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Cost Plus Sofa's Finance

  • 30-04-2012 10:45am
    #1
    TracyCa
    Registered Users, Registered Users 2 Posts: 12 ✭


    Hi,

    Just wondering has anyone got the interest free finance from cost plus sofas?? They have no info on their website about it!!

    Surely its to good to be true interest free???

    Anyone got a little bit more info for me??
    Thanks! :D


Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,375 CMod ✭✭✭✭Nody


    Not knowing Sofa plus specifically but the usual suspects are in fees (setup and/or invoicing fees), duration (fail to meet a payment and loan from 12 month free to 36 month with X percent interest) or greatly delayed deal (pay 1 EUR now pay full balance in a year or it is turned into a 36 month with X percent interest deal).

    You should ask for the effective interest rate and specifically look at the payments (i.e. how much would you actually end up paying per month / owe by the end of the year).


  • #3
    Pacing Mule
    Registered Users, Registered Users 2 Posts: 5,075 ✭✭✭Pacing Mule


    Cost of the finance is built into the sofa price in the first place.


  • #4
    Shane-KornSpace
    Closed Accounts Posts: 1,025 ✭✭✭Shane-KornSpace


    first 15 months are interest free. after that you pay 23% interest. but the balance can be cleared by the 15th month, penaltee-free.


  • #5
    CPS: Lee
    Closed Accounts Posts: 10 ✭CPS: Lee


    Hi Tracy,
    The Interest free option works as follows.
    The desired loan amount is divided into 48 months Minimum payment. So you will pay 11 minimum payments and then have the option to pay the balloon payment on month 12 keeping it 100% interest free or continue paying the minimum amount but interest bearing @23%. You can make additional payments during the 11 months to reduce you balloon payment on month 12 you decide

    Lee


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