0% interest over 4 years help

photome

davidmcn said:

photome said:

steampowered said:

Personally, I would never buy something like a bed on 0% finance.

0% finance deals encourage over spending. You still have to pay the full amount. And you are still paying for the finance - the costs of the finance are included in the price you pay for the bed.

If you don't have the cash available, you can't afford the bed. Save up, then buy a bed in cash for a better price. Simpler and cheaper.

 I bought a vi spring bed from John Lewis, I could afford to pay for it outright, but they offered 12 months interest free. The price was the same regardless  of how I paid for it, so why wouldn’t I pay over 12 months.

If it's "interest-free" then the price has to be the same regardless of how you pay for it, otherwise they can't call it interest free. But obviously somebody has to pay for the finance, it just means they've built the cost of the finance into the price.

If you're happy with the price then fair enough, but there may be something equivalent available elsewhere at a cheaper price from somebody who doesn't offer the shiny 0% deals.

Maybe so, but I couldnt buy the bed cheaper anywhere else, they 0% deal wasn’t that shiny either. At the time it wasn’t even widely advertised 

photome

Kattekwaad said:

photome said:

..... so why wouldn’t I pay over 12 months.

Because you don't know what is around the corner and in this current climate of armageddon that should be your first thought.

We live in very financially dangerous times.   What happens if interest rates turn negative?

You tell me

mikb

... the finance company will be paying the OP to keep the bed after 12 months?