The Best Ways to Finance New Camera Gear - Affordable Options for Building Your Video Production Business
As much as we’d love the picture above to be true, we all know money does not grow on trees. But that does mean you can’t find creative ways to harvest it very easily. If you're a video enthusiast or professional, you know how important it is to have the right gear to capture your vision. However, upgrading your camera gear can be expensive, and it's not always easy to come up with the funds to do so. That's why it's essential to explore the best ways to finance new camera gear. In this post, we'll explore the top five financing options, so you can choose the one that's right for you.
Personal Savings
Using personal savings is often the most accessible and cost-effective way to finance new camera gear. By using your own money, you can avoid interest fees and won't have to worry about making payments over time. Before making a purchase, take some time to assess your finances and make sure you can afford the expense. You have to take in consideration you are taking cash flow reserves off the table. If you can't afford to pay for the gear outright, consider using a combination of personal savings and other financing options to cover the cost.
Credit Cards Another option for financing
Using a credit card to finance new camera gear can be a good option if you have good credit and can pay off the balance quickly. Many credit cards offer 0% APR introductory rates for a set period, allowing you to make purchases without accruing interest. At Just Basl Productions we take advantage of the programs like PayPal Credit and Payboo. They offer rates of 0% for 6 and 12 months as long as you pay off the equipment in that time. Think of it this way, you are basically getting you use the gear for free for up to 12 months and earn income to pay off that equipment. However, it's important to note that interest rates can quickly become high once the introductory period is over, so it's crucial to pay off the balance before this happens. Before using a credit card to finance camera gear, make sure you understand the terms and conditions and can afford the monthly payments.
Camera Financing Programs
Many camera retailers offer financing programs that allow you to make purchases with little or no money down and pay off the balance over time. We have used these services from RED and Sony dealers. They were not our best options but they did offer a very low interest rate at the time. Just remember to stay consistent with your payments. These programs often come with low-interest rates and flexible payment options, making it easier to afford new camera gear. However, it's important to read the fine print and understand any potential fees or penalties associated with the program. Make sure you can afford the monthly payments and understand the repayment schedule.
Personal Loans
Personal loans are another option for financing new camera gear. You can apply for a loan from a bank, credit union, or online lender, and use the funds to make your camera gear purchase. Personal loans often come with fixed interest rates and predictable monthly payments, making it easier to budget for the expense. However, it's important to shop around for the best interest rates and terms and make sure you understand any fees or penalties associated with the loan. When Just Basl Productions was first starting out in Seattle, Washington we approached a lot of banks local and national to secure a loan. We started in a measly $3,000, which we purchased a Canon XL2, Sennheiser ME-66 (still have this mic today) and a tripod. It wasn’t the greatest interest rate, but it taught us a lot about the process.
Rental Services
If you don't want to commit to purchasing new camera gear, renting may be a good option for you. Many rental services offer a wide range of camera gear for short-term use, allowing you to try out different models before committing to a purchase. Rental fees are often much lower than the cost of purchasing new gear, making it an affordable option for those on a budget. We offer a rental gear through our Sharegrid page where you have access to all of the equipment that Just Basl Productions uses on their productions. We highly recommend renting first, you are able to see if the equipment is right for you before committing to such a big purchase.
When it comes to financing new camera gear, there are many options available. Whether you choose to use personal savings, credit cards, camera financing programs, personal loans, or rental services, it's important to make sure you understand the terms and can afford the monthly payments. By exploring your options and choosing the best financing option for your needs and budget, you can upgrade your camera gear and take your video production to the next level.
Are there other options out there that you use, we would love it if you could share with our readers in the comments below!