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Financing big ticket item through Best Buy

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Futureman

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Well big ticket for me anyways.

I'm getting a new camera, comes in at $2,700. I was initially going to get a loan from friends and buy a used one, but on a whim I applied for the Best Buy credit card. I thought I'd be denied because my job is pretty low income, but I was approved with a $2,000 credit limit.

My plan is to sell my old camera for ~$1,200. Since my limit is only $2,000, will they allow me to apply cash to drop the price below $2,000, and then use the Best Buy card to pay the rest?

Best Buy has an 18 months no interest deal right now on items above $400. If I apply my $1,200 off the $2,700, that will leave me with a ~$90 payment every month to pay it off in 18 months.

Is my reasoning sound? Are there potential loopholes to look out for?
 
Not my profession YET, but I'm doing lots of freelance stuff lately and I want to get the hell out of my current job. I figure committing myself to such an expensive camera will kick me into overdrive and get my ass moving.
 
make your payments on time EVERY month and budget so that you will have it paid off by the 18 month window (if not earlier just to be safe) They are just waiting for you to screw up or not pay it off on time and then they hit you with all the accumulated interest in one shot. Other than that Best Buy's no interest deals are pretty good, I bought a big screen that way, you just have to not be a dumbass about it.
 
Make sure to read the fine print when financing through Best Buy. A lot of people have been fucked with those no payments through x amount of months deals.
 
KHarvey16 said:
What's wrong with your old camera?
Click to expand...

The new one shoots video. I want to get into video big time. Other than that, the camera is basically the same photographically as my old camera, so I can continue on doing what I've been doing with photos.
 
I've bought 2 TVs through Best Buy's financing. It's great. Just make sure you pay it off with a couple months to spare, just in case.
 
Futureman said:
The new one shoots video. I want to get into video big time. Other than that, the camera is basically the same photographically as my old camera, so I can continue on doing what I've been doing with photos.
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Is it a worthwhile investment from a business standpoint or is it more just something you want? If it's just something you want to get your feet wet with, does it make more sense to start cheaper? Debt can really suck.
 
Read the fine print of the "No Intrest" thing.

Is there an administration charge?

Also find out what the penalty is if you dont have the full thing paid off by the end of the 18months.
 
I'm going to advise against putting an electronic item on credit.

If it's the 5dmkII triply more so. That camera has not seen a price drop since it was launched. It's due for a price drop in my opinion, especially with the release of the Canon 7D, I've seen it on special (at best buy), possible Fall Canon rebates?

You'll be kicking yourself for still making payments on that thing when it drops in price, or some special is on. Basically, don't do credit for something that doesn't hold value over the time you;re paying the credit back. No real reason, just a personal thing of mine. I'm just not used to making payments - sucks to be making a last payment for something during a time when that item is like 1/3 less or something. Better to save up the money, and when you do buy something better is out, or it's become cheaper. Just my thoughts.
 
Futureman said:
Not my profession YET, but I'm doing lots of freelance stuff lately and I want to get the hell out of my current job. I figure committing myself to such an expensive camera will kick me into overdrive and get my ass moving.
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Hmmmm...
 
I just checked the terms. Just make sure you pay it off in full or you'll get dinged with 18 months of retroactive intrest at like 25%.
 
NomarTyme said:
Hmmmm...
Click to expand...

This.

Getting a new camera will NOT jump start more motivation - that motivation has to come from you. Trust me on this one.

Also, getting into videography is more than just getting a camera with video capability. Do you have the lighting rigs and supports? I thought video would be an interesting thing to try, but it's not as easy as just turning it on on a 7D/5Dmkii. There's no steady cam feature, there's no autofocus. You need an external mic. You need all the software and processing capability.

If you want to get into videography, you're probably better off getting a P&S and seeing if you even like doing video stuff.

I guess I'm just against the idea of using credit as free money. Over the next 18 months, the 5DmkII WILL drop in price, but you'll be paying it off still, possibly when the mkII hits even. Point is, going professional is more than the body you carry around. If you can go pro, then do so with your current gear (depending on what you have), and make the money then buy a new camera. DON'T pre-justify the purchase.
 
mrkgoo said:
I'm going to advise against putting an electronic item on credit.

