I’m thinking about working with B to get a loan. We make two good salaries but don’t have any savings, and our kitchen is in bad shape.
If it is a 0% option then the monthly payment to pay it off will be less than 2 years eg %C2%9D100 per month for a %C2%9D5000 %22interest free%22 Accordingly, if you pay the $100 per month for two years, you will have paid $2400 and still owe $2600 on the loan. If you exceed the interest-free period by one day, you will be required to pay interest at a high rate for the entire “option” period, which is typically five years (2 for the interest-free period and 3 for the option period). think 39. 9% apr. Make sure to set up a standing order to cover the difference if you decide to do it. In the example above it would be 108. 33 x 22 plus 108. 34 x 2 payments. Interest is due if any amount is owed, even a single penny.
There are different types of finance deals available. I used to work for a jeweler that offered interest-free payment plans for 6, 12, or 24 months, depending on the cost of the item. Since there was no chance of additional interest accruing at the end of the fixed term, I believe the interest-free monthly contracts to be the better deal. Weve bought engagement/wedding rings and bed/mattress on 0% interest via direct debit from big name retailers Read the small print and comprehend the terms of the contract completely.
If the deal is that you pay the kitchen off in full over the term and it is 0% then great, go for it I bought a %C2%A39000 kitchen from Homebase in 2011 and paid it off in full over 3 years at 0% We recently did the same with some furniture from Next and decided that the money would be better off in your bank than theirs. If its a genuine 0% finance deal I dont understand the horror Perhaps he’s equating the loan with store cards, which frequently have exorbitant interest rates.
The drawback is that you are still borrowing money from yourself in the future, so if you lost your job or got sick, you would still be burdened with the debt. When I purchased some sofas on a 24-month interest-free loan, I made the monthly payment as well as additional monthly savings. After that, I was able to pay off the sofas in full within a year, which gave me more confidence overall.
That’s a good idea Vada, I already have some saved but need it for the worst-case scenario, if the builders tear up the floor and find wood rot. Will getting it on credit affect my credit score?.
maybe its the 2good salaries but no savings part that makes her twitchy? otherwise, a genuine 0% is better than a credit card debt surely? both are a problem if you lose your job or need additional spends suddenly though
I’m extremely frugal and have renovated the rest of the house on just my income, so we wouldn’t need savings even if my partner lost his job. I don’t want to get a credit card because I know there would be a temptation to use it once the kitchen was paid off.
As a debt, it would appear on your credit report, but if you don’t have any other debts, I don’t believe it would have a negative effect.
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maybe its the 2good salaries but no savings part that makes her twitchy? otherwise, a genuine 0% is better than a credit card debt surely? both are a problem if you lose your job or need additional spends suddenly though
As a debt, it would appear on your credit report, but if you don’t have any other debts, I don’t believe it would have a negative effect.
There are different types of finance deals available. I used to work for a jeweler that offered interest-free payment plans for 6, 12, or 24 months, depending on the cost of the item. Since there was no chance of additional interest accruing at the end of the fixed term, I believe the interest-free monthly contracts to be the better deal. Weve bought engagement/wedding rings and bed/mattress on 0% interest via direct debit from big name retailers Read the small print and comprehend the terms of the contract completely.
If you purchase something after clicking on one of our links from Mumsnet, we may receive a small commission (more information here).
That’s a good idea Vada, I already have some saved but need it for the worst-case scenario, if the builders tear up the floor and find wood rot. Will getting it on credit affect my credit score?.
Applying for credit at B They will gather information from you in order to complete a credit application, and they will be able to explain the credit options we provide. You will be informed immediately if your application was successful.
Although we make every effort to ensure that our customers are satisfied with the products or services they receive from us, mistakes do occur, and we want to make sure that we take every possible step to rectify these. Please let us know if you have a grievance, a problem, or any concerns.
No deposit required. Minimum spend £500. Available credit for projects in the kitchen, bathroom, and bedroom, as well as fires 12 months after the agreement’s date, monthly payments will begin. Credit subject to status. We reserve the right to end this promotion whenever we please.
25 year guaranteeOur B&Q kitchens are guaranteed for 25 years^. They’ve been designed with excellence in mind to give you ultimate performance and affordable quality built to last for a generation of memorable meals.
You must fulfill the following requirements in order for us to consider your application:
- Employed full time (16hrs+ per/week)
- Employed part time (up to 16hrs per week)
- Self employed
- Retired
- In receipt of Disability Allowance
- Homemaker
It’s time to install the ideal kitchen in your house that you’ve always wanted. We have developed a variety of adaptable and unique options to assist you in financing your kitchen project.
Up to 5 years interest free credit with no deposit**
With interest free credit you can spread the cost across one to five years
Buy now pay later**
With our buy now, pay later option you can be payment free for up to one year