I’m trying to buy a gaming pc that I have already configured and I’m ready to purchase. I’m planning on going for the finance payment option. I would like to know if I pay the whole cost off in the first year do I have to pay interest on the pc?
Hi Pcspecialist! I love Pc games, but I have got a 6 years old computer. I have tried some new programs, and the result was...disappointing. I would like to buy a new config. What is my goal? I wanna play with the new Doom, Read Dead Redemption 2 and my favourite one... Killing Floor 2. ( it...
www.pcspecialist.co.uk
Example purchase price is £1654
Base required deposit is 1% upfront, you can increase this to suit you.
So this finance agreement is a 60 month contract. However, it has an initial 12 months of 0% interest, followed by a further 48 months where interest is charged.
Simply, you pay nothing for 12 months, then on the 12th/13th month a direct debit would come out for approx £53.28 every month for 48 months.
At any point during this 60 month period you can request a settlement figure and pay off the remaining balance minus any unused interest.
If you do this within the first 12 months then you pay no interest, only:
£1654 - your initial deposit + £29.00 admin fee
If you were to not request the settlement figure and just pay the monthly instalments for the 60 months, the full value to pay would be £2,573.98. (Again based on an example)