If it's the 5dmkII triply more so. That camera has not seen a price drop since it was launched. It's due for a price drop in my opinion, especially with the release of the Canon 7D, I've seen it on special (at best buy), possible Fall Canon rebates?

You'll be kicking yourself for still making payments on that thing when it drops in price, or some special is on. Basically, don't do credit for something that doesn't hold value over the time you;re paying the credit back. No real reason, just a personal thing of mine. I'm just not used to making payments - sucks to be making a last payment for something during a time when that item is like 1/3 less or something. Better to save up the money, and when you do buy something better is out, or it's become cheaper. Just my thoughts.
Click to expand...

Good points, and I agree about putting stuff on credit. I really don't like the idea.

I'm kinda at this weird point in my life though. I've been drifting since I graduated college, I work at a shitty job, and my mom is very sick and is probably going to die soon. I need to step up now and do something that I'm proud of.

If I have what it takes, I'll pay this thing off way before 18 months with the money I'll make from freelance jobs.

I don't see the 5D2 dropping that much in the near term. With the 7D at $1,700 for the body, Canon doesn't have much wiggle room, maybe a few hundred off at some point soon. I also don't see the 5D3 dropping anytime soon. I'm pretty satisfied with the feature set of the 5D2, I think it's probably good to wait about a year before buying these new cameras anyways. So if the 5D3 came out in say 2011, I still probably wouldn't even get it until 2012.

What deals have you seen on the 5D2? Something through Best Buy?
 
Never again.

If you miss a one-month minimum payment, your interest blows up to like 27%. Will never got sucked into this scam again.
 
Himuro said:
I have the same deal but with my laptop.

I sent in the bill for my payment last month, and they didn't even send me a confirmation email that they had received it.



It depends on the type of electronics.
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For sure. I would've figured that stuff like camera bodies will slowly, but steadily fall in price as they are obsoleted. I know high end cameras are probably a little less resistant, especially with the way the US dollar is going now, and the way Canon prices are going up, but that's mostly for lenses. Lens prices are shooting up recently. I'm not convinced the same will happen to a camera body, however, especially since if Futrueman is referring to the 5DmkII, which has been sitting at $2700 since launch about a year ago. I've been watching it myself, and stare at the body every time I go to Best Buy.
 
mrkgoo said:
For sure. I would've figured that stuff like camera bodies will slowly, but steadily fall in price as they are obsoleted. I know high end cameras are probably a little less resistant, especially with the way the US dollar is going now, and the way Canon prices are going up, but that's mostly for lenses. Lens prices are shooting up recently. I'm not convinced the same will happen to a camera body, however, especially since if Futrueman is referring to the 5DmkII, which has been sitting at $2700 since launch about a year ago. I've been watching it myself, and stare at the body every time I go to Best Buy.
Click to expand...

Have you seen the body for less than $2,700 in store?

and I bought my 5D in January 2008 used for $1,300. They are still selling for around that used. Crazy how well these bodies hold their value.
 
JB1981 said:
Never again.

If you miss a one-month minimum payment, your interest blows up to like 27%. Will never got sucked into this scam again.
Click to expand...

It's a scam because you missed a payment? The terms are pretty clear...
 
The truth is if you need this, then you need it and youve got to find a way to make it work. As for the credit card, do it, if you can make the payments youre fine.

The real question for me is: is the 5d2 really needed? (and youll have to work with me here I shoot nikon, but I try to keep up to date in general) Would the 7d work? If you can spend a grand less and then throw that 1000 into video accessories that are needed to make high end video, would that be a more wise choice?

Im not questioning your talent or work ethic, just if ff is worth that premium. From what Ive seen the 7d's video is just as amazing as the 5d2 (which is insane of course). And the quality of stills is great (as all higher end cameras are at this point).

Really, the lenses/pp/and accessories (especially for video work, take a look at the rigs Laforet and SNL used to get that video from the cameras) are going to really set this off.

