The pros and cons of DJ finance vs outright purchase

DJ finance vs outright purchase: what's right for you?
Both for established DJs and amateurs alike, picking up quality DJ equipment represents a significant outgoing. High-end DJ gear can be surprisingly expensive, though is essential for anyone serious about building a career in this competitive industry.

DJ finance offers a flexible and accessible alternative to outright purchase. But as is the case with all types of finance, there are pros and cons to consider.

The benefits of DJ finance

  • With DJ finance, it’s possible to access the equipment you need right away. The only immediate payment needed is typically a deposit of around 10%.
  • Financing DJ equipment also means being able to purchase DJ gear you wouldn’t normally be able to afford if you chose the outright purchase option.
  • Flexible DJ finance allows buyers to pay for high-end DJ gear by way of affordable monthly repayments to suit their budgets.

The drawbacks of DJ finance

  • Some DJ finance providers impose monthly interest charges and other fixed fees, which can increase the overall cost of the investment.
  • It can sometimes be difficult to qualify for DJ finance with a poor credit history, depending on the provider’s policies and restrictions.
  • With DJ finance, the equipment isn’t technically your property until you have repaid the balance in full. It may be repossessed if you fail to keep up with your repayments.

The benefits of outright purchase

  • Purchasing DJ equipment outright means eliminating all potential interest charges and additional borrowing costs from the equation.
  • When buying DJ equipment outright, you own it from the moment you purchase it. It’s yours to do what you want with, including selling or trading it in if you choose to do so.
  • Buying DJ equipment outright may be the only option if you have a poor credit history or you cannot provide proof of income.

The drawbacks of outright purchase

  • Buying outright could mean delaying your purchase until you save up enough money to cover the balance, which could take some time to accomplish.
  • The potentially high costs of quality DJ gear could subsequently wipe out your savings and leave you with little left over for emergencies.
  • Should you accidentally damage or destroy your gear after purchasing it, you may not have the funds available to repair or replace it.

In summary

In terms of deciding which of the two approaches works best for you, it’s a case of considering your requirements in conjunction with your budget.

If you have extensive funds available and can easily cover the costs of the DJ equipment you need, outright purchase is the way to go. Along with being guaranteed the lowest possible price, you’ll also become the rightful owner of the equipment the moment you purchase it.

By contrast, if you’re working with a more restricted budget, DJ finance could be a more suitable option. Along with eliminating the need to save up for the gear you need, you’ll also be able to spread the costs over a series of affordable monthly repayments.

Just be sure to carefully consult the lender’s terms, conditions and charges, before entering into any DJ finance agreement.

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