Financing Camera Equipment

[Mrcool1804]

Does anyone know of a place that offers financing options for camera equipment? Im a young photographer that dosnt have the huge cash piles as some older people, and think that a monthly payment is going to be better than shelling out thousands of dollars out front. Anyone know of anything or is a trip to the bank my best option?

[cosworth]

Lease it. Talk to your accountant.

Many places do it.

[Karl C]

Does anyone know of a place that offers financing options for camera equipment? Im a young photographer that dosnt have the huge cash piles as some older people, and think that a monthly payment is going to be better than shelling out thousands of dollars out front. Anyone know of anything or is a trip to the bank my best option?

Is this gear for personal use? Or professional? Are you a full-time photographer?

If you're strictly an amateur, financing isn't the best option. When the gear is finally paid off, you would've paid more, due to interest, than saving up and paying in cash. If you could find interest-free financing for a period of time, that would be a possible idea. However, keep in mind, that requires paying off the total before the interest-free period ends.

Best way is to save up then buy. The debt you would be incurring, unsecured, isn't the "good" kind of debt.

If you don't have the cash now, don't buy.

[P51Mstg]

Honestly, other than a credit card, or a "business loan (if you want to call it that) that you have to SIGN PERSONALLY FOR (so now how was that a business loan?), you are not going to get financing on camera equipment. A lease would be tough and on small dollar amounts (a few grand) the rates would be so high, you would be better off with a credit card.

The best way that you can get something, is to do what most of us do.

Buy small and add on and upgrade as time goes on. Buy a XTi and a "kit lens"; buy another lens; then another; then a better body; then this then that then you have what you utlimately want.......................

Then you figure you can do it all with less equipment afterall.....................

Best of luck

Mark H

PS: If you are rather young, family can usually help (International Bank of Daddy)

[mcmadkat]

I 2nd that advice, do not get a loan to buy camera equipment.

For one thing the equipment will be out of date when you are still paying it off...

And for another thing, do you really need lots of equipment? I started off with an XT and it did me grand to get started.

[PhotosGuy]

shelling out thousands of dollars out front. Budget? For what sort of photography?
My 300D paid for my 20D & lenses. A used 20D is about $650 with a used kit lens, & you can learn a lot with those.
If you need a specialty lens for something that pays, you can rent.

[Mrcool1804]

Ok everyone I currently own a Canon Digital Rebel with a 17-55mm 2.8 IS, and a 70-300 5.6 crap lens. I am a photographer for our fire dept here which requires a fast night lens. I rented a 70-200 2.8 IS for 3 weeks and loved the results. I also borrowed a buddy's 30D for the same period. So between my rebel with the 17-55mm 2.8 IS and the gripped 30D with 70-200mm 2.8 IS I can get some fantastic shots. Ideally my thoughts are this: I have some Christmas Club money from work I was thinking about buying a gripped 20D or used gripped 30D putting that with my 17-55 2.8 IS, then getting a loan to buy a gripped 40D and new 70-200mm 2.8 IS. So I realize that I am looking at a fare amount of money. you can see the type of pictures that I shot with the lens duo at www.andythomasphotos.com
Thanks for you help! Keep up the suggestions!

[Mrcool1804]

Oh I forgot to mention that I am not a paid photographer and dont have any photography business

[ryant35]

I'm sure there is a camera store that offers interest free financing for the first year.

[jtown]

Wait until you have the funds.

[mcmadkat]

My photography is mainly self financing, my pictures make me cameras....at least that's the theory...

[P51Mstg]

Well in that case::::>>

I'd suggest keeping the Digital Rebel and lenses since they really aren't worth a whole lot (unless its the back up camera and you get an ERROR 99 on the main camera). Skip the 20/30D and just get the 40D.

Better yet, skip the 40D right now too and get a few better lenses for the Rebel. I've found over the years that the lenses are much more important than the body.

Mark H

[Mrcool1804]

When im on a fire scene I need to have two cameras ready to go not switching between two lenses on a crappy camera that has been dropped multiple times mind you, so its really on a day to day basis. Any thoughts?

