A Variety Of Financing Needs
These days, you can finance anything, especially when you get a cash loan from one of the lenders in our lending group. For the most part, people are financing more expensive items that they either want or need. In general, these are things well over one thousand dollars, but there are some exceptions. Take a look at some of the more popular loan quote requests.
1) Lawn Equipment
You might not think that people would need to finance lawn equipment but you are probably not looking at the higher end stuff. Sure, a push mower will only cost you a few hundred, but if you have a large yard or a lawn care business, you will need to spend more. Even a standard garden tractor can cost 2000 dollars while a higher end John Deere zero turn can cost 3 times that amount.
Since most people do not have thousands of extra dollars just lying around, you can see where financing would seem like an attractive alternative.
2) Home Gyms
The home gym has become increasingly popular, especially in the era of the virus. Who wants to go to a crowded and often smelly gym when they could work out from the privacy of their own home. A home gym allows you to get your work out in on your schedule and allows you to stay safe from germs.
The downside to building a home gym is the cost which is why so many turn to financing. A decent treadmill or elliptical can cost 1000 to 2000 dollars, a weight lifting system can cost another grand and then you have all of the little miscellaneous things that can add up. Before you know it, you are over 5000 dollars deep into a home gym and that is a lot easier to stomach with financing.
3) Sports Equipment
No, people are not getting loans to buy a new ball and bat, think about the more expensive stuff. It could be football pads for an entire youth team or it could be a fishing kayak. Yes, we get requests for kayaks ans lot of them. TO the outsider that might be strange but a Hobie brand kayak is well over 3000 dollars.
Once again, with these totals getting well over a thousand dollars, financing becomes a reasonable option. It is much easier to spread these costs over a few months or even a few years.
This is the one that strikes people as odd the most. People are always looking for money to purchase a pet, typically a pure bred dog. This is because even a pure bred Beagle can cost almost a grand and it goes up quickly from there. A French Bulldog will set you back 4000 dollars and a Euro Great Dane might cost 6000.
Without the benefit of financing, people would not be able to afford a pet or, worse yet might be at the mercy of pet shops. Not only do pet shops not typically carry pure bred dogs, their ethics can be very questionable.
You would probably not be surprised that people would finance electronics. After all, you see those financing deals all the time at the big box electronic stores. What might surprise you though is what types of electronics people are financing with offers from this website.
Leading the pack is the smart watch, particularly the Apple brand. Next, you have items like car stereos, navigation equipment and other wearable tech. Larger items like televisions receive far fewer requests on this website.
Last but not least, we have tools. People financing these come in two categories. You have the amateur mechanic and the professional one. In most cases, it is the professional that is seeking a loan to pay for tools.
The tools financed include everything from professional socket sets to a MIG welder. These things can cost thousands of dollars and in the case of professional welders, they can cost over 6000 dollars many times. That is a lot of money to come out of pocket all at once. Thus the loan.
Should People Be Financing
As you can see, people finance all sorts of things these days. With the rising costs of everything from electronics to puppies, it is not hard to see why. But should they be financing these things? The answer is not so clear.
Whether someone should finance instead of saving depends on a lot of factors and these are different for everybody.
If someone can afford the loan and they need the item soon, why not finance. If they can not afford to make the loan payments however, financing can get someone in a lot of trouble.
People need to make these decisions for themselves. They need to weigh the importance of the item and their financial ability. A lender will take a look at the finances of a borrower but they only get a small picture.