Personal bank loan

[jringold]

My deal was a little different. I got all new equipment and put it on "lay-away" for three months at the shop. The deal was that I could use it anytime I wanted and pay the standard rental fee. However, the fee that I paid went directly toward the price of the equipment. I still owed about $3K at the end of 3 months (2 complete sets of eqp) so I paid the balance with Amex (got my skymiles) then used a balance transfer that was 6 months no interest. A little complicated but it worked out - I got exactly what I wanted and was able to use it when I wanted and had the flexibility of payments. I'm not sure if the lay away and rent is common at LDS' or this one was unique.

 

[jringold]

And this part is personal preference - but I much prefer my own gear over renting. Last year we went to Cancun. Wife had just recently had shoulder surgery so we figured diving was off the table. Turns out the Dive Op on the resort was able to work with her - she would get in the water, then the DM would help her into her kit. When we would surface, she would hold the ladder and the DM would help her out of her kit and hand it to a deck hand. One of the best Ops we have ever used. The point was that we didn't take our gear. We used the shops gear. It was just ok. My BC fits me perfectly. The rental was "just so". I really didn't like the second stage on the reg. I didn't have my computer - just an SPG. We had a great time but if we had had our gear it would have been much better.

 

[Tug]

My deal was a little different. I got all new equipment and put it on "lay-away" for three months at the shop. The deal was that I could use it anytime I wanted and pay the standard rental fee. However, the fee that I paid went directly toward the price of the equipment. I still owed about $3K at the end of 3 months (2 complete sets of eqp) so I paid the balance with Amex (got my skymiles) then used a balance transfer that was 6 months no interest. A little complicated but it worked out - I got exactly what I wanted and was able to use it when I wanted and had the flexibility of payments. I'm not sure if the lay away and rent is common at LDS' or this one was unique.

I would look and see if any of the shops around you offer something like this. A number of shops near me offer a "rent to own" program. The way they work it is you pay roughly half now and then pay the standard rental fee whenever you want to use the gear. Although, I'm not sure if there is a timeline to paying it off.

 

[JamesBon92007]

Has anyone taken out a personal bank loan for their dive equipment? I'm asking because I'm thinking about taking out a small personal loan. Was wondering if its worth paying interest or saving up for yet another year.

My philosophy is NEVER pay interest unless you can deduct it from your taxes or you need it to establish credit, then pay off the loan.

I just bought a very nice, very slightly used BC on eBay for $18. It's a Dacor so most people won't buy it because parts aren't available. However, just about any part that might fail can be replaced with standard parts. I bought a very good used Sherwood second stage for around $30. I bought a very good used Sherwood first stage for around $25. I now have an extra, very good regulator for $55. Hoses and gauges and such things just sorta happen over time. I bought a brand new full 2.5mm wetsuit on eBay for $30 (including shipping). It fits great and I love it. I bought two pair of genuine ScubaPro Jet Fins on eBay for $60 total. They needed new straps. I love these fins. My girlfriend bought a pair of Medium ScubaPro jet fins at the second-hand beach store on Hawai'i for $20. They needed new straps too. She loves them. She recently bought a new 3mm wetsuit from Scuba.com which was on sale for $65 instead of $120. It's a very nice suit and it fits her great. I made my weight belts from fishing weights that I found while diving. I think a buddy gave me the mold.

Hang around some people who have been diving a long time and they most likely will have extra stuff that they don't need or you can at least try out before spending a lot of money on something you might not be sure about.

 

[The Chairman]

Try "GoFundMe"!!!

 

[EricTheDood]

YOLO

 

[northernone]

My philosophy is NEVER pay interest unless you can deduct it from your taxes or you need it to establish credit, then pay off the loan.

I just bought a very nice, very slightly used BC on eBay for $18. It's a Dacor so most people won't buy it because parts aren't available. However, just about any part that might fail can be replaced with standard parts. I bought a very good used Sherwood second stage for around $30. I bought a very good used Sherwood first stage for around $25. I now have an extra, very good regulator for $55. Hoses and gauges and such things just sorta happen over time. I bought a brand new full 2.5mm wetsuit on eBay for $30 (including shipping). It fits great and I love it. I bought two pair of genuine ScubaPro Jet Fins on eBay for $60 total. They needed new straps. I love these fins. My girlfriend bought a pair of Medium ScubaPro jet fins at the second-hand beach store on Hawai'i for $20. They needed new straps too. She loves them. She recently bought a new 3mm wetsuit from Scuba.com which was on sale for $65 instead of $120. It's a very nice suit and it fits her great. I made my weight belts from fishing weights that I found while diving. I think a buddy gave me the mold.

Hang around some people who have been diving a long time and they most likely will have extra stuff that they don't need or you can at least try out before spending a lot of money on something you might not be sure about.

I salute you!

Yes, my dive habit exactly as well. And if you need a loan for 120$ the interest would not kill you.

Dive on!
Cameron

 

[JamesBon92007]

Come to think of it, in my avatar photo (to the left) I'm wearing my $30 wet suit, my $45 Casio watch, my $3 mask (Craig's List), my 48 year-old snorkel, my regulator and gauges from 1984, my $4 booties from China (eBay), and my $30 Jet Fins (made in USA in the 70s). I'm guessing I paid less than $10 for the BC power inflator hose.

The BC is a rental and the tank and weights came with the dive.

The funny thing about the fins is that often people will be drooling over them, especially in Mexico.

I think I overpriced the mask. Actually, for $5 it came with some good quality fins suitable for scuba. I also bought three good wetsuits for about $8 each, two looked brand new. I also bought several old steel 72 tanks on Craig's List for about $15 each. I got them hydro tested for free. The valves needed some work such as cleaning and a new O-Ring.

 

[JimJam2]

Has anyone taken out a personal bank loan for their dive equipment? I'm asking because I'm thinking about taking out a small personal loan. Was wondering if its worth paying interest or saving up for yet another year.

I used to do that with stereo equipment when I was starting out (whatever happened to Household Finance anyway?).
0% credit card offers for 12 months maybe. Otherwise don't pay interest to anybody except maybe for an home or auto purchase IMO.

 

[NAM001]

Has anyone taken out a personal bank loan for their dive equipment? I'm asking because I'm thinking about taking out a small personal loan. Was wondering if its worth paying interest or saving up for yet another year.

No. IMO if you have to take a loan you cant afford the sport. the equipment is the small part of the cost of diving.

Much like if yo have to ask the cost of the Rolls Royce delux you cant afford it. Fortunately unlike the car once you buy it , the daily costs end. I would make a list of what you need in order of priority and purchase them one at a time. Buy 5 items now and in 2 years you wished you did not buy 4 of them. Buy only the most personal and vital things. regulator's, wet suit, and basic gear. Check out the cavers for the regulator recommendations. In the mean time try many jacket bcd's and BPW's. Look forward in time about 50# of body weight and decide which initial buy is best. Gradually use this process till you get all the gear. It may take 2-3 years. You have a better chance in buying the right stuff when you pay with real money and not a bank loan.