[Karl C]

Again, don't buy unless you have the cash. You're not a paid photographer or own a photography business (you're words).

Make due with what you've got. Learn to switch lenses quickly and intuitively. Plenty of photographers creating great shots with "crappy" equipment.

[AussiePup]

If you are truly hell bent on getting a Camera wait for stores like Best Buy or Circuit City to offer some special financing deals then get the 40d. As you said yourself you are not a professional and you dont get paid, so 2 cameras is not a requirement it is your desire. I recently was in a local camera shop and BSing with the sales guy and he gave me some good advice when I started talking about wanting the 40D..."Use your money on good glass with your existing camera until the mount can no longer hold the lens".

[Karl C]

..."Use your money on good glass with your existing camera until the mount can no longer hold the lens".

Wise and sage advice. Bodies come and go but good glass will last a very long time.

[P51Mstg]

I think you are thinking about the wrong type of equipment.

If you are using a camera that has been "dropped multiple times", I may suggest using something a bit more disposable like a point and shoot, maybe something that could be used underwater so that when it gets wet it doesn't get hurt.

You are going to be really unhappy when you drop a 40D with a 70-200F2.8IS attached to it.

If you want to use a DLSR, the Digital Rebel with the kits lens and a steady supply of used ones to replace the broken ones may not be a bad alternative.


Mark H

[Mrcool1804]

absolutely not, I agree with comments that it is all about the photographer but you get to a point when you can only do so much with the equipment you have otherwise you would never need to upgrade. Yes my rebel has been dropped working on over 100+ fire scenes is going to give a camera some dings and what not. If anyone on here wants to switch around a 70-200mm 2.8 IS with a 17-55 2.8 IS on only 1 body with is being smoky and wet and hot and cold temps please tell me because to me one the lenses are mated with the body I am rarely going to take them off. ESPECIALLY in that kind of atmosphere.

[AussiePup]

Why are you taking the pictures? You are not getting paid for taking them, is it required for you to keep your job? Do you plan on selling them? or are they for your own personal enjoyment?

Heres the thing that I think most people are tying to get across, it is foolish to invest in that much gear on credit. Financing in business is not a bad thing, as long as the equipment is used in the production of income and that income supplies enough cash flow to cover the debt service (along with normal business expenses). This is typically referred to as leveraging. However in you case, this is not your business and you are not generating cash flow to cover any of the debt service of the equipment from these pictures. Therefore the monthly payments will have to come from you disposable income from your real job, which then means you will have to reduce what you spend on other things.

It does sound like you have it set in your mind that you are going to buy this equipment come hell or high water, which too each there own. You are considering going into $3,000 to $4,000 in debt for equipment, that by your own words, will be in some serious conditions. - AND YOUR NOT EVEN GETTING PAID. That is a hell of a risk. What happens when you new equipment does get damaged and you still have to pay off the debt? You really should reconsider if this is truly a wise choice for you. I would think you could pick up some used XT or XTi bodies, that will do the job at a fraction of the cost.

Going back to your original post, anyone will finance anything but at what cost and is the cost worth it to you. - Good Luck.

[jbdial1515]

As a couple have mentioned, think about the 0 percent for 12 month deals that you see so often here whether it be through a store or with a Credit Card. I for one have purchased many things using these sort of deals. Sure, I could have paid for the equipment/appliances etc. up front but why use my money all at once. Make use of their money and not worry about taking the hit all at once.

In one year your equipment would not be at the end of life so it would not be a waste. You also would not rack up a bunch of interest if you chose to finance a different way.

Just my 2 cents, but remember for this to work, you have to know in your mind that you have no trouble paying the bill in 6 or 12 months.

[stathunter]

As a couple have mentioned, think about the 0 percent for 12 month deals that you see so often here whether it be through a store or with a Credit Card. I for one have purchased many things using these sort of deals. Sure, I could have paid for the equipment/appliances etc. up front but why use my money all at once. Make use of their money and not worry about taking the hit all at once.

