Tank financing

FishDaddy1992 · Feb 16, 2023

Has anyone done tank financing through, lets say Waterbox, and what was your experience?

ZoWhat · Feb 16, 2023

When it comes to tank financing... think outside the box

MoshJosh · Feb 16, 2023

2nd mortgage is always an option.

But for real I think most the "financing" options online are just online credit cards. They usually try to get you with 0% interest for X amount of months (Hoping you wont pay it off in time so you have to pay tons of interested and a bunch of fees too. . . probably). Assuming the financial company is legit, and assuming you completely pay for the tank in a given amount of time it's probably fine. May affect your credit though?

Saving up the cash is probably the better option, or using your existing credit card may even be a better option (depending on your company, interest rate, perks, etc. . .)

Keep in mind I am just some random guy on the internet haha

FishDaddy1992 · Feb 16, 2023

MoshJosh said:
2nd mortgage is always an option.

But for real I think most the "financing" options online are just online credit cards. They usually try to get you with 0% interest for X amount of months (Hoping you wont pay it off in time so you have to pay tons of interested and a bunch of fees too. . . probably). Assuming the financial company is legit, and assuming you completely pay for the tank in a given amount of time it's probably fine. May affect your credit though?

Saving up the cash is probably the better option, or using your existing credit card may even be a better option (depending on your company, interest rate, perks, etc. . .)

Keep in mind I am just some random guy on the internet haha

My credit card sucks. Like 20% interest rate and 0 perks but I can't get rid of it as it will affect my credit score and might affect my bar admission. Appreciate the feedback though.

hoffmeyerz · Feb 16, 2023

I just put the tank inhabitants on my company payroll....then it's the accountants problem LOL

Tlledsmar · Feb 16, 2023

FishDaddy1992 said:
Has anyone done tank financing through, lets say Waterbox, and what was your experience?

Tank financing through discover with zero interest for 18 months is the way to go.

I mean, I'm 12k and 4 years into debt on fish but it's the only way to afford this idiotic hobby

spsick · Feb 16, 2023

Please please please do not finance major hobby items you cannot afford. A protein skimmer you pay off in a couple of months is one thing…

FishDaddy1992 · Feb 16, 2023

spsick said:
Please please please do not finance major hobby items you cannot afford. A protein skimmer you pay off in a couple of months is one thing…

Why not?

Jared Bryant · Feb 16, 2023

People finance over priced cars and trucks every single day of the week.

vetteguy53081 · Feb 16, 2023

I financed my apex unit with acclaim but paid it off in three installments. Use it if you must but dont drag it out over a year or more and making a $2000 tank be $2800 because of charges for interest and finance.

nereefpat · Feb 16, 2023

FishDaddy1992 said:
Why not?

As a general rule, it's good advice to not finance hobbies.

Jared Bryant said:
People finance over priced cars and trucks every single day of the week.

Does that make it a good idea?

His Coral Highness · Feb 16, 2023

Haha it's a hobby not an organ transplant, don't get yourself into financial trouble over it. Cool B2 in your profile btw

JTP424 · Feb 16, 2023

I did the financing through waterbox, I think they use Bread payments?
Fairly painless. I wanted to jump on a sale they were doing and was just waiting for the next paycheck to hit.
You can pay it off early with no fees etc. It's just like a credit card etc. Did that rather than putting the money on a card.

*Edit, just remember you need to pay it, Bread is a little lackluster in the reminders...

FishDaddy1992 · Feb 16, 2023

nereefpat said:
As a general rule, it's good advice to not finance hobbies.

Does that make it a good idea?

I would disagree with this. Fisherman, who use boats, finance them and that is a hobby. I don't know very many people who can just go buy a boat with cash for weekend fishing.

YOYOYOReefer · Feb 16, 2023

pretending a boat is a good investment is something only non boat owners would say.. its like owning a money pit

Midrats · Feb 16, 2023

If I don't have enough Krugerrands in the safe, I can't afford it. Joking aside, if you want it, get it however you can. YOLO.

Soren · Feb 16, 2023

If financing is taken into account for a well-planned budget and you pay it off before interest, it might be acceptable but still seems psychologically risky, in my opinion.

Impulse spending is harder to control for a hobby than for business expenses. By this notion, it seems best to me not to finance a hobby unless you have significant capital as collateral you are willing to part with if you run into financial trouble. It could be pretty easy to spend more than you intended if you do not already have a solid budget that allows for extra hobby spending. If you cannot afford it with current cash or cannot be patient enough to save for it, risks on multiple facets increase.

Just my 2 cents from a current financially-stable position primarily due to being taught good saving/budget/credit/debt management practices that have limited my hobby impulses whenever necessary to avoid financial troubles.

Based on earlier responses, some of you might be on board with government stimulus checks to help us deal with high inflation...