Finance for components

MarkDon

Right, i was after getting a load of bits (£500ish) worth from CRC with their Buy now, Pay later finance scheme, which was 0% over 12 months, which would have been great.

Now their finance company have stopped offering this (1 day before i was ready to order :roll: )

So, now the only deal i can get through them is 36 or 48 months, which is waaaaaaayyyy too long to be paying that off.

So, does anyone know of any decently priced online stores that offer a 12 month finance deal?

I dont have the £500 under the bed, or in my sock, and these sales are going to end soon, so would like to take advantage of that.

Only other option i can think of is get a 0% credit card & use that, then pay it off within the 0% timelimit?

Any help would be appreciated.

Mark.

RealMan

Why don't you email CRC and ask them to do you a 12 month contract?

MarkDon

They use an outside company to do the finance, dont think they have any control over it?

Worth a shot i guess?

RealMan

Of course, what are you going to lose?

dave_hill

MarkDon wrote:

Only other option i can think of is get a 0% credit card & use that, then pay it off within the 0% timelimit?

Any help would be appreciated.

Mark.

Don't get a credit card unless you can absolutely promise yourself that you'll pay it off on time, every time.

The finance deals that CRC offer are NOT a proper 0% finance - they're a deferred payment scheme which means if you don't pay it off by the end of the 12 month period then you end up paying 25 or 30% interest.

A proper 0% deal is fixed payments over a set period, usually by direct debit so you are guaranteed not to pay more than the asking price.

You might try All Terrain Cycles (www.allterraincycles.co.uk) - you can order online and they offer fixed term finance deals on components over 12 months minimum. You do pay 9.9% interest on these deals but the purchase prices are low enough to start with that you rarely end up paying more than the RRP.

They also offer 0% finance on most current model bikes, with up to 36 months terms available regardless of price.

The Northern Monkey

save.

diddyfunk

+1 for saving.

Totally understand that you want to take advantage og the sales but dont have the cash lying about but the world is in the mess it is in because of lending companies / banks.
If you find yourself totally unable to live without buying this stuff then make sure you can pay it off in the allocated time period as mentioned above.

I always think it means more when you have saved for something.

MarkDon

I've always got money spare, but i'm rubbish at saving, so if i get it on finance, i know its going to be paid off as i always set my bills up for payday, then whatever is left is mine.

Thanks for the help, will check allterrain out now, cheers.

dave_hill

MarkDon wrote:

I'm rubbish at saving

That's like a fat person saying that they can't lose weight.

Set up a restricted access account, and pay into it by standing order from your working account. That way you have to give the bank notice if you want to make a withdrawal - it's such a ball-ache doing it you'll only make a withdrawal if you absolutely need to.

MarkDon

Well, i can save, but like the week before payday, if i have money left, i'll find something to buy.

I have a direct debit into a second account that i'm saving for a trip to australia, but bar that, i dont save.

And i'm fat & can't loose weight

soy_sauce

sound like you know what you are doing and have a set time frame which you want to pay off the debt

so i would go for the Credit Card option. good to build up some credit rating which will come handy in the future when you need a credit check for buying monthly payment mobile contract and so on.

MarkDon

My credit score is excellent as i have had a few cards, paid them off, had a loan, paid that off, all without missing payments, i use credit expert & keep track of my score

I'm just looking at All Terrain, though a touch pricier on some items, they are cheaper on a few, 12 month deal is there too at 9.9%, but i'll probs just get whichever card moneysavingexpert thinks is best 8)

rowlers

wiggle do finance
and they'll price match crc

Northwind

I'd put it on a low interest credit card. It's like saving only you get the stuff today But then I know I can trust myself to pay it off.

MarkDon

Rowlers, they do, but it's 19% intrest and 3 years term. Think I'll stick with the credit card.

Briggo

You do realise that with loans you dont have to keep paying the whole duration of the loan, you can settle it early (there may be early settlement fees but this'll still be cheaper than paying X years full interest) .

Best thing to do, take out the 3 year finance, pay the monthly payments and then the difference to what you would have been paying as if it was a 12 month contract save up and then settle the loan.

rowlers

MarkDon wrote:

Rowlers, they do, but it's 19% intrest and 3 years term. Think I'll stick with the credit card.

Its not just crc that have dropped the 12mth 0% then, I bought a frame from wiggle last year on 0%!

MarkDon

I think perhaps people are getting better with money, taking advantage of the 0% deal, paying it off before paying any intrest, so the finance company make no money.