Need some advice. We are looking to buy a used car and some major camera equipment for my wife who is a full time photographer. We only have enough cash to buy either the car or the equipment. The other one would need to be financed. Which one should we buy with cash and which one with financing ? Would really appreciate any advice.
Auto financing is easy to secure and with very reasonable rates. It’s a whole industry. No one is in the camera gear loan business, you could get a business loan maybe or put it on your credit card. Finance the car because that is where financing is easily and readily available at competitive rates.
Wouldn't interest rates on camera gear be higher than on a car?
Depends on how quickly you plan to pay it off. If you can pay it off in an year with monthly payments, you can finance camera with affirm, Amazon, PayPal credit etc. If you're looking for smaller monthly payments, finance the car
Figure out which one is going to cost you more to pay off in interest and buy that one with cash.
Which one has higher total cost after taking interest rates and business deductions into account?
This is why so many people have to work until they die. The answer is simple if you don't have money for both then you don't get both. But I'm weird so enjoy your self imposed financial slavery.
Lol
Wtf you work at Uber. How much are they paying you and how awful is your ability to save if you cannot afford both?
It’s more important to have nice gear if that’s how you plan to make your money. Finance the car at a fixed rate instead of putting camera gear on a credit card.
Yea she feels the camera is more important than the car too. But the question is which one should we finance and worth paying interest for...
You can cut corners on how much you spend on a used car. If you’re serious about it, you can’t do this with camera equipment.