In one year your equipment would not be at the end of life so it would not be a waste. You also would not rack up a bunch of interest if you chose to finance a different way.

Just my 2 cents, but remember for this to work, you have to know in your mind that you have no trouble paying the bill in 6 or 12 months.

Great idea. I actually purchased my tractor through John Deere a few years back on this one year deal.
But the reason companies offer it for free is because most do not pay within the time frame and end up with big interest payments.

[Mrcool1804]

Yeah Im starting to think that may be the most viable option, I have already talked with an insurance agent about itemizing the camera equipment on my insurance and thats not problem and not very costly. Also I do make a very small amount of the pictures I take. I have a SMUGMUG Pro account (which I love!) and I have already generated roughly $50 in the first month that it has been up. I take the pictures because I am a former firefighter in a family of firefighters and do occasionally sell them, but I go into it thinking I wont sell any at all. That away if I do sell some its just an added bonus. I also have gotten a few photos published which brought in revenue and also had a photo win a contest that paid out. So I do make money off of my photography.

Now then talking about locations to find the 0 percent financing for up to a year, is Best Buy and Circuit City my best options, or is there some other places anyone has had good luck with that would recommend using?

Thanks again for everyones help!

[stathunter]

I have not checked into it but know that B&H has 6 month free financing. Forget who which company it is though but know that the interest rate is 19.9% if you do not pay it off before the 6 month time frame. Heck you made $50 in your first month...you can afford it. :)

[Karl C]

Now then talking about locations to find the 0 percent financing for up to a year, is Best Buy and Circuit City my best options, or is there some other places anyone has had good luck with that would recommend using?

Thanks again for everyones help!

Unless you don't mind a higher retail price, yes, you can purchase through Best Buy or Circuit when they have interest-free financing available.

However, both have higher prices than places like Canoga Camera or B&H. B&H does offer Bill Me Later financing with no payments for six months on purchases over $750. BUT, if you can't pay it off in that time, you'll run into 20% interest - back dated to the purchase date.

[AussiePup]

I doubt very much the OP would be able to pay the loan off in 6 or 12 months. And most comercial credit is going to cost at least 20% if not closer to 25%. Assume $3,000 in equipment, would require $500/month for 6 months and $250 for 12 under insterest only and if missed you are looking at an additional $300-$600 in deferred interest charges. If he can afford that, then I would think that he is better off waiting a few months and save up and then jump into it and finance the difference. $3000 for 5 year at 20% is around 80/month, but in 5 years he would have paid $4800 for everything. If you know you are not going to pay it off in the deferal period, then do not go with that option, you are better off setting up a fixed installment payment play over a fixed period of time. If you are really serious about it, maybe talk with a credit union around you (there might even be a fire fighters CU or something along those lines) they may be more willing to give you the loan at a much better rate.

[spcalan]

I always rent the 70-200 2.8 for weddings.

I cannot offord to buy one

[ANGUS]

My suggestion (Comming from someone who shoots a very similar type of thing) is to buy (AND IN THIS ORDER):
1x GOOD Tripod - You dont want to ever buy another tripod
1x new or used 400D/Rebel XTi (You wont use 6.5fps on a fire ground so you dont need a 40D as it has the same sensor as the 400D)
Lastly buy a 70-200 f2.8 lens.

If you shoot with the Rebel with a 17-55 f2.8 IS you already have, use that hand held, Put the 400D and 70-300mm (Great lens if used properly!) on a tripod and you will be set. Give that a go then finance some lenses.

If you go that way you can also sell some photos to local papers, They may not pay much, maybe 40-50 dollars but over time that adds up to some decent money for a lens.

PS: Great shots of the incidents on your site, keep it up.

[Tandem]

onecall.com has 12 months interest free financing. I've taken advantage of their offer a few times.

Whenever I do interest free deals I pay enough each month so that it is paid off by the end of the promo period. I use automatic payments so I don't have problems forgetting one or having a payment get lost in the mail.