credit card interest what it is, why would you spend so much extra to finance something.
If you can swing it interest free, then not such a big deal I guess, but paying 20% interest is going to eat up a lot of your reefing money.
I say avoid financing and the interest costs associated wherever possible and go slower. Depending how you start your tank you don't really need every single piece of equipment on day one. Much of those costs can be spread across weeks and months as your tank cycles.
If you can swing it interest free, then not such a big deal I guess, but paying 20% interest is going to eat up a lot of your reefing money.
I say avoid financing and the interest costs associated wherever possible and go slower. Depending how you start your tank you don't really need every single piece of equipment on day one. Much of those costs can be spread across weeks and months as your tank cycles.
Lost in the Sauce
BANGERANG!!!!
@dank reefer hit it spot on.
Even if you can pay cash on something, There are times it makes sense to put it on the credit card. I have okay credit, would be outstanding but I don't use credit much. Save pay in cash, repeat. Although it seems like the responsible thing to do, it's really hard to build up good credit doing that.
Even if you can pay cash on something, There are times it makes sense to put it on the credit card. I have okay credit, would be outstanding but I don't use credit much. Save pay in cash, repeat. Although it seems like the responsible thing to do, it's really hard to build up good credit doing that.
littlebigreef
Valuable Member
With these types of questions my first response is always: “what is your dream/ what are your goals?’ Do you want a large system because you’re planning on keeping sharks, rays, a school of naso tangs? Or do you just want a very large aquarium for effect and you eventually plan to fill it with corals?
Reason I ask is because (in the words of a reefer buddy) “it’s not the glass that kills you (or your wallet).” If financing the tank alone is a major financial consideration then you ought to consider all the auxiliary costs and then carrying and stocking costs- what that will all look like? As was pointed out selling frags is a good way to go if you’re playing the long game. In many respects it’s a good litmus test to ‘work your way up’ to your dream tank. You develop the skill sets, and also the coral colonies, you’ll need to execute your vision.
I realize this is a side bar to the general question of ‘how to finance’ but what the OP should avoid is a partially executed dream tank.
Reason I ask is because (in the words of a reefer buddy) “it’s not the glass that kills you (or your wallet).” If financing the tank alone is a major financial consideration then you ought to consider all the auxiliary costs and then carrying and stocking costs- what that will all look like? As was pointed out selling frags is a good way to go if you’re playing the long game. In many respects it’s a good litmus test to ‘work your way up’ to your dream tank. You develop the skill sets, and also the coral colonies, you’ll need to execute your vision.
I realize this is a side bar to the general question of ‘how to finance’ but what the OP should avoid is a partially executed dream tank.
ZoWhat
10K Club member
Honestly, if you're not afraid of working..... if you drive DoorDash from 5-10pm (dinner time), you can make:
Weekdays $100-$150/night
Fri/Sat $150-$200/night
Even part-time you can easily make $2,000+/month
At that rate, if you put 90% towards saving for a 'dream tank', you can practically can get anything you want in a few months WITHOUT INTEREST....So that $10k setup doesn't cost you $15k
.
Weekdays $100-$150/night
Fri/Sat $150-$200/night
Even part-time you can easily make $2,000+/month
At that rate, if you put 90% towards saving for a 'dream tank', you can practically can get anything you want in a few months WITHOUT INTEREST....So that $10k setup doesn't cost you $15k
.
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mdb_talon
2500 Club Member
Depends on the individual, but personally a dream tank is not something i would even consider financing. I figure paying interest is just cutting into how much i can spend on the tank. May mean i have to do it slowly, but worth it for me.
PeterC99
Solarbenchmark.com
Do not recommend building your dream tank with Outstanding balances on your credit card. The interest rates are way too high! You would be much better off with home equity loan which might also have tax benefits. Depending on how much you spend, This method can save you thousands of dollars in interest!
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OP
OP
jmichaelh7
2500 Club Member
Thank you
Biokabe
Valuable Member
Don't take out a loan for a hobby.
Just... don't.
If you can't afford to build your dream tank without getting financed, then you can't afford your dream tank. If you want to put parts of it on your credit card for the sake of building credit (and pay off those parts immediately to avoid interest), that is fine. But if you don't have the cash on hand to put together what you want, then you need to either save longer or redefine what your dream tank is.
There are times when taking out a loan is justifiable. Buying a house - an appreciating asset - is certainly one of them. Buying a car - an often necessary accessory to facilitate working and day-to-day living - is likewise a generally OK idea. Taking out a loan to start a business - something which should ultimately bring in more money than the cost of the loan - is also generally a not-bad idea.
But taking out a loan for what is ultimately something for your enjoyment is an exercise in futility. If your financial situation changes, you're still on the hook for the balance of the loan, but instead of having something that you can use to pay off the loan (selling the house, finding a job with your car, or growing your business) you just have... a fish tank that you'll be lucky to get 50% back on your initial investment. It's not worth it.
If you pay cash, yes, you'll be out a much larger sum, but you won't be out anything beyond that, and you won't have any future obligations that could cause issues down the line.
If you disregard my advice here and still want to finance your dream tank, at the very least do as @PeterC99 says and use a home equity loan or something else similar that won't cost you an arm and a leg in interest payments. Affirm and other instant-credit options should only be used when you can get 0% interest and have the ability to pay off the entirety of the balance if push comes to shove.
Just... don't.
If you can't afford to build your dream tank without getting financed, then you can't afford your dream tank. If you want to put parts of it on your credit card for the sake of building credit (and pay off those parts immediately to avoid interest), that is fine. But if you don't have the cash on hand to put together what you want, then you need to either save longer or redefine what your dream tank is.
There are times when taking out a loan is justifiable. Buying a house - an appreciating asset - is certainly one of them. Buying a car - an often necessary accessory to facilitate working and day-to-day living - is likewise a generally OK idea. Taking out a loan to start a business - something which should ultimately bring in more money than the cost of the loan - is also generally a not-bad idea.
But taking out a loan for what is ultimately something for your enjoyment is an exercise in futility. If your financial situation changes, you're still on the hook for the balance of the loan, but instead of having something that you can use to pay off the loan (selling the house, finding a job with your car, or growing your business) you just have... a fish tank that you'll be lucky to get 50% back on your initial investment. It's not worth it.
If you pay cash, yes, you'll be out a much larger sum, but you won't be out anything beyond that, and you won't have any future obligations that could cause issues down the line.
If you disregard my advice here and still want to finance your dream tank, at the very least do as @PeterC99 says and use a home equity loan or something else similar that won't cost you an arm and a leg in interest payments. Affirm and other instant-credit options should only be used when you can get 0% interest and have the ability to pay off the entirety of the balance if push comes to shove.
PeterC99
Solarbenchmark.com
Very wise advice!
OP
OP
jmichaelh7
2500 Club Member
