andyman Posted December 20, 2011 Posted December 20, 2011 Not sure where else to put this, so here will do.Has anyone had any experience with financing DJ gear?Both Store DJ and DJ Warehouse have an option where you pay 25% of the price, and then pay the rest in either fortnightly or monthly installments.I really like the look of the 850 pack (https://www.storedj.com.au/products/PIO-PK-CDJ850SP1) and would love it sooner rather than later, but only if the interest isn't gonna fuck me in the arse.Thoughts people? Quote
Lumi Posted December 20, 2011 Posted December 20, 2011 Read the conditions mate, i was looking at stuff from JB Hifi just out of interest and there repayments are at 26% p.a, So if you taking you time to pay it off which im guessing you would for something like that, which costs 3.2k, in just 3 months you'll have had to pay an extra $250. So although it might be amazing to get new gear, im sure that if you cut back on going out and the none important bills then you'll be able to save up money quicker and save yourself in the long run Quote
Cupe Posted December 20, 2011 Posted December 20, 2011 Fuck financing, always better to hold out and save up, as shit as it always is Quote
andyman Posted December 20, 2011 Author Posted December 20, 2011 Thanks lads.I might even lay by. That way I'll be more motivated to pay the shit off. Quote
andyman Posted December 20, 2011 Author Posted December 20, 2011 Or do I buy second hand?Ffffffff Quote
eggssell Posted December 20, 2011 Posted December 20, 2011 Fuck financing, always better to hold out and save up, as shit as it always isWatch out for account keeping fees andy.And cupe i wouldnt always agree. I got my gear on credit card and prob only just paid it off in nov. Id be farked if i had to wait another 2 years ontop of the six months of searching ebay before getting decks. I definitely dont regret making the purchase 2 years ago!To avoid high interest (or any interest) i just kept balance transferring from card to card. Of course i eventually hit a wall for about a year but then banks opened up the scheme again. Quote
SourceRaver Posted December 20, 2011 Posted December 20, 2011 Might want to consider waiting until after Xmas. I'm sure some good second hand bargains will pop up when folks realize they dont want to be a superstar Dj. Quote
andyman Posted December 20, 2011 Author Posted December 20, 2011 Might want to consider waiting until after Xmas. I'm sure some good second hand bargains will pop up when folks realize they dont want to be a superstar Dj.Yeah I wasn't planning on doing anything until at least the end of Jan - so hopefully I'll be able to pick up a bargain! Quote
Mitch Posted December 20, 2011 Posted December 20, 2011 Can't beat paying in cold hard cash, you end up better in the long run as you don't pay all the interest. But you also sacrifice using the gear for all that time. I have that same pack but djwarehouse equivalent, however you obtain it you won't be dissapointed, it's def the way to go Quote
eggssell Posted December 20, 2011 Posted December 20, 2011 I agree cash is better, but i still think its a pro and cons thang. If you only going to be paying 4% per annum interest on a 3 k purchase. If you were to pay nothing (which you cant be) thats 120 bucks interest per year tops!!! If you value enjoyment less than 100+ bucks then yeah not worth it. But if you like enjoyment, then yeah pay the 100+ bucks. Which will get smaller the more you pay. Thats the way ive always seen it. I still remember ten years ago puting a japan trip with all the holmies on credit. I had a few mates that skipped it because of their adversity to credit. To this day they regret it because it was a trip of a lifetime. And while a few years later we prob all had the cash to do the trip again, the time had passedOf course it means you need access to credit. My two cents anyways about to credit or not to credit Quote
eggssell Posted December 21, 2011 Posted December 21, 2011 Anyways other than ranting i looked it up for you, even though i know you now considering second handNot sure how long you can have the repayments for. But say its two yearsYoull pay 340.20 in account fees. Being 125 up front, 2.90 per month, and 2.80 per fortnightly payment. On a base amount of 2,361.75 (which is the amount after the deposit), doesnt sound that much cheaper than a standard credit card Quote
Jaz Posted December 21, 2011 Posted December 21, 2011 i say save then buy, fuck finance, look at it this way, your paying more then retail for your gear while the price of it goes more and more down the older it gets lol Quote
andyman Posted December 21, 2011 Author Posted December 21, 2011 i'll lend you the money at 20%10%? Quote
awesome88 Posted December 21, 2011 Posted December 21, 2011 come on mate.... i've got overheads to cover herelol Quote
russell Posted December 21, 2011 Posted December 21, 2011 I used my student loan to buy my original set up. Since then i've kind of acquired various bit and bobs via loans and credit cards. I've got too much debt to save up so fuck it... Quote
andyman Posted December 21, 2011 Author Posted December 21, 2011 i feel like i have two voices in my ears now...I JUST WANT DECKS AGAIN GODDAM IT! Quote
eggssell Posted December 21, 2011 Posted December 21, 2011 Thats what im saying mann. You could save for the next six to eight months and drive yerself crazy.Or just buy it, feel good for a little bit of cash. Now jaz's equation is true from a dollar for dollar way of thinking. But what about the price of happiness. Even if you cheapen it to a dollar for each hour of happiness, you may end up on top despite paying interest. Anyways im not saying its for everyone, and of course you need to make sure the maths add up and you not paying too much fees and interest.But yeah i paid interest for almost two years, minimal for about 14 months, top rate (16%) for about 10 months (but the lower end of the date). But the use ive had out of it, not just for djing but listening to my rekkids, or providing music to all my house parties, easily outweighed the interest. And i didnt need to go thru six or eight months of being a tight prick saving up! I just lived my normal life albeit with one additional debt to pay off. Quote
andyman Posted December 21, 2011 Author Posted December 21, 2011 Hmmmm.I might have to sus out what the interest rates are then... Quote
anditz Posted December 21, 2011 Posted December 21, 2011 I'd go second hand, after christmas. You can probably pick up something near new (a few weeks old) at almost half price Quote
Gandy Posted December 21, 2011 Posted December 21, 2011 i took out a personal loan for my first setup, got a good interest rate on my bank loan and never looked back, best decision i ever made Quote
Dominant Posted December 22, 2011 Posted December 22, 2011 I bought a laptop on finance once, ended up paying $250 in interest but for me it was worth it to have a computer again right away. Sure it will be worth a lot less by the time its payed off so I guess it's just up to you to decide if its worth it.Maybe it will better for you to just put some used gear on a credit card later. Quote
wrxfiend Posted December 22, 2011 Posted December 22, 2011 Family Finance? could be worse though! Quote
chrismak Posted December 22, 2011 Posted December 22, 2011 If your expected profits from gigs outweigh the interest paid for the gear then go for finance. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.