In UK, most stores that sell computers and computer related items offer several different finance options to their buyers. Computers tend to be quite expensive and are not affordable by many.Keeping this fact in mind, most well known stores in UK have a tie up with a finance service provider which enables them to provide their customers easy finance options to aid them in their purchases.
Those who are interested in credit computer financing should first do some research to understand the different types of finance and credit options which are offered by stores and select one which they find suitable according to their needs.
Given below are some of the main credit computer financing methods:
Most stores selling computer related items offer their products on a monthly installment plan to their customers. Customers generally would need to pay a small deposit towards their purchase and would be able to pay the remaining amount through monthly installments.
Generally the installments are anywhere from 12 months to 24 months, depending on the price of the product purchased. Again, depending on the store, interest charges might or might not be applicable. However, in case you miss any installment or are late on your payments, you would have to pay a hefty late payment fee.
0% interest credit
One of the most popular methods of credit computer financing today is the interest free credit or 0% interest credit. Under this type of financing, you would be able to purchase the item of your choice on credit.
There is an interest free period within which you would have to make the payment for the product in full so that you would not have to bear the interest charges in full. However, if you fail to make the full payment, you would have to pay very high interest charges.
Store credit cards
Several large store chains and companies also provide their own credit cards to their customers. Basically, these cards work much in the same way as normal credit cards do.
You would be able to conduct purchases through the card in that particular store and pay for it later the same way as payments are made on credit cards. However, if you pay just the minimum due amount each month, it could turn out to be a costly affair.
Like all credit cards, you would have to be very careful with store cards since if you are not careful the situation can soon get out of hand and you would have to face a serious debt problem. Store cards are basically a way in which stores encourage their buyers to spend more in their stores.
However, these can also be quite helpful and beneficial to those who handle their credit smartly. There is an interest free period on most cards and the best thing to do is to pay off the complete due amount within this period.