In the end though, youll really need to decide if: you need it, then you dont have a choice, you need it. Or if you can get something just as amazing and more but it doesnt have the name or as much hype (yet).
 
Futureman said:
Good points, and I agree about putting stuff on credit. I really don't like the idea.

I'm kinda at this weird point in my life though. I've been drifting since I graduated college, I work at a shitty job, and my mom is very sick and is probably going to die soon. I need to step up now and do something that I'm proud of.

If I have what it takes, I'll pay this thing off way before 18 months with the money I'll make from freelance jobs.

I don't see the 5D2 dropping that much in the near term. With the 7D at $1,700 for the body, Canon doesn't have much wiggle room, maybe a few hundred off at some point soon. I also don't see the 5D3 dropping anytime soon. I'm pretty satisfied with the feature set of the 5D2, I think it's probably good to wait about a year before buying these new cameras anyways. So if the 5D3 came out in say 2011, I still probably wouldn't even get it until 2012.

What deals have you seen on the 5D2? Something through Best Buy?
Click to expand...

Whoops, missed this earlier.

You may be right in the 5dmkII not dropping price soon, but I think it will happen at some point. With the 7D released, which in some ways is a better camera, it may possibly steal sales from the 5DmkII. If possible, I would suggest to wait to see what impact the 7D has on the 5DmkII. It is a gamble, because lens prices are going up because of the Yen-Dollar exchange, but not sure if this will translate to bodies.

You're right, the 5D3 will not hit for at least a year, I'd say.

As I said, I've been following the 5DmkII at Best Buy myself. There was a 'hidden' special a few months ago selling it for $2499 (I had to ask the salesperson, who was not aware, but it was indeed in the system - it was advertised on the site). This was during a time when there was a 10% coupon floating around, and I was hoping to combine the two, but it didn't pan out. Later, a price ticket appeared for the 5dmkii kit with 24-105 f4L lens for a standard price of $3299. That's a $1000 lens. The kit normally adds $800 on to the body price to reflect a small discount for buying the kit, but at $3299, that was bringing the body down to the previous price on special with 10% off (if you can sell the lens). I didn't buy it, because it was simply too much money (I forked out on an engagement ring instead).

But that mysteriously disappeared from the system later. I know it's not there now, and that all this means kind of nothing, but it shows they can reduce the cost. I'm a bit fickle. If I've seen it cheaper in the past, I tend to not buy it at RRP anymore :/ Maybe wait for October rebates (not sure what Canon's history for this is), or black friday?

Anyway, you could always consider a 7D, if video is a must. Maybe you have a distaste for the crop sensor, which is fair enough. I would say it has many features over a 5DmkI, however. For the price of a 7D, you could nearly buy that and keep your 5D as well.
 
Just did a quick check - Canon has offered Fall rebates in the past. They seem to run from mid-late October to January or something.

Sometimes just lenses and flashes, but the 5D got a rebate of $400 two years ago.

It would be prudent to at least wait to see what Canon has to say for October.
 
Well if I go ahead with this, I still have to sell my 5D and wait for the card to come. So it'll probably be an early November thing. Hopefully I can get some rebate action.
 
Futureman said:
Well if I go ahead with this, I still have to sell my 5D and wait for the card to come. So it'll probably be an early November thing. Hopefully I can get some rebate action.
Click to expand...

Cool. Not trying to dissuade you from the camera or anything, just want to make sure you get the best deal you can.

And that you're sure you're doing so for the right reasons. In the meantime check out what it means to be making videos on an SLR. You really do need more gear than just the camera. I just got the 7D, so it was a bit of a shock to me as well. For example, the in camera mic is worthless. It is right next to the lens barrel, and picks up the whirs of the AF, twists of the zoom, and any IS.

I'll keep my eyes peeled for any 5dMkII specials or anything if I see 'em, or any rumours headed.
 
JB1981 said:
Never again.

If you miss a one-month minimum payment, your interest blows up to like 27%. Will never got sucked into this scam again.
Click to expand...

