Pay4Later

[Novasport]

Anyone use this?
I have seen something I want to buy and can afford to buy it up front but the company is offering 6 months interest free finance over 6 months with a 10% deposit.
Thought the money would be better in my bank and pay it back monthly as it is free. Be rude not to but it just seems too good to be true!
Googled 'Pay4Later problems' and nothing bad seems to surface and a lot of retailer seem to use it so they appear to be OK.

I am always a little cautious with financial things, just wondered if anyone else had experience of them.

Don't want to take it out then get bombarded with emails & junkmail offering me trillion percent pay day loans & loans secured against my camel etc.

[mowgli]

there is nothing new under the sun.

there is always a catch, and no doubt, any form of default will be swiftly hit with a large stick.

it might be a good deal for you, it might not, but to be honest, i'd never heard of them till you posted on here.

[Benn]

As Mike said, nothing is ever free. You'll pay for it some how.

If you can afford it buy it out right always do that.

[scott.parker]

If you needed to question using it/them then imo you know the answer..

[womble sri]

Is the company that you are looking to buy a product from offering the service? I only ask because I came across a similar or the same thing when I was looking to buy the mrs a watch for Xmas. It turned out that the company actually ups the price of the product in the first place and after speaking to someone at pay4later or whatever they confirmed it. I found the watch about £130 cheaper on the net and guess that the price they listed it as secretly included interest/fees. I ended up getting it from America and got it about £400 cheaper than uk highstreet despite customs tax etc!

[Andy]

Sadly nothing is free

[Jamie.bowen]

I used this service on a 12 month interest free and that's what it was no nasty suprises everything was fine

[Novasport]

The company is a reputable company and they are actually cheaper than anywhere else for the same product. I think the company pay a fee to the finance company which covers the cost but they must hope you choose to take a longer term which incurrs an interest charge.

[novalovingned]

There will be no problem with the 0% interest free part aslong as the payments are payed when due. The only thing that will be "the catch" is you probably paying over the top for the product in the first place. That will be there profit.

[brainsnova]

Just pay cash if you have it

[Novasport]

I would rather spend somebody elses cash now and leave mine in the bank a bit longer if it is free. I have the cash, it's just I am tight and like to keep hold of it for a bit longer lol
It is like credit cards, every couple of years I get a new one with interest free periods on them. I use the 0% period then pay off the card and moveonto the next one. I gain out of it with paying no interest and it improves your credit rating :).
The banks milk enough out of us so you may aswell use the system to your own advantage ;)

[camels toe]

Dixons use to do the same sort of thing. I got all our electric stuff from them like tv,dvd,stereo,microwave,fridge ect when i first left home. Even though i had the cash in my pocket i thought id take them up on it. Just gave my mum all the money to keep safe and she went and payed it on the last day of the 6 months and didnt have a problem at all.
They offered us loads of credit too,seem them want to get you hooked in that 6 months then screw you if you miss the deadline.

[Novasport]

This is a monthly interest free payment over a 6 month term, not a buy now pay in 6 months time.

[womble sri]

Honestly the interest/fee will be in the price it's listed for. You don't get any thing free.

[peester]

its always the case that finanical stuff like this is a very split opinion. Im more like yourself rich, it is possible to buy yourself some time with finance. Its not always as doom and gloom as people think - The finance is a way of one business getting sales over other business' that dont have finance on offer. Even if there is no additional money to be made. They do often just bank on you being lazy and not paying up on time; then hitting with high charges.
But obviously be thorough, check and be sure.

[camels toe]

I had the choice.I could pay any amount at what ever time within those 6 months.So i could have apaid monthly if i wanted to.As long as the balance was paid up at the end.
The stuff we got from dixons wasnt any more expensive either we still paid the same price as on the shelf.
I think after the 6 months they sent us a letter saying we had 10k of `credit` to be used at any time at a handfull of shops so its just a way for them to get you buying more and more on credit that you wouldnt normally buy.

[Southie]

Rich I think you've decided yourself already that your going to be using them, a 6 month free %apr loan must be a good idea... You'll sell a few parts I'm sure if you were short before that 6 months was up.

[Novasport]

Honestly the interest/fee will be in the price it's listed for. You don't get any thing free.

The item is the same price if I pay in full up front as it is on the 0% finance so if I was paying for it in the price anyway I may aswell make the most of it.

[novalovingned]

The item is the same price if I pay in full up front as it is on the 0% finance so if I was paying for it in the price anyway I may aswell make the most of it.

Exactly! A sale is a sale to a company regardless if you pay in full now or it's paid in full over 6 months. The outcome is the same. You've purchased it from them and paid the full price.

[pottersrebel]

youve got the money now to pay it off but what if inbetween now and your repayment date something crops up that blows that cash. personally id just buy it now outright

[steviegsi]

I used a similar service when buying a laptop a year or so back. I was going to pay the full price but thought I would rather have the cash and just pay it off monthly over a year, the direct debit was bugger all, and like yours, 0% interest. I had no problems whatsoever. If you can make all the payments on time you have nothing to worry about.