Wiggle v12 finance- anybody used this?

J-89 Posts: 61
edited October 2007 in Road beginners
Hi, i am looking at buying the focus cayo from wiggle on the buy now pay nothing for 12 month finance thingy ( although i will pay the full wack before the 12 month runs out anyways). Just wondering if anybody here has used this service and what it was like? how do you go about it etc. a bit lost when it comes to financey stuff so advice would be appreciated. cheers!


  • muz250
    muz250 Posts: 95
    Not sure about the finace on wiggle, but normaly your better going to your bank and getting a loan, its normaly cheeper.
  • tonyscp
    tonyscp Posts: 111
    I've just bought a new frame using this service. The procedure was pretty painless and quick. The only proviso is make sure that you do pay the full whack off before the 12 months are up otherwise you are stung with an incredible rate of interest.

  • J-89
    J-89 Posts: 61
    thanks, how did u go about it? did u ring them up and tell them what frame you wanted and then they arrange that, then let wiggle know and it is delivered. or do u have to ring wiggle once you have arranged this with v12?
    APIII Posts: 2,010
    The basic premise with most interest free deals is that the shop pays the interest to the finance company on instead of you. The last bike I bought, I negotiated a cash discount as it was cheaper for the bike shop to offer a discount than to pay the (high) interest on the loan amount.
    As Wiggle are an online retailer, not sure if you would have any success going down this route, but worth bearing in mind if you buy from a LBS offering 0%.
  • Nuggs
    Nuggs Posts: 1,804
    tonyscp wrote:
    ...make sure that you do pay the full whack off before the 12 months are up otherwise you are stung with an incredible rate of interest.
    Absolutely bang-on.

    It's a great way of managing your finances without commiting cash on day one.

    However, if you fail to pay off the loan before the end of the 0% period, the term shifts out and you will be paying interest at a rate higher than your bank would probably be able to offer.
  • il_principe
    il_principe Posts: 9,155
    I've used it twice, both 12month interest free schemes and it's been great, i just paid a deposit and then they setup a DD to clear the remainder in 12 months, no extra charges or anything. Now if only wiggle stocked Zipp wheels....
  • My wife's used this scheme for a Focus. No problems. The finance company send you out the forms to sign and return, then when they've received them and are happy they phone Wiggle who then dispatch the bike. I think it all took less than a week from ordering on the website to receiving the actual bike.
  • J-89
    J-89 Posts: 61
    Cheers, that helped alot, think i'll go and order my cayo now! :D
  • bryanm
    bryanm Posts: 218
    You're signing up to a deferred credit agreement. You agree to a loan for say, 3 years, but the first payment isn't due for 12 months. As long you settle the outstanding balance before the 12 months is up you pay no interest. After the 12 months you can either pay the loan off, or take the finance option at a staggering 29.8%.

    The only question I'd ask is if you forget to pay it off are you liable to pay interest on the whole term, ie 29.8% over 3 years, or just the period of time between the 12 months expiring, and you paying off the balance. Some loans have whole interest terms in the small print, so even if you pay the loan off, you're still liable to pay the interest as if you'd continued the loan over the 3 years.