Guaranteed Television Financing
A big, wide screen, high definition plasma or LCD television set is an appliance that is high on the wish list for most families who do not already have one. With all the high definition content available today, and the advent of blu-ray discs and players for them that are becoming more affordable, the old style of small, square television sets is getting to be less and less acceptable for most people. Consumers today want the theater to be their living room. However, even though prices have come down, the new TV sets are still not cheap. For those who cannot afford to pay cash, there are a number of options, including using a credit card, getting guaranteed financing of some kind, and layaway plans. This article discusses the good and bad aspects of the most popular of these options.
Buying with a credit card is what most people end up doing. As long as you do not have a large balance on your card and can consistently make your payments on time, using this method may be best, because if something is wrong with your TV you have some protection. You do end up paying quite a lot more, though, unless you can manage to pay off the balance with just a few payments.
The way that costs you the least money is a layaway plan, in which you make monthly payments first and then get your TV when you have finished paying. It is very easy to qualify for a plan like this, but the obvious big downside is that you have to wait to get your TV.
Many consumers who either have no credit history or have bad credit cannot use a credit card, but also do not want to wait. For them the best choice is to pay with an installment plan. You still end up paying more than with layaway, but as long as you have a steady job and a checking account and can make a reasonable down payment, you should not have a problem arranging a plan like this.
If you can’t even afford to make a down payment, the “buy a TV pay later” plans you see in ads offering guaranteed TV financing can seem very tempting, but it is almost always a very bad deal in which you end up paying much more than with any other option. Avoid this kind of financing if possible!
