Will sub prime lenders give a 0% offer?
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plumber2009
Posts: 304 Forumite
in Credit cards
I was considering asking Aqua for reduced or 0% offer to make a large purchase to spread the cost over 4-6 months and was wondering if they offer these types of deals as they are a sub prime lender.
I currently have the funds available in cash but don't really want to wipe out a huge chunk of my savings and store credit is not likely to be granted to me due to past credit history.
I have 6K total in savings and are looking to spend around 2.5K but I am also saving for a deposit to buy a home in the future. The purchase would be for a family xmas treat so its not essential but is desired:)
Should I:-
1. Should I buy outright and take the hit on savings.
2. Pay 1K and put the rest on aqua at 34% and pay off over 4 months.
3. Ask aqua for a 0% offer and pay over 6 months.
4. Not make the purchase at all.
All opinions and advice welcome.
I currently have the funds available in cash but don't really want to wipe out a huge chunk of my savings and store credit is not likely to be granted to me due to past credit history.
I have 6K total in savings and are looking to spend around 2.5K but I am also saving for a deposit to buy a home in the future. The purchase would be for a family xmas treat so its not essential but is desired:)
Should I:-
1. Should I buy outright and take the hit on savings.
2. Pay 1K and put the rest on aqua at 34% and pay off over 4 months.
3. Ask aqua for a 0% offer and pay over 6 months.
4. Not make the purchase at all.
All opinions and advice welcome.
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Comments
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plumber2009 wrote: »I was considering asking Aqua for reduced or 0% offer to make a large purchase to spread the cost over 4-6 months and was wondering if they offer these types of deals as they are a sub prime lender.
I currently have the funds available in cash but don't really want to wipe out a huge chunk of my savings and store credit is not likely to be granted to me due to past credit history.
I have 6K total in savings and are looking to spend around 2.5K but I am also saving for a deposit to buy a home in the future. The purchase would be for a family xmas treat so its not essential but is desired:)
Should I:-
1. Should I buy outright and take the hit on savings.
2. Pay 1K and put the rest on aqua at 34% and pay off over 4 months.
3. Ask aqua for a 0% offer and pay over 6 months.
4. Not make the purchase at all.
All opinions and advice welcome.
If you don't want it, need it or can't afford it, don't do it.
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If you value the treat more than home ownership then spend your savings.
Why would you stick it on a credit card and pay 2.8% interest a month if you have the money in the bank?Censorship Reigns Supreme in Troll City...0 -
The reason I would want to spread the cost is so that I don't need to touch my savings. I have had bad experiences in the past so want to keep this money at least for use in an emergency but its primary purpose is for a future deposit.
I earn a good salary and have an average disposable of £650 per month depending on overtime and monthly spending.
So if Aqua did grant a 6 month 0% offer then this would solve the problem but the question is will Aqua grant such an offer or not as they are a sub prime lender.0 -
5. Apply for a new 0% card from a different provider.plumber2009 wrote: »Should I:-
1. Should I buy outright and take the hit on savings.
2. Pay 1K and put the rest on aqua at 34% and pay off over 4 months.
3. Ask aqua for a 0% offer and pay over 6 months.
4. Not make the purchase at all.
All opinions and advice welcome.
If you're determined to go ahead with the purchase this would be my choice. One application is unlikely to look bad on your credit report and you never know, you could be lucky.Are you for real? - Glass Half Empty??
:coffee:0 -
For the love of god don't put it on your credit card if they don't offer it at 0%.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
Very much doubt Aqua would do this, they probably don't know what 0% is.0
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Whether you spread the cost over the time period at 0% or not it still costs the same and its £2500 you could have saved towards the house deposit.
So it depends how committed you are to saving for the house.
There will be plenty of time to buy fancy stuff you don't need when the deposit is sorted.
If its the trip of a lifetime then the destination will still be there.
Do not do option 2.ISA £1675
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I doubt Aqua would do this as a sub-prime lender it's not really their remit.
You could apply for another card Barclaycard Initial, which is their Credit Building Card is currently offering 6 months 0% on purchases for 6 mths or if you think your credit worthiness has improved you may get a more mainstream card.
But personally i would just pay for it out of savings and just build them up over the next few months.0 -
Thank you all for your suggestions.
I have decided not to make the purchase at this time.
What I intend to do is put £50 per week into a new fund to enable me to save up to buy the non essentials/Xmas 2015.0
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