DJ’s are the lives of the parties. Without a good DJ behind the wheels of steel, the music will be nothing to write home about in most parties. However, a good DJ cannot do much without the right DJ equipment. If you have been in the entertainment industry long enough, you will understand that good equipment equals good sound. Whether you are a veteran in the game or a newbie, you need the right DJ equipment to succeed. This is where music funding comes in.
Like other players in the entertainment industry, DJs have issues with funding. For newcomers, it is often hard to secure the capital to fund the equipment they need to make the right impact in the industry. Even for DJs who have been playing for years may find it challenging to raise the sort of capital required to overhaul their equipment when the need arises. Are you are DJ thinking of how to finance your equipment? We will discuss five possible ways you can do that.
Equipment Financing
This is one of the straightforward ways to finance your DJ equipment. It is the standard method used by most business people. It is most suitable for professional DJs who have been in the game long enough and have registered their craft as a business.
You can take a loan from some of the formal lending institutions to finance your equipment. This special type of loan is referred to as equipment financing. It is different from other kinds of small business loans because it is collateralized. This implies that whatever you are buying with the loan will serve as collateral. In essence, your equipment can be taken from you if you default on payment.
To qualify for equipment financing, most lenders will require that you show evidence of being in business for at least 11 months. Some will demand to see that you have made at least $100,000+ from the business. Some lenders will also insist that you must have at least 600 on your credit score. There are few lenders who will consider you if you have bad credit. If you don’t qualify for formal equipment financing, you have a few more options.
PayPal Credit
If you are a PayPal customer, you may qualify for PayPal credit, which is another good way to finance your DJ equipment. Depending on such factors as where you shop and how long you have used PayPal, you may qualify for the credit that will let you buy your equipment and pay in installments over a period of time. There are several impressive things about PayPal credit like no payment as you purchase + 0% interest if paid in full within six months of purchase.
PayPal Credit is easier to access if you have used it in the past and made your payment on time. Even if you have never used PayPal credit before, you stand a good chance of qualifying if you have been using PayPal for a while. If you are approved for the credit, shop at any reliable music equipment store that accepts PayPal payment. After adding the items you need for your DJ setup to your shopping cart, choose PayPal as paying account when you want to checkout. It is simple and reliable.
Financing with Affirm
Affirm is another reliable financing option DJs can use to buy what their equipment and pay back in fixed monthly installments. It is one of the best financing alternatives to use if you are pretty sure that you can start earning with your DJ equipment as soon as possible and start paying your monthly installments as soon as possible. It is an alternative for credit cards and other credit payment products for individuals who don’t have stellar credit scores.
Affirm is an independent company but works with a number of lending partners. Their vetting process is thorough, so some applications may be denied. You may not be limited by your credit score with this company like the case will be when you are dealing directly with a bank. There is also a limit to the amount of financing you can get with Affirm. It may be most suitable for DJs who just want to add a few more items to their equipment set.
Music Funding Companies
There are music funding companies that make it easier to access finance for all kinds of music investments. They can also be the perfect place for DJs to find the capital to make the necessary equipment purchases to startup or take their games to the next level. One of such companies is Fast Artist Funding. This is the company that cares so much about music artists and help them to access fund with the friendliest terms. Fast Artist Financing can finance Equipment, recording, and marketing for artists, DJs, and other players in the entertainment industry.
Besides Fast Artist Financing, there are few other companies that offer funding and financing services for independent artists and DJs. It is just a matter of going online to check out companies that offer these services and see if you qualify for their products. You may also want to research each company thoroughly to avoid getting scammed.
Other Financing Options
There are a few other ways you can finance your DJ equipment, even with bad credit. The old-school system of approaching big bags for loans still works for some artists and DJs. You can also take a loan from friends and family to finance your equipment if you are certain you will make money and pay them back at the right time. No loved ones will ask for your credit score before giving you a loan.
Getting music funding can be tough for DJs. It is not an impossible task, however. We have discussed five ways you can finance your DJ equipment, and we hope this little piece helps you get what you need to live your dreams.