Vendors Offering Financing - Do You Support It?

[ddrueckh]

With more and more vendors offering financing, do you think it's good or bad for the hobby? I feel people shouldn't be spending money they don't have on their aquariums. This is just a hobby after all. What do you think?

 

[Phycodurus]

my respectful opinion: if one needs financing in this hobby, priorities seriously need to be reviewed.

 

[fish farmer]

Considering I "financed" my boat, gave my buddy payments until I reached $2,500 which was maybe a year. I could have bought it outright, but was wise to keep money in the bank. if I had to buy a new motor I would probably have to finance it.

It's your money if you go into serious debt over your vacations, a fancy car you don't really need, a fish tank, a big house you don't really need, then that is your problem.

 

[RichReef]

It's great as long as they don't use a 3rd party with high and/or variable interest rates.

 

[divewsharks]

I think it purely up to the individual hobbyist if they want to finance or not. I don't think its bad or good.

Many other hobbies have large up front costs, that people may choose to finance.

 

[Waynerock]

I have used affirm, kinda high interest but 12 month pay option makes it easier for me especially when the prices are stupid like they are. I just have the funds in a separate bank account and set it up on auto pay and if there is an emergency I can pull from that if necessary. I don't understand when people get all high and mighty with there opinion on financing. Its no ones deal but your own do what you want. I have worse interest on some CC's and fees to boot Affirm has no fees or surprise yearly dues. I got my Red Sea tank for 12 month no interest from BRS and I was very happy with that

 

[AZMSGT]

I don’t think it’s wise to finance any hobby items. House, car sure you need those. Maybe even a new bed. Beyond that.. Nope

 

[Steven91]

i think it depends on the situation, most of the time i would say no on financing, unless something like a pump or light failed and i didn't have the money at that point and time to replace it then i would probably consider it

 

[JustAnotherNanoTank]

I only don’t like it because it makes me worried they were not ready to be taking something like this on. You bust that glass box you’re still paying for a year on... and destroy floors etc.... you won’t be happy and you’ll be out of the hobby just as fast as you financed in. I’m sure someone is going to reply with oh well I did it this way or that way and it worked out to finance... well good for you but the general public isn’t smart enough and is going to go into senseless debt they never should have gotten into.

 

[dank reefer]

I look at it like this. If you're paying with a CC, then you are financing it. So no matter if its Affirm, Paypal finance, or Master Card, you are financing it one way or another.

 

[DarthSimon]

If interest is zero or super low it’s smart. That is if you have the money to back it up. If your paying heavy interest, then it’s a trap to get more money out of you.

 

[jkcoon]

my respectful opinion: if one needs financing in this hobby, priorities seriously need to be reviewed.

This, but its also America and people are free to make bad decisions....

 

[Copingwithpods]

I'm split

On one hand I do believe if you need to finance anything in this hobby you need to seriously reevaluate your priorities. Excuses like something broke and I didn't have the money for it just underline the existing problem of scraping by and getting into a very expensive hobby one your wallet is telling you you can't afford. If you cannot immediately replace a broken piece of equipment without a loan you are living above your means.

On the other hand these are hard times, folks who might have been OK 2 weeks ago are now struggling. What ever cookie jar money there is going to essentials instead of hobbies. It's nice to know someone out there won't have to choose between groceries and their tank in case something goes wrong. It's isn't ideal but I'm sure some folks will benefit from it.

 

[WvAquatics]

I think financing is a good thing for the hobby. Everyone can say if you cannot afford the hobby you shouldn't do it. In that case there is so many people in the world who wouldn't be able to have an aquarium. Most of the initial spending is a high investment after that it becomes very minimal. Seeing how many say people using the option to start their aquarium shouldn't do it is sad. We all have out opinions about things but thinking that people who are not as well off as you don't deserve a hobby is pretty ******. Everyone wants to buy a 3000$ aquarium and stand. Then add another 5000$ in equipment then another 2000$ in rocks and sand and not bat an eye. But alot of people cannot. And to say that they don't deserve the same past time as you or same enjoyment because they are not rich enough. SMH

 

[TonysReef]

If interest is zero or super low it’s smart. That is if you have the money to back it up. If your paying heavy interest, then it’s a trap to get more money out of you.

Exactly this. I financed my Waterbox because it was 0%. I had the money to buy the tank outright, but at no interest why not spread out the payments.

Financing a car is necessary because it's a huge expense and something you likely need to get by in life and earn a living. Financing a home is an investment. Financing corals is dangerous and is going to encourage people to buy pieces they can't afford. But it's obviously a solid business move for sellers to take advantage of third party finance companies and customers who don't know any better.

 

[DarthSimon]

Totally agreed with above. if you are paying interest on corals or small purchases, you're getting you wallet picked.

 

[Copingwithpods]

I think financing is a good thing for the hobby. Everyone can say if you cannot afford the hobby you shouldn't do it. In that case there is so many people in the world who wouldn't be able to have an aquarium. Most of the initial spending is a high investment after that it becomes very minimal. Seeing how many say people using the option to start their aquarium shouldn't do it is sad. We all have out opinions about things but thinking that people who are not as well off as you don't deserve a hobby is pretty ******. Everyone wants to buy a 3000$ aquarium and stand. Then add another 5000$ in equipment then another 2000$ in rocks and sand and not bat an eye. But alot of people cannot. And to say that they don't deserve the same past time as you or same enjoyment because they are not rich enough. SMH

Not saying anything like that bud just voicing my opinion on the importance of living with in your means. Which is why I only have a very basic 29g tank, my equipment and its cost to replace is well within my means. Financing even at zero percent will lul people into a false sense of easiness to upbuy something they normally wouldn't be able to afford and might end up upside down on in the future,specially those very expensive corals we all want but can't in good conscience she'll out $300 for, but at $30 a month they start sounding alot more doable.

 

[Fourstars]

To start offering it in this current situation is in bad taste.

 

[DarthSimon]

They have been offering it for a while. My LFS offers it...

 

[lilgrounchuck]

Is it good for the vendors? Yeah. Is it good for the hobbyist? No, probably not. If there’s some sort incentive to use a financing vehicle (ie free add on or something)and zero interest and you have the money to buy it outright it’s ok, but otherwise save up for it. Folks have been over extending and living their lives on credit and we’re seeing the effects of it all over the front page right now. Even putting it on a credit card is a bad idea if you aren’t paying it off entirely every cycle.