Switch a DFS sofa loan?

ics2019

Hi All,

I have a finance agreement with DFS to pay off my sofa over 3 years.
Is it possible to find a better loan deal and switch or is there no way out of this finance agreement.

I am ultimately looking to pay a lower interest rate.

Thanks in advance!

MallyGirl

you could apply for a different loan and if you get a better rate then you can settle the DFS one early with the money

DCFC79

ics2019 said:

Hi All,

I have a finance agreement with DFS to pay off my sofa over 3 years.
Is it possible to find a better loan deal and switch or is there no way out of this finance agreement.

I am ultimately looking to pay a lower interest rate.

Thanks in advance!

Yes it may be possible, you should look in your contract to see if it mentions about any fees for paying it off early.

I believe a balance transfer card is an option, all depends if you can get a BT card or a loan.

foxy-stoat

If the lender is Creation, mine was, you can look online and find out your settlement figure and pay it online via debit card.
If you can get a loan or money transfer credit card you should be able to save money on the interest.....although my last loan from DFS (Creation) was 0% interest anyway.

nick74

ics2019 said:

I am ultimately looking to pay a lower interest rate.

What rate are you currently paying?

PRAISETHESUN

DCFC79 said:

ics2019 said:

Hi All,

I have a finance agreement with DFS to pay off my sofa over 3 years.
Is it possible to find a better loan deal and switch or is there no way out of this finance agreement.

I am ultimately looking to pay a lower interest rate.

Thanks in advance!

Yes it may be possible, you should look in your contract to see if it mentions about any fees for paying it off early.

I believe a balance transfer card is an option, all depends if you can get a BT card or a loan.

Don't think a BT card is relevant here, unless the existing debt is a credit card agreement (which from the OP it sounds like it isn't). A money transfer card, or a low-interest loan will be the only real options. 

You'll need to look at your loan terms to see if it is cheaper to pay off early and re-finance with a cheaper loan - there could be early repayment fees, etc. Just keep in mind that you usually won't know loan/credit limits until after you apply, so you may not get when you need to fully cover the existing finance since your affordability will be assessed based on both the existing loan and the new one you are applying for.

DCFC79

PRAISETHESUN said:

DCFC79 said:

ics2019 said:

Hi All,

I have a finance agreement with DFS to pay off my sofa over 3 years.
Is it possible to find a better loan deal and switch or is there no way out of this finance agreement.

I am ultimately looking to pay a lower interest rate.

Thanks in advance!

Yes it may be possible, you should look in your contract to see if it mentions about any fees for paying it off early.

I believe a balance transfer card is an option, all depends if you can get a BT card or a loan.

Don't think a BT card is relevant here, unless the existing debt is a credit card agreement (which from the OP it sounds like it isn't). A money transfer card, or a low-interest loan will be the only real options. 

You'll need to look at your loan terms to see if it is cheaper to pay off early and re-finance with a cheaper loan - there could be early repayment fees, etc. Just keep in mind that you usually won't know loan/credit limits until after you apply, so you may not get when you need to fully cover the existing finance since your affordability will be assessed based on both the existing loan and the new one you are applying for.

Oh ok, thought since it was finance a BT card would work.

Shakin_Steve

DFS make a big deal of advertising 0% loans, which are financed by Creation. The balance of your loan is merely the total of you remaining monthly payments.
That's unless things have changed drastically in the past 12 months.

nick74

No response from the OP. Have they realised they were paying 0% all along?