Loan/Finance for Astronomy Gear.

[netwolf]

Hi All,

Just wanted to know has anyone out there heard of or used Loan/Finance to purchase equipment?

Is there any vendors that provide this service?

Given the cost of gear in Australia it seems like a feesable option to have at a store. Like when you purchase a Car or Home Theatre etc this is an option. Why not for Astro Gear. Given in most cases Astro gear does usually seems to hold its value.

Regards

[iceman (Mike)]

hmm not a bad idea, especially given the price of top end equipment.

I guess the risk is, that astronomy is a hobby - whereas a car or home theatre are usually "staples" and you're always going to need it.

The worry would be that someone gets finance for $10k worth of astronomy gear for their new hobby , and then find that they don't like the cold nights, clouds, bad seeing etc and then not pay their debt back.

[netwolf]

Well the value is in the item right, a car loses money as soon as its driven out of the car yard. Where as a scope retains value for much longer. If you want to get out you can sell the item and pay back your debts. The risk of defaulting is equal. In the modern world its harder and harder to put your hands on cold hard cash for a full payment. Most things are purchased on credit especially high value items.

[Dujon]

As an ex-banker, netwolf, I would advise you not to even consider it, never mind do it.

[Scoper (Malcolm)]

Netwolf, I have to agree with Dujon; very bad idea. Amateur astronomy is a hobby; it should be an enjoyable pastime not a worry over paying back a loan. I have known of one marriage that was destroyed over one person's desire to own "premium equipment" as they felt this was necessary: it isn't.
I don't know what equipment you have in mind but I do know that you can make do with what you have already and get enjoyment out of observing the night sky. I'm 53 years old, have had an interest in astronomy since I was a child and have only recently purchased my first 10" dob. I have used a home-made 8" for many years to great satisfaction. As for so called "premium eyepieces" forget it if you can't afford them, they are mainly just erfles with an inbuilt barlow to give better edge of field charecteristics in my opinion ( I have used naglers as well as so called "crappy plossls" and the difference is marginal if at all on axis).
As I say, i don't know what you're after but in my opinion going in to debt over a hobby is a bad idea. Relax and enjoy the night sky with whatever you have now and save for the equipment you wish for.

[netwolf]

Personaly i avoid credit like the plague, dont even have a credit card. I am not a fan of spending what i dont have, unless its a investment like property. I like to pay upfront as much as possible. But recently i have seen the spike in intrest rates to curb creidt spending and wondered why credit spending (or finance) did not seem to have any place in Astronomy. Given the cost of equipment i would have thought more people bought on credit. This thread was more an excercise to discover the financial mentality behind our hobby. It seems to me the conclusion is people tend to save and spend when they can afford. I guess this is not surprising.

I have noted some few Astronmy shops overseas seem to provide finance, found two in UK that do it. Not sure how popular they are.

I bought a Dob because it was the best i could afford without overextending myself. And also it was simplest to use. Though its no very potable. My current project has been to save up for a tracking solution for it, jsut to keep things in the FOV. I did splurge on the TV Barlow but it was to tempting.

Regards

[Scoper (Malcolm)]

Must admit a lot of the equipment available is tempting; can't say that i've never thought about it - gem's, eyepieces, huge scopes etc; it's just about keeping a perspective on it and enjoying it. Have you thought about building your own tracker?

[IanW]

I run a simple system, I put together a shopping list, prioritise it and then save for the items. The only time I abuse the credit card is if something comes up that's a genuine bargain which to me means a saving of at least 60% of the cheapest retail price online and too good to miss.

[rmcpb (Rob)]

Simple rule of life, only borrow on houses and cars, the rest has to wait till you have the readies. Astronomy is a hobby, therefore, a luxury and should be treated as such. It is enjoyed more if there is no stress on paying for it.

[xelasnave]

From a vendors view point having finance "deals" would be an excellent marketing tool.
All I owe is $42-00 at the local shop spent on fuel so I have hit my pay back limit .
I do this, ask how much am I prepared to spend each week on astronomy ($20 for me at the moment) put it away, and target your next big purchase, take from your savings cash for accessories. You become more careful about "little" purchases because that puts off the big purchase.
$20 is not much a week but that is one 12inch in 12 months or a top of the range 100mm apo in 5 years. If times are good you can add more dollars, dont buy that new t shirt and when home put the money you did not spend in a tin.
Keep emptying you tin into the savings account.
Still if presented with a credit option to buy more gear I unfortunately would probably talk myself into it , certainly I would justify $20 per week repayments easily
alex

[ACE]

Credit cards can work to your advantage, especially if you work on the principle of paying off the amt in FULL when the bill arrives. Its only detrimental if you pay interest on the outstanding balance. Personally I like to pay in cash/eftpos, but given that many banks these days only give you xx free transcations a month, its easy to go over that limit if you don't monitor your transcations. At least using your credit card you can make all the necessary transcations and make then pay it off in one hit.

Back on the subject of 'financing' your hobby, I agree with most and its a bad idea. All good things come to those who wait!

[JimmyH155]

I bought my first scope – an 8” SCT - on a $5000 loan. It took me 3 years to pay it off – but if I had waited that long I might have gone off astro or put it into a newer car (I drive a 20 year old Volvo).
The pleasures I have got out of that scope (and still do) is immense and far surpasses the interest charges. – Sorry folks – I’m hopeless with money – I’ve got a tree lopper coming round tomorrow to remove a palm and a gum, so I can see more than just due south over Brisbane. Guess where the $800 is coming from??? (yes 800) the tin under my bed. Should I cancel him and instead of observing and imaging and enjoying my hobby, I can sit down each night and count the notes saved over and over again. That would be fun.
Why should we differentiate between a hobby (deemed non essential) or a car (essential? Bentley? 4WD? Datsun 120Y??) Its all to do with wants and needs and priorities and who cares anyway?? If you want it badly enough then borrow!!!

[netwolf]

I have finaly decided to go with the RobDob approach whcich should keep costs down. I have placed a wanted add in AStromart for Autostar 497+LXD motors. I will do the same here. I belive this is the cheapest way to track for a Dob at the moment, and in my budget. I was thinking of a LX50 Fork adapted for a Newt and i think thats will end up costing as much as a new scope. I want to keep the Dob it simple to use, and with an Autostar it will be much better for tracking.

If i had the money i would go SiTech Serv, also Servo Cat is an option but its relatively more expensive but its more matue. This with Argonavis for goto, is the best goto system for a dob out there. I would do this if nothing else to get official support from Gary Kopf a very knowledgeable gentelman. The information he has provided to me to date for nothing is invaluable.

Regards
Fahim

[JimmyH155]

Sorry, I forgot to mention that the money in the tin came by withdrawing cash from Mastercard so I could a cash deal with the tree lopper - I told you I wasn't too smart with money?