Its not a scam. Its calling being responsible. If you can't make a minimum payment each month then you shouldn't be financing expensive items in the first place. This is 2009. Every single credit card company has online payments that you can set up to automatically to make your payment each month. Its your own fault for missing a payment.
 
mrkgoo said:
Cool. Not trying to dissuade you from the camera or anything, just want to make sure you get the best deal you can.

And that you're sure you're doing so for the right reasons. In the meantime check out what it means to be making videos on an SLR. You really do need more gear than just the camera. I just got the 7D, so it was a bit of a shock to me as well. For example, the in camera mic is worthless. It is right next to the lens barrel, and picks up the whirs of the AF, twists of the zoom, and any IS.

I'll keep my eyes peeled for any 5dMkII specials or anything if I see 'em, or any rumours headed.
Click to expand...

Yea I've been researching video ever since the 5D2 originally came out. I understand the issues involved.

Buying a 7D and keeping my 5D is actually a pretty interesting idea. I'm in love with the images the original 5D produces, and having 2 bodies would be nice... I feel I definitely want the FF for photography, but I'm not sure I'd miss it as much when shooting video. The 7D video does add 24p shooting, though from what I've been reading, it's a somewhat overhyped feature. I think I'd rather have the ability to go wider with my lenses in video mode than shooting in 24p.
 
Futureman said:
I'm kinda at this weird point in my life though. I've been drifting since I graduated college, I work at a shitty job, and my mom is very sick and is probably going to die soon. I need to step up now and do something that I'm proud of.
Click to expand...
I understand where you're coming from, but think twice before you take on an 18-month debt because of the blah mood you happen to be in now.

Whenever I want to cheer myself up, I'll buy a new PS3 game or a couple of blu-rays, it's a lot cheaper than a new camera. ;)
 
Futureman said:
Yea I've been researching video ever since the 5D2 originally came out. I understand the issues involved.

Buying a 7D and keeping my 5D is actually a pretty interesting idea. I'm in love with the images the original 5D produces, and having 2 bodies would be nice... I feel I definitely want the FF for photography, but I'm not sure I'd miss it as much when shooting video. The 7D video does add 24p shooting, though from what I've been reading, it's a somewhat overhyped feature. I think I'd rather have the ability to go wider with my lenses in video mode than shooting in 24p.
Click to expand...

That's cool.

Yeah, definitely consider keeping your 5D and getting a supplementary 7D. It's wise to have two bodies anyway, and you get more flexibility with both a full frame and a crop. Sometimes you can arm yourself with the tele on the crop and your go to lens on the full frame. Depends on what you want to shoot, though.

In addition, the 7D will give you:
24p: As you have stated, this may or may not be necessary, depending on your needs. Something else I have noticed abbot the video is that it doesn't seem to have a 720p mode for 24/30 fps. 1080p is overkill for me, but so is 60fps. the files are huge - 330MB per minute. You also need a faster compact flash (at least 8MB/s read/write).
Crop sensor - slightly more 'reach' with your tele lenses. You can still go wide, depending on your lenses. The lens quality, I think, becomes more of a non-issue when shooting video, which doesn't have the resolution to show any flaws in lens design. Maybe. Note, I'm referring to optical quality - the lens selection is still one of the reasons to shoot video on a 7D/5Dii.
8fps: this is over twice what the 5dmkII is capable of.
Brand new AF: In my limited experience so far, this is a winner. The 7D should outperform the 5dmkII in action related shots in regards to 'getting the shot'.
Built-in flash: yeah, not much to rave about really here.

You of course lose:
A little high iso quality (more densely packed pixels, although they are a new design, I believe).
Full frame DOF.
Some lens selection on the wide end (that said, a whole bunch of EF-S lenses are coming out that go pretty wide).


And pay attention to what Lucky Forward said - a body won't fill an empty soul. I know, I've tried :p
 
krae_man said:
Also find out what the penalty is if you dont have the full thing paid off by the end of the 18months.
Click to expand...
You have to pay the deferred interest. Same as on any no interest deal.

