It’s that time of year when most of us come under financial pressure. It’s also the time of year when we plan to get projects done in time for the festive season before visiting guests arrive or we plan to start the New Year with good intentions and undertake home improvement projects. Whether at Christmas, or any other time of the year, installing a new or replacing elements of a tired bathroom can be expensive. However, like so many home improvement projects, the cost can vary enormously.
For many the financial implications of a new bathroom (or even updating an existing one) can be a huge worry. If you can’t afford to pay for a new bathroom in full upfront, then you’re certainly not alone! Thankfully, most bathroom retailers offer varying flexible finance deals to help you spread the cost.
The first thing to do, of course, is to shop around and find the best price for the bathroom you like. Putting in the leg-work can reap rewards. Prices do vary and it’s worth comparing. Work out what you’d be prepared to compromise on – are you prepared to compromise on the shape and size of the basin or tap design to get the cost down if your bathroom is coming in over budget?
Next, take a good look at the finance plans available – these too can vary from retailer to retailer and can make all the difference to your final decision.
These deals can generally be broken down into three key types:
Interest Free Credit:
Interest-free credit agreements allow you to borrow an amount of money over a set period with no interest charged. They often don’t even require a deposit, which means you don’t need to part with any cash until the first direct debit payment. You can usually, however, choose to put down a deposit, which will reduce your monthly repayments.
Retailers don’t just hand out deals to anyone — you will need to meet eligibility criteria which may differ from retailer to retailer. Your application might be online or in person and you will need to provide details such as your employment status and a history of addresses and a credit check will be carried out.
Buy-now, Pay-later (BNPL) is a handy way to have instant access to something even when you don’t have the cash to pay for it. BNPL deals give consumers the option to defer payments for items which they need now, while allowing the flexibility of payment at a later date. Before choosing a BNPL deal, consumers are made aware of when their interest-free period will end and how much interest they would pay should they choose not to repay the full amount before this date.
Interest bearing loan with fixed rate interest:
If you borrow money and the fixed interest rate quoted is 5% a year, it will cost you 5% of the amount borrowed to do so. This will need to be repaid along with the original money you borrowed. Interest rates are usually quoted annually, but not always, so make sure you check.
Compare the various financial services on offer from key bathroom retailers by visiting http://www.bathroomcompare.com/Home/CompareRetailers8th Dec 2019