Coffee roasting machines at the hobbyist level start out financially reasonable and then SKYROCKET when you start looking into bigger and better machines. For those looking to elevate their roasting game without breaking the bank, creative financing offers an intriguing avenue. In this post, we’ll delve into buying a used coffee roaster on a e-commerce utilizing a 0% credit card to help soften the financial hit.
Before we dive in, let’s look at some quick benefits of buying used:
- Cost savings – Traditionally 25-50% cheaper
- Break in period is already done for you
- Intuitive upgrades are sometimes already done by the previous owner
Creative Financing with a 0% Credit Card
The Power of Plastic
Harnessing the power of a 0% credit card can be a game-changer. This financing option allows you to spread the cost over time without incurring interest, making it a viable alternative to traditional cash purchases.
This coupled with inflation means the dollar you’re paying today is going to be a lot less a year from now. So why not pay off that credit card with money that’s worth a bit less! Example: If you have a 0% APR for 1 year and inflation is 3-4% during that year, you just saved 3-4% of that price because inflation at 3-4% is eating away at that price.
Pitfalls
This hack can only be done with sound financial discipline. If you’re someone who is not the greatest at saving their money and watching every penny and where it goes, maybe this isn’t the right thing for you.
Every financing decision comes with its own set of risks and rewards. It’s essential to assess your financial situation and consider factors such as interest rates, repayment terms, and your ability to manage credit responsibly.
That’s cool and all, but how do I do it?
- Find a e-commerce website that specializes in selling used coffee equipment
- Make sure they are able to take a credit card
- Make sure they don’t charge a credit card fee to use your card
- If they do, weigh the CC fee into the whole savings vs buying used/new
- Look for one that has low hours and doesn’t look like it was used and abused on a daily basis
- Purchase the machine w/CC
- Check the credit card intro 0% time period
- Most at 12-18 months
- Setup your automatic payments to pay the minimum on the card
- Month before the intro 0% time period ends, pay off machine in full and cut up the card
*** Extra bonus points if you already have the full amount for the machine and you put the whole purchase price amount into a high yield savings account and make extra money on your money. ***