Wizman23 said:
Its not a scam. Its calling being responsible. If you can't make a minimum payment each month then you shouldn't be financing expensive items in the first place. This is 2009. Every single credit card company has online payments that you can set up to automatically to make your payment each month. Its your own fault for missing a payment.
Click to expand...
Seriously. The only catch with online pay with the Best Buy card (and any card through HSBC) is that you have to schedule your payment at least two days in advance for it to be paid on time or pay a $15 "rush payment" fee. You could also go pay in store I believe. But seriously, how do these people get all these misconceptions about credit?

My concern is... a $2700 camera? Holy shit! I mean I've got a smaller DSLR (XTi) and I got it for pretty cheap used because I couldn't get a D80/90 and I really wanted to, but after playing with my XTi it's good enough for my occasional photo shoot. It's not my job but I'm glad I didn't end up getting the much more expensive cam 'cause I'm not really going to get the use out of it. I wouldn't invest in the expensive cam if you've already got a nice one, you're better off getting some lenses. Those will be much more effective in seeing a difference in your photos than a new body.
 
Futureman said:
Not my profession YET, but I'm doing lots of freelance stuff lately and I want to get the hell out of my current job. I figure committing myself to such an expensive camera will kick me into overdrive and get my ass moving.
Click to expand...
Genius.
 
JB1981 said:
Himuro said:
Never again.

If you miss a one-month minimum payment, burly men come to your house and rape you in the ass. Will never got sucked into this scam again.
Click to expand...
Don't miss payments then.
Click to expand...

Exactly. There's nothing wrong with a huge penalty for missing one payment, even if your credit card expires and no one bothers to tell you that the auto pay on the new one doesn't kick in until the next pay cycle. Not that this has happened to me at Best Buy but it has happened before on my phone bill.
 
grap3fruitman said:
You have to pay the deferred interest. Same as on any no interest deal.


Seriously. The only catch with online pay with the Best Buy card (and any card through HSBC) is that you have to schedule your payment at least two days in advance for it to be paid on time or pay a $15 "rush payment" fee. You could also go pay in store I believe. But seriously, how do these people get all these misconceptions about credit?

My concern is... a $2700 camera? Holy shit! I mean I've got a smaller DSLR (XTi) and I got it for pretty cheap used because I couldn't get a D80/90 and I really wanted to, but after playing with my XTi it's good enough for my occasional photo shoot. It's not my job but I'm glad I didn't end up getting the much more expensive cam 'cause I'm not really going to get the use out of it. I wouldn't invest in the expensive cam if you've already got a nice one, you're better off getting some lenses. Those will be much more effective in seeing a difference in your photos than a new body.
Click to expand...

To be fair, it really depends. The 5dMkII is a beast. the high iso improvement alone is worthy. I just upgraded to a 7D, and being able to use iso 1600 without hesitation,a nod even 3200 and 6400 if need be DOES change your photography. But as I said it depends on what you shoot.

Also the added resolution is not a slouch either. And futureman wanted to get into video.
 
I needed a new laptop and managed to get a card with a $3000 limit. The best advice I can give you is what others have already mentioned. Do not miss a payment. And try to pay it off within the first year.
 
Wizman23 said:
Its not a scam. Its calling being responsible. If you can't make a minimum payment each month then you shouldn't be financing expensive items in the first place. This is 2009. Every single credit card company has online payments that you can set up to automatically to make your payment each month. Its your own fault for missing a payment.
Click to expand...

It's a scam. I was making over $250 payments a month. It's not like I wasn't financially capable of making a minimum payment, I just missed a payment. And I know what fucking year it is.
 
JB1981 said:
It's a scam. I was making over $250 payments a month. It's not like I wasn't financially capable of making a minimum payment, I just missed a payment. And I know what fucking year it is.
Click to expand...


its not a scam. Any smart person knows that if Best Buy is gonna give you no interest for 18 or 36 months there is going to be a catch, otherwise there would be nothing in it for them. Its not layaway. They aren't trying to deceive you or screw you over. You fucked up by missing a payment and not having any common sense. I have to thank you though, because people like you are the reason Best Buy puts on deals like this that responsible people can take advantage of because they know they are going to make their money off of you.
 
glistenm said:
He should buy two, his career is guaranteed to take off 50% faster.
Click to expand...

