Sometimes, we just want what we don’t have. Sometimes we just NEED it. Drone financing is available, and you can use it to your advantage. Perhaps you are trying to get your business started and off the ground. Perhaps your trusty drone you always use is out of commission and you need a backup. Or, you might just be heading out on the vacation of a lifetime, and you want footage that will last forever and remind you of the great time you had.
No matter the situation, you can get financed. Even if you’ve had bad luck in the past, drone financing with bad credit is also something you can consider. You will not be financing a piece of junk, either-there are Mavic Pro payment plan available, too. Even if you have a little money saved, or none at all, a payment plan can help get your dreams lifted and flying before you know it.
How Do I Start?
First, locate your favorite drone site. Our site of choice was Dynnex, as they had the drone we sought: the DJI Mavic. The steps are pretty straightforward: First, you begin by entering in your name, mobile #, and email, and in a few seconds, you can be prequalified for purchase.
Best of all it does not have an impact on your credit, which is a relief. Once you get your information, you can get shopping, choose the drone and equipment you want, and then you can borrow your money.
Dynnex Drones, who manufactures the Mavic, has partnered with the loan company Bread to offer you monthly installments that are easy to pay back, have no prepayment fees, and are all done online.
You even get monthly payment reminders sent to you by check and email, meaning you don’t have to worry about forgetting. If you come into some money and are able to pay back the loan immediately, there are no fees for doing so.
So, Is It Legitimate?
Many of us know that buy here, pay here cars are bad news. But what about buy now pay later drones? The good news is that the loans are legitimate, but their interest rates are a different story altogether.
The interest rates for financing are high. On the website Dynnex Drones, interest rates range anywhere from 6.99% to 29.99% APR. Supposing you bought a $1000 drone and paid for it over 3 years at a rate of 6.99%, that is an additional $111.41 you’ve paid. Doesn’t seem so bad, right? Now try being somebody who has bad credit.
Running those same numbers but simply changing the interest rate results in interest paid in the amount of $528. You can run your own numbers at Bankrate to see where you stand. Going into it with knowledge will make sure you are getting enjoyment from your drone, not the feeling of being swindled. When you can, make extra payments to avoid interest and get it paid faster.
Remember, you have to pay this loan back-there’s no getting out. Do not make this purchase if you are not 100% thrilled about doing it. If you can save up and pay cash, do that instead. And if you are not approved for the loan, don’t fret-take it as an opportunity to rebuild your credit and try again later.
Smart Ideas for Borrowing
The key is to enter your loan with the right idea: That you will pay off each and every penny of the loan and eventually truly own the item that you borrowed money for. Start off on the right foot by taking a few precautionary measures.
First, ask yourself what you can afford. How much of your money can you put toward this purchase? Look at all your usual expenses and decide from there. Write it down.
Next, shop around. We chose Dynnex Drones, but you can choose from several sites out there. For example, we found that Verydrone offers financing at rates of 0% APR over 12 months (if you qualify).
They also go through Bread financing, but in the event, you are not approved, Verydrone also uses GetFinancing. They also perform a soft check on your credit, and you will know in seconds if you are approved. They check with multiple lenders to give you the best chance of approval.
Beware places that offer “no credit checks”. These organizations usually charge exorbitantly high interest rates.
If at all possible consider alternate funding options, such as borrowing from a trusted friend or family member or saving the money you need to at least put a down payment on your purchase. Bread, the financier for both sites we examined, does not appear to have late fees, according to a quick search of their FAQ, but a missed payment can put your account into past due status.
The most important thing here is to get excited and feel happy about your purchase. If you don’t feel thrilled about it, don’t do it. Do it because you care about making your business great, capturing special memories or just enjoying the hobby. Choose a drone that suits your needs. Don’t go for a $3000 drone because you can-just buy the one that you need for the tasks at hand.
Examine all your options and shop a variety of different stores so that you can determine which ones will serve you the best. The two we looked at performed soft hits on credit-make sure your site of choice does this also. Make sure you know how much interest you will be paying over the course of your loan.
In some cases, the interest is so high, you could have afforded another drone by the time you paid it off. By going into this purchase with the knowledge of what you can afford and how soon you can pay it back, you will have a pleasurable-and weightless-flying experience!