More info on 0% APR deals?

KevChallis

I was just flicking through MBUK, and noticed 0% APR at places like formby cycles, leisure lakes etc...

All of them say about a 10% deposit, so on a £1500 bike you put down £150 then the payments are spread across 3 years (at formby cycles)

Has anybody done this? And has anybody brought the payments down by paying a bigger deposit?

I have sent them an email but think they are closed today

Thanks

Kev

KevChallis

I can't believe the swear filter stopped me saying F.L.I.C.K.I.N.G lol

rockmonkeysc

You never get the best deals with interest free credit. If you use a interest free credit card you have freedom to shop around.

jfry94

I would assume that you could pay a bigger deposit to reduce payments. I know for a fact you can at Paul's cycles. (That's what I did for my Jekyll)

stubs

Read the small print, on some 0% deals if you miss a payment you are liable to pay the full balance plus the interest within 28 days. I know someone who got caught out like that.

PhilDafOrce

i got my 2012 cube on 0%

i found the bike i wanted and waited until Oct 2012 when the new models came out, i got £400 off the rrp of £1400
i paid a higher deposit to reduce the monthly payment and then got the balance over 18 months.

PhilDafOrce

stubs wrote:

Read the small print, on some 0% deals if you miss a payment you are liable to pay the full balance plus the interest within 28 days. I know someone who got caught out like that.

isn't this the case for almost all credit regardless of what you are purchasing?

KevChallis

PhilDafOrce wrote:

stubs wrote:

Read the small print, on some 0% deals if you miss a payment you are liable to pay the full balance plus the interest within 28 days. I know someone who got caught out like that.

isn't this the case for almost all credit regardless of what you are purchasing?

Yes it is, although I have never missed a payment in my life do won't be an issue

paul.skibum

I don't like the idea of 3 year finance on a bike, I dont want a bike sitting in the corner of my room taunting me with the payments I am making everytime I dont ride it....

KevChallis

It will be paid off before that, maybe 6-12 months, I tend to get bulk amounts of money in, which means it's much easier for me to get something this way, rather than waiting 6-12 months for it

kajjal

I bought a bike from leisure lakes on interest free credit. You can put down a 10% deposit or bigger as I did and spread out the payments. Best to talk to the retailer. My bike was reduced in a sale and I got it on interest free credit.

bikes`n`guns

I use it,, it is like spending somebody else's money ! lol.

jfry94

Bikes`n`guns wrote:

I use it,, it is like spending somebody else's money ! lol.

I use it because its easier to pay a bill than it is to save.

stubs

PhilDafOrce wrote:

stubs wrote:

Read the small print, on some 0% deals if you miss a payment you are liable to pay the full balance plus the interest within 28 days. I know someone who got caught out like that.

isn't this the case for almost all credit regardless of what you are purchasing?

I have read if you are signed up to a direct debit on some 0% finance deals they will try and take the full amount from your account if you miss a payment, that puts you in the red and in the poo with the bank. I am no expert but I think a normal finance deal they cant do that to you you have the chance to catch up or renegotiate your payments.

Moral is read the small print or it might come back and bite you on the bum. I prefer to put it on a credit card then juggle the cards to get a free balance.

Bishbosh10

RockmonkeySC wrote:

You never get the best deals with interest free credit. If you use a interest free credit card you have freedom to shop around.

Most definitely this, especially as you say you get lumps of cash coming in at irregular intervals. With an interest free card you only need to make the minimum payment each month and can pay off larger chunks when you get paid.

KevChallis

All the bikes I am looking at I cannot find them at any different price anyway lol, guess that's what you get for 2014 or 650b bikes lol, thanks all for your help