When looking to buy a TV on finance there are a number of questions you may want answering before you can go ahead with your purchase. We assume at this point that you already know which type of TV you want; LCD, LED or Plasma, as well as having chosen the size.
1. What stores offer TV’s on Finance?
2. How much can I borrow?
3. What are the interest charges?
4. When do I have to pay back what I owe?
5. Can I get accepted if I have bad credit?
These are just some of the most common questions that you may have when looking to buy on credit, not to mention other questions such as delivery options etc.
1. There are a number of online stores that offer a finance option to their customers. The most common type of store which offer these are one’s with catalogues, i.e. Littlewoods, etc. There are also a few others such as Dial a TV, Homebuy, Misco and DirectTV’s, however, these are not as well known as the catalogues and tend to offer higher interest rates. The final group of stores which offer credit on electricals are Comet and Currys, however, their finance options are only available in-store.
2. The amount of credit that you can get varies depending on the store you buy from. The usual starting value is £500 but this can go up with every on-time repayment that you make. Please check the terms and conditions of the store you choose before you buy.
3. Like credit limits, the interest charges vary depending on the retailer.
- The Shop Direct group (Littlewoods, Very, K and Co, Isme) – offer an interest free period of up to a year and then go up to 34.9% APR. So, if you’re looking to pay off what you borrowed within a year then the Shop Direct group are the place to go. However, due to there 0% interest period they have much lower acceptance rates when compared to other stores. So, if you have a low or poor credit score you would be better off applying elsewhere. Also note that Shop Direct prices tend to be higher than the majority of other stores.
- Others – Stores such as Gimmitech sign you up for a Vanquis credit card at 39.9% APR, therefore their acceptance rates are around the same as the Shop Direct group.
4. The way in which you pay back what you owe depends entirely on how you want to pay it off and the store you’re buying from. The Shop Direct group give you the option of paying back what you borrowed on a weekly, bi-weekly or monthly basis over a period of 20, 52, 104 or 156 weeks. So, there are plenty of options available and you can opt to spread the cost over a longer period if you find you cannot meet your current deadline. Other retailers offer similar methods whilst other stores are a bit less flexible. Again, please check the T’s and C’s before you sign up for a credit account.
5. Having a bad credit rating can make it difficult to get accepted for a credit account with an online store or catalogue. However, when compared to banks or mobile phone networks they are far more lenient. After making a few successful payments your credit score will begin to rise and you may find that you can get accepted elsewhere too.