[Request] Buying a new TV in Dublin - Low Interest Rates?

krinpit

I already posted this thread in the TV forums, but was told I'd be better off posting here:

My old CRT TV stopped working last night, so it looks like Christmas is coming early for me.

Does anybody know of places in Dublin that do special deals like 0% interest for the first 6 months on LCD TVs? That would save me from getting a bank loan and paying 9-10% on it. I obviously don't want to do this using my credit card either.

Thanks

fdevine

Currys & Dixons both do a 6 month interest free option. Its through HFC (Household) Bank.

Argos also do a 6 months interest free option if you spend over €275

http://www.argos.ie/webapp/wcs/stores/servlet/ArgosStaticPageSecondLevel?langId=-1&storeId=30001&includeName=interestFreeCredit.htm

In my opinion Currys have the better selection of TV's.

krinpit

Excellent. And do you know any of them charge a penalty if you pay it off early etc like the banks do?

fdevine

krinpit wrote:

Excellent. And do you know any of them charge a penalty if you pay it off early etc like the banks do?

If you choose to take credit beyond the 6 months i.e. not pay it off, and you then pay the loan/HP off early then there are penalties.

Deposit, monthly payments, final payment within 6 months....sorted

krinpit

Almost sounds too good to be true

Thanks a mill for your very useful responses.

fatherdougalmag

Is it not common practice that such "interest free" purchases just have the interest factored into the base price of the product?

fdevine

i would disagree father

if the cash price in-store is €699 and you take 6 months interest free, you still only pay €699

maybe check an in-store price in Currys or wherever against another retailer who doesn't do the free credit and compare.

NB whatever you do, make sure the fcukers explain the agreement to you, and read (actually read) the small print and if you dont understand it, get someone to explain. ask for a manager if necessary.

fatherdougalmag

if the cash price in-store is €699 and you take 6 months interest free, you still only pay €699

maybe check an in-store price in Currys or wherever against another retailer who doesn't do the free credit and compare.

That's what I was alluding to. Smoke and mirrors. Their €699 price tag might have the interest free period already factored into it. So get prices from a variety of sources and see if you are paying over the odds.

krinpit

fatherdougalmag wrote:

That's what I was alluding to. Smoke and mirrors. Their €699 price tag might have the interest free period already factored into it. So get prices from a variety of sources and see if you are paying over the odds.

The €699 tag would presumably be the same whether you are getting it on credit or paying for it up front

fdevine

What fatherdougal means is that the €699 item in a store offering 'interest free' credit may be only €599 in a store that doesn't offer it, meaning that the interest free stores price is artificially high to make up for the offer, therefore costing you and not them.

Would be wise to do a like for like price comparison if you can.

pjproby

just remember, if you fail to pay the entire balance after the six month period is up, the interest rate is penal-almost 30%.

Tabitharose

Harvey Norman do 18 months interest free loans

jimmychin

i got a tv from DID last year on 12months interest free.

they have the offer every now and again i've noticed.

sony bravia 32"
think it was about 1500€ (exact same price in sony centre with no interest)
loan was through HFC
paid about €50 a month and then a lump sum on the final month
was no problem if i wanted to clear early

if i had gone over, i was locked into a 4year interest plan so its really important to make sure you dont go over the 12 months

HFC regularly called me to try and sell me other loans which was a bit annoying as i think you have to tick the "allow soliciting" checkbox

Aquos76

the only extra charge that is applied on an interest free offer like these are usally some sort of admin charge. Remember though if you dont clear it in the 6 month time frame, you will then be locked into a 3/4 year fixed rate loan. And it a very high rate at that.

podgeandrodge

Are Curry's still doing interest free offers? Their newspaper ads no longer mention interest free only the 22.9% ordinary plans...

Doodlebug

I have used this type of finance package before and, AFAIK, these deals are offered by the lending institution (HFC, et al) because, although they are genuinely interest-free, a good proportion of people will not pay off the amount before the interest-free period is up. There's nothing to stop you doing it, but people forget, something else comes up, etc., etc.

This is where the lender makes their money, because, as was pointed out above, the interest rate once it does kick in (after the 6, 12 or 18 months) is very high (comparable to credit card APRs). You may end up paying almost double the sticker price for your purchase over 5 or 6 years.

So, if you are confident of having the money paid off before the time runs out (and do not leave it until the last minute!), then this may be for you. If not - steer well clear.

You often see leaflets in furniture shops offering the same terms through the same lenders.

Murt10

Don't forget that when you are comparing different suppliers that Currys Dixons and PC World are one and the same company.

There's no such thing as a free lunch. As other posters have warned, if you get an interest free period, they will crucify you if you do not adhere strictly to the terms of the loan.