I'm already doing lots of freelance lately, I'm taking classes on studio lighting, I believe I have a good creative vision which has landed me doing some higher profile stuff like recently a music video for a band on a major label.

It's not like I never picked up a camera before and thought, "OH, I'LL BUY AN EXPENSIVE CAMERA AND TOMORROW I'LL BE A PHOTOGRAPHER!!"

This is well thought out. Settle down people.
 
In your freelance gig, is there any opportunity to sell your video, or are you just getting into it because you want to?

Furthermore, assuming you might be freelancing for a newspaper and they do like the idea of video, would the quality need to be considerably better than what you could get from a $500-700 video camera plus a couple hundred dollars worth of accessories, since it would likely only wind up on the web? (Mic, some form of a lighting?)

EDIT: Anyhow, don't know anything about the camera you're looking at, but is it really worth the $2700 price tag versus the alternatives? (i.e: will it provide better quality than various dedicated video cameras on the market that will cost you less out of pocket?)
 
Futureman said:
Well big ticket for me anyways.

I'm getting a new camera, comes in at $2,700. I was initially going to get a loan from friends and buy a used one, but on a whim I applied for the Best Buy credit card. I thought I'd be denied because my job is pretty low income, but I was approved with a $2,000 credit limit.

My plan is to sell my old camera for ~$1,200. Since my limit is only $2,000, will they allow me to apply cash to drop the price below $2,000, and then use the Best Buy card to pay the rest?

Best Buy has an 18 months no interest deal right now on items above $400. If I apply my $1,200 off the $2,700, that will leave me with a ~$90 payment every month to pay it off in 18 months.

Is my reasoning sound? Are there potential loopholes to look out for?
Click to expand...

First off don't EVER borrow money from freinds - ever.

and secondly this sounds stupid, please don't do this.
 
JB1981 said:
It's a scam. I was making over $250 payments a month. It's not like I wasn't financially capable of making a minimum payment, I just missed a payment. And I know what fucking year it is.
Click to expand...

Maybe you should learn to handle your finances better?
 
Futureman said:
Not my profession YET, but I'm doing lots of freelance stuff lately and I want to get the hell out of my current job. I figure committing myself to such an expensive camera will kick me into overdrive and get my ass moving.
Click to expand...

I think you need to think through this more...
 
Futureman said:
Well I got the info I needed.

Make the payments on time, pay up by the end of 18 months and I'll be fine.

Peace.
Click to expand...
" WHATEVA! I do what I want!!!"
 
krae_man said:
I just checked the terms. Just make sure you pay it off in full or you'll get dinged with 18 months of retroactive intrest at like 25%.
Click to expand...

This is how they get you.

If youre LATE on ONE payment....it all comes back to you like an interest tsunami
 
Futureman said:
Well I got the info I needed.

Make the payments on time, pay up by the end of 18 months and I'll be fine.

Peace.
Click to expand...


That's all you learned from all the comments in this thread?

You've been warned...

*Anticipates in 6 months the following thread to pop up* No job but a really expensive camera, how to get into photography career?
 
Ninja Scooter said:
i'm going to Walmart to buy a football. Within 6 months I'll be in the NFL guys.
Click to expand...

Come on. Futureman is a pretty accomplished photographer, skillwise. Like he said, he's no just someone hoping to pick up an expensive camera and call himself a pro.

He's already said that he will wait until November at least. I'm just not convinced that the 5DmkII is necessarily the right tool to go into debt for is all. I'm certain it's not the key to unlocking the future.
 
Futureman said:
The new one shoots video. I want to get into video big time. Other than that, the camera is basically the same photographically as my old camera, so I can continue on doing what I've been doing with photos.
Click to expand...
Buy a seperate 1080p Camcorder and not a camera that does both.
 
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