StatelineReefer
Reef Safe With Caution
The Webster's definition of a boat is 'A hole in the water you throw money into'.
Tank financing
- Thread starter FishDaddy1992
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StatelineReefer
Reef Safe With Caution
Affirm and Paypal Monthly are both options for this that CAN be low or no interest.
My sincere suggestion would be to merely set aside the amount you think you need, then triple it, and see if that's a good option, if you cannot set that aside, you should not finance it.
Jared Bryant
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All hobbies are bad financial decisions. I for one never finance anything with the exception of property, but to tell someone they shouldn't is crazy. We live in a world of borrowed money. People live in overpriced houses, fancy cars that really only drive you from a to b, boats for skiing fishing etc. Every hobby is a waste of money. It is the enjoyment you are paying for. How happy does something make you feel?
Some do. I wouldn't, but I understand why people would. I disagree with someone who thinks that's a good idea.
Car loans, which arguably aren't the smartest thing either, are different from a boat. Your transportation that you need for work/kids/school/etc are different from financing a hobby.
It's all relative. Some people do, and some people finance stuff. A brand new Lund or Smokercraft is expensive, but you don't need that to go bass fishing. There is used stuff and smaller stuff. Besides canoes and kayaks or small john boats, there are still fishing boats for 10 grand or less.
I didn't say that. I said it's a good idea not to finance hobbies. I stand by that.
Atherial
Active Member
I would not do this. The tank is just the beginning. I've spent so much more on fish and powerheads and now I'm replacing the lights. I'm not even sure how much I've spent on corals and that was all cheap (less than $50) ones. If you can't afford the tank then you can't afford any of the things that go in the tank either.
OP
OP
FishDaddy1992
Community Member
I can afford a $50 coral. A $3,000 tank, to drop all that money at once, is crazy.
workhz
Valuable Member
I think people are having 2 discussions here.
Financing anything at 0% where you can get 4-5% from a high yield account or a CD is perfectly fine on paper .... why not.
Needing financing to support a hobby where the returns on used equipment are abysmal is a whole different discussion and kinda falls into the live within your means pov.
Financing anything at 0% where you can get 4-5% from a high yield account or a CD is perfectly fine on paper .... why not.
Needing financing to support a hobby where the returns on used equipment are abysmal is a whole different discussion and kinda falls into the live within your means pov.
That's debatable. Most hobbies do cost money. Most hobbies also have value in terms of enjoyment and stress relief.
I agree with a lot of that, but I don't think it's crazy to tell someone not to finance a reef tank if they don't have the money to pay for it.
You say you don't finance things, so you must have a reason. It's not crazy to tell others to be smart with money.
Jared Bryant
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I have extra cash so financing isn't something that I really need to do but, I don't see a difference in financing a $2K aquarium or a $60k car. Nobody screams and yells how you are wasting money on a car that is a bigger waste.
mrpontiac80
2500 Club Member
I used waterbox to finance my first tank. It was a 65.4 aio. I got the tank only, AI primes, return pump and a rock bundle. They finance through a company called bread. I found it extremely easy. You apply in about a minute and know something immediately with the amount you are approved for along with interest rates. Just like a credit card, you may get 0% or it could be 30%. Everything through bread was done online. Basically they say we will loan this much for this rate and you say yes or no.
In my case, it was awesome. I picked what I wanted and paid it off early. It was helpful. And there are no fees for paying more each month or the whole thing early. In fact, I decided to use that option again for their blue November sale. I bought more rock for a new build.
GatorGreg
Well-Known Member
It’s good for responsible people bad for irresponsible people. It’s as simple as that. If you have the money for the note buy the thing. If it’s going to put you into a bind don’t.
there’s probably a lot of relatively wealthy people here passing judgement on you as this is one of those hobbies where a large portion people in it have disposable income. Some quite a bit more than others.
Most soccer moms husbands can’t afford the BMW they drive. But they can afford the note. 95 percent of this country is living beyond their means probably. You do you buddy
with the way this world and country is going you may not have much time left to enjoy life anyway.
there’s probably a lot of relatively wealthy people here passing judgement on you as this is one of those hobbies where a large portion people in it have disposable income. Some quite a bit more than others.
Most soccer moms husbands can’t afford the BMW they drive. But they can afford the note. 95 percent of this country is living beyond their means probably. You do you buddy
with the way this world and country is going you may not have much time left to enjoy life anyway.
Having lived in this world for 65 years, the only thing I would recommend financing is your home and even that I would pay off ASAP. I would not finance autos either other than maybe your first one and it should be cheap. Financing all sounds good until something unexpected happens and you lose your source of income. If you cannot afford to pay for it upfront, you cannot afford it. Financing a hobby is absolutely insane. Dave Ramsey is right. There is nothing like the freedom of living debt free as opposed to being upside down on a house or a car. I will never go back to being enslaved by debt.
Soren
Valuable Member
I think that is part of the difference:
Living beyond your means will almost surely put you into a bind at some point unless you win some lottery or receive a large inheritance from some long-lost relative or a foreign prince. It takes a special skill to be able to manage debt acquired by living beyond your means; a special skill that typically does not put you into the position to begin with.
Saying that people do it and seem to succeed is one thing, but to advise taking that risk is another entirely. How many significant failure stories are there in relation to success by living beyond your means?
Debt management is, in my opinion, one of the greatest failures seen in developed countries today, especially USA. It takes personal responsibility, but it seems far easier to just blame "the system" in some way or another.
If finance options are properly managed, they can work and can even be a good thing, but statistics seem to indicate more often than not, the average person does not have the management skills needed to succeed, especially in relation to over-spending on hobbies or personal enjoyment of some other sort.
By this note, I personally only use my credit card as a digital extension of my bank account, not spending beyond what I actually have saved, and am particularly careful when it comes to spending on my interests beyond my needs, so that is where my opinions stand.
Soren
Valuable Member
I think many that have not lived debt-free don't know how liberating it is! In the modern credit age, there are so many hidden aspects that are a dangerous trap to the average consumer leading into an endless loop of debt (and may be what they are designed to do?). It may take restrictive time periods to achieve, but I certainly think it is worth it in the long run.
HudsonReefer2.0
Algae Happens
If I was purchasing a home and had remodeling plans I’d factor a
Fish room w all the goodies including livestock into the number.
Fish room w all the goodies including livestock into the number.
TokenReefer
Valuable Member
The op asked about waterbox financing experiences... Who is anyone to lecture on how someone else manages thier finances? This thread is odd imo
HudsonReefer2.0
Algae Happens
