Financing Expensive Lenses?

I don't make money out of this, so I save before I buy.

When I wanted to grab the 500 F4L, I skipped going on a holiday and saved it for it instead. I spent a good 4-5 months scouring ebay for a reasonably priced used copy in good nick. If you wait and search long enough you'll find one.

Saver here too. As a amateur I wouldn't even consider going into debt for camera gear, it comes out of the disposable part of my income. Admittedly the first few years of the hobby I went a bit crazy and spent too much but I'm hoping I've settled a bit now and am trying to be more considered about what I buy.

I've realised I would rather spend £1000 on actually going places to take photos than £1000 on a lens.

Thank god I'm not into sports or wildlife photography, those long lenses cost some serious money and the OP has my sympathies!

I've been retired for years. I've never saved for anything in my life. My lifestyle is not extravagant and I live within my means. But, if I want something, I just buy it. I haven't had a savings account since I gave up my paper route in the '60s.

This is, and always will be, a hobby for my, but shooting for money (weddings and portraits in my case) financed most of my gear. Spending 2k on a lens isn't nearly as big of a deal when you can earn that back in less than a month. When you start shooting for money, however, it really necessitates the need for more gear, so I ended up accumulating a lot gear I probably wouldn't have, had I been doing this purely for myself.

Ironically, now that I've accumulated more gear than I need and have paid it all off, I'm actually winding down on shooting for money. The business of shooting for other people is sucking the fun out of photography for me, and I'm focusing (pardon the pun) on my career and my family.

mystik610 wrote in post #17222795
This is, and always will be, a hobby for my, but shooting for money (weddings and portraits in my case) financed most of my gear. Spending 2k on a lens isn't nearly as big of a deal when you can earn that back in less than a month. When you start shooting for money, however, it really necessitates the need for more gear, so I ended up accumulating a lot gear I probably wouldn't have, had I been doing this purely for myself.

Ironically, now that I've accumulated more gear than I need and have paid it all off, I'm actually winding down on shooting for money. The business of shooting for other people is sucking the fun out of photography for me, and I'm focusing (pardon the pun) on my career and my family.

My experience exactly. I did one wedding in the '70s. That was my first, last and only 'professional' engagement.

This is not the smartest way and most probably would not like the idea but I finance one lens at a time on my best buy credit card. granted im not trying to finance a 400L mkII but right now im about to pay off my 70-200 f4 IS which i had the money to buy but it was much easier to finance it rather than empty out my bank account. I was able to finance 0% interest for 12 months, but dont miss a payment otherwise the interest WILL kill you. my upcoming plans are to finance a 135L + 1.4X mkIII extender, then possibly a wide or normal lens, and then down the road if i continue to shoot sports then i will look into a 300L

im in the middle of rebuilding my kit now that my new job also has several canon lenses for me to use that i dont have to try and buy anymore like a 70-200 f2.8 non-IS and a 24-70 mkII

I saved up for most of my big purchases. I've been shooting for over 40 years. (Digital for 12 years.)
I don't expect to make any more big purchases unless Canon comes out with a great new body.

BTW I'm retired and don't make any money with photography.

I don't own expensive lenses but I don't like using CC for this hobby so I save money for every lens I wanted. My next one up is the 500mm F4L IS USM V1. I only started saving last 2 months. Cheers.

Lot of good advises here. But Tom #6 and Whidbey #9 make more sense IMO.

The decisions that go into a purchase are different when you're a hobbyist vs. a working photographer, but it sounds like you're a hobbyist like me so my response will speak to that end.

People take advantage of favorable credit terms for snowmobiles, jet skis, hunting trips or gear, cars, tractors, scuba, airplanes and all sorts of other "hobby equipment" all the time and no one lifts an eyebrow. And, these assets lose value more quickly and are harder to re-sell in a bind than camera equipment. But, when your hobby is photography and not power sports or some other expensive hobby, folks (especially on this forum) look down their nose from their high horse like you're some sort of irresponsible juvenile when you talk about using credit for camera gear.

The key is simply not to allow yourself to become overextended with this purchase combined with your other obligations. Do that, and who is anyone else to tell you how to use your money? If you can't manage that, then sure - you're better off just saving.

Credit cards are fine for 1-2k purchases with a plan to pay off in a few months or a year. Even worst case with a high APR and making no payments for the entire year (not recommended!), you're only out a couple hundred bucks - a bargain compared to renting for the same time. Best case, the actual interest paid amortized over a year with a good rate is going to be much smaller and well worth it for some to own (and play) now.

But, credit cards are probably not the best route for a big purchase like a 400 2.8II unless you're taking advantage of a promotional rate of some sort. If it were me, I'd be looking at loan secured with some other asset with a free title - a motorcycle, a car, a snowmobile, etc. that has been paid off already.

Just my .02 - not trying to encourage bankruptcy, just offering another point of view that includes managing credit responsibly. FWIW, this is how I purchased all my gear and right now my credit card is paid off - using credit is not an indicator for bankruptcy or irresponsibility.

I buy and sell gear like a maniac. I typically buy it used so that I can sell it when ever I want and recoup my costs. I also buy equipment in big package sales by people here and FM. I sell what I don't want (or already have) and keep the rest, usually at a super low price.

Buying refurbished is also a great way to get "new" gear for cheaper than new.

Have a business credit line if you make some sort of living from it. Otherwise, save, sell stuff in craigslist and shoot for money (and don't sell yourself short). Most of my huge purchases (1dx, 300mm f/2.8) are from doing photography gigs.

Everything in my sig is paid for less the 600II, which I could sell today, pay off and have pocket cash. Personally, I use my CC as my interest rate is very low, use it then sell it. If I need it again, I pick it up.

I bet Talley has something interesting to say here.

pay with paypal bill me later. no interest and no payments for 6 months.

There will be as many answers and suggestions as there are people. There are two polars, poor students on one, and people with a lot of money on the other. Some can reliably manage credit cards, some can only rely on saving, and everything in between. Only you can determine which one is best for you.

I am fortunate that with two professional incomes in the family, and practically no obligations - kids are gone, the mortgage is low, paying only for one car - I can just buy camera equipment outright using a credit card. The CC bill is always paid in full at the end of the month. But I do remember times when I had a non-working wife and two kids, just barely scraping by, so "I feel your pain"!