TV Finance Offers
Buy now pay later or catalogue shopping is a method of buying goods and products. In this system, the payments for the item are spread out over a set period of time. This can range from five months to four years.
Sometimes we are faced with emergency situations at home, say our TV breaks down but we don’t have the budget to get a new one. TV finance deals give you the opportunity of buying that TV and starting payments after a set period of time.
This gives you instant access to the TV even if you do not have cash to pay for it.
How Buy Now Pay Later Schemes Work
Television on finance schemes have been operational for many years. However, they have gained popularity only in recent times.
These schemes offer buyers the chance to push payments to a later date for items that they need at the moment. This makes payment options flexible. Before a customer chooses this option, they are informed when their interest-free tenure will come to an end.
They are also informed on the amount of payments to be made if they do not pay for the item during the interest free period.
0 Percent Interest, Interest Rates and No Deposit Schemes
Interest rates that are charged by different companies differ. Each shop has its own system of payment that it offers its buyers.
Very, one of the shops that offer television finance says that buyers who cannot clear their balances during the interest-free period have to pay 7% per month.
Almost all companies offer a window of a few months of not percent interest rate. If you pay back the total cost of the TV within this window, you’re charged no interest.
Apart from occasional offers, most companies require you to put down a deposit, even if it’s a very low deposit. These low deposit offers always have stricter rules and therefore it is a good idea to pay a higher deposit if you can afford it because that’ll give you a longer 0% interest rate period to pay back the sum owed.
TV Financing Eligibility Criteria
For these schemes, the following criteria apply.
- The beneficiary must be 18 years and above
- The applicant must be a permanent UK resident or UK resident for 3 years and more
- The applicant must also prove that they are able to make regular payments over the specified repayment periods.
- Most of the schemes demand the applicant to be in regular employment or self-employment. The applicant can also be staying with a spouse who is in regular employment. This is to make sure that they will be able to repay.
- The applicant must also have a credit or debit bank in their names, registered with their addresses and operating an active bank account.
- Most companies check the applicant’s credit rating.
Applying for Finance with a Bad Credit Rating?
It is hard getting an approval if you have a poor credit rating, however here are a few tips that can help you get a buy now pay later deal on a TV despite having a bad credit rating:
- Go for a cheap TV, go for a TV that falls in a low price range as that would make the lending company believe that you can pay it back.
- Go for a long payback time as that would reduce the monthly instalment.
- Put a high deposit. The higher your upfront deposit, the more trust the lending company will have in you paying back the loan.
- Make a joint application – if your credit history is very poor, you may want to make a joint finance application as that would increase the chances of your application being approved. Not all companies will allow that though.
- Whatever you do, please make sure you don’t bite more than you can chew. It seems easy initially but can be very taxing paying back expensive loans. Make sure you compare the interest rates and make an informed decision.
Which are the top brands in UK offering buy now pay later schemes?
Some of the top brands that offer buy now pay later schemes include:
- When you spend 50 pounds or more you will pay nothing for six months.
- When you spend £125 or more at their shop, you get the chance to pay nothing for 9months.
- When you spend £200 or more, you pay nothing for a period of 12 months.
- When you pay in full before the buy now pay later period is over, you enjoy interest-free rates.
- If you cannot manage to pay in full before the buy now pay later period is over, you can choose to spread the payments over a specific period of time.
Ways to avoid interest charges and other payments
- The delivery charges are to be paid in full and up front before the delivery is made. These charges appear on the next statement and you are usually notified when the charges are due.
- If you pay the amount in full and timely before the payment free period elapses, you will not be charged interest rates.
- Ensure there is plenty of time from the time you authorize payments on your debit and credit card to the time the payments reach the shop. This is because some payment methods take longer than others. Such delays may make you miss payments which lead to additional charges.
- If you feel that you are financially strained, you can be making small off-payments along the way so that by the time the payments are due. Consequently, you will have small dues to pay.
Argos credit offers you a credit card that you can use for shopping. You can use this card to shop online or through a mobile application.
Key features for buy now pay later plan
- When you spend £50 or more, you are allocated 3 months to pay.
- When you spend £99 or more, you get 6 months to pay.
- When you spend £299 or more on televisions, you are given 9 months to pay.
- Buyers who spend £499 or more are given more than 12 months to pay.
Currys is another UK company that offers buy now pay later option. If you want to buy a television through their finance option, you just visit their store, identify the TV that you want and then pay a 10% deposit either by credit or a debit card.
The outstanding amount can then be paid in 6 months time which will include a £25 settlement fee. If you cannot manage to pay within the 6 months, the outstanding balance is then spread over 24 months repayment period.
- If you purchase a TV worth £250, you will pay a deposit of £25, then pay the remaining amount in 6 months plus £25 settlement fee. If you cannot manage to pay within the 6 months you can have your payments spread over 36 months. In this plan, you will be paying £9.66 monthly. The total amount of the television will be £372.76.
- The rate of interest is 24.9% which is fixed.
- There is also a buy now pay later plan that allows you to upgrade your television to the latest technology in the market. This is the ideal plan for tech-savvy people or those chasing new models. With this plan, you make an initial payment which is then followed by 12 months of balance payment. When a new television is available in the market, you just upgrade to the new one after paying an initial upgrade fee. If you upgrade after 24 months and return the original product, you get 15% cashback of the purchase price.
Our television sets can break down when we least expect it to happen. Without some reserve cash, it can be very hard to raise the required money to buy a new one.
However, with a buy now pay later plan, you can get a new set and make payments later at your preferred time. The shopper should go for a plan that they feel most comfortable with.
Please choose a plan that is straightforward to avoid any hidden charges.
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