Television Financing
Television financing is a common sales promotion that many of the big box stores now offer. The idea is great: buy a TV pay later. Sounds great, but what is the catch? There really is not a catch, that is, if you pay for the TV on time. What if you do not? Well, you will pay interest, on the entire loan term!
If you take a deal that offers you six months same as cash, then you had better pay for that TV within the six months or the lender will hold you responsible for paying back interest for the six month term. You may think that it is not a bad deal, and you are right. However, what if you forget to keep up with the payments? What if you cannot keep up with the payments? What if you took several of these types of deals at the same time? You will be facing a problem of how to get all the money necessary to satisfy the creditors.
Moderation is the key here. As with everything in life, moderate your spending and make sure that you pay each month enough to have the full amount paid for within the term limit. If you manage this well then the buy now pay later offer is a good way to get interest free credit. Do not worry if you missed out on an offer like this. The economy will not be improving dramatically any time soon; so, you can count on seeing more opportunities in the near future.
The reason for this is simple. The buy now pay later promotion stimulates the economy. It takes advantage of moving products out of storage houses and into your living room. This saves storage fees. The promise that you will pay within the next six months is really not a long time for big businesses to wait for there money.
Remember the product would be just sitting in a warehouse or a store anyhow. Another incentive for businesses to offer this deal is that they are likely to receive big interest dividends on those who procrastinate, forget, or mismanage their money and do not pay off the loan within the term. Do not be one of the unfortunate ones, because interest rates can be very high on these types of offers!
Financing Flat Screen TV
With the new digital technology of today, if you don’t have a converter box for your old television, you could find yourself with a TV that just doesn’t work. This can lead you to wanting a new flat screen TV, but the simple truth is, these televisions are very expensive when compared to just how much regular tube TVs can cost. A decent sized flat screen TV can cost around $800, depending on the brand you buy, which means you could spend months saving up to purchase one.
This is why you should consider financing a flat screen TV, instead of saving up to purchase one out right. If you finance your TV, you’ll have it immediately and you’ll be able to enjoy it with affordable monthly plans. There are many companies, which will offer you a flat screen TV with payments, but there are some things you should consider before you decide to go for one of these plans.
The first of these is whether or not your credit is good or bad. These companies that offer financing for flat screen TVs usually look at your credit history to ensure you have made payments on time on things like your utility bills, your credit cards, your house or car note, and other things, which impact your credit. If it’s been shown that you’ve been consistently late on any of those payments, your company may deny you for financing for your TV.
If this happens, you don’t have to lose hope. You can still get financing through a service, which doesn’t require a credit check, but the protocol for getting accepted by one of these companies is a little different. Instead of looking at your credit, these companies check your employment history to make sure you have a stable job. With a stable job, they look at your checking account history to be sure you’ve had an active checking account for more than six months to a year, with lengths depending on which company you decide to use. If you meet both of these requirements, you’re eligible to receive a flat screen TV with payments.
The amount of your payments will depend on how large the TV you purchase is, and how many features it has. Of course, the company which offers you financing on your TV will charge interest, and depending on the company, your interest rate could be decent or pretty high. Of course, with these companies, you need to make sure you always make your payments, as one missed payment could lead to interest sky-rocketing to 30%, leaving you further in debt for having your new television. Making payments on time and paying off the TV quickly is the best way to handle financing for your flat screen TV.
No Credit Check TV Financing
The economy has been bleak for the past couple of years and just about everyone’s credit has suffered to some extent. If you are one of the people whose credit score has tanked, and you need, say, a new television, there are places to go for no credit check TV financing.
There are two types of companies that will claim to be able to help with financing on a no credit check basis. The first of these are appliance stores that specialize in rent to own arrangements, or who have special promotions for which they claim something like, “Good credit, no credit, bad credit, we do not care!” While they may not charge interest, you can pretty much count on their prices and monthly payments – and the time it will take to pay for an item – being a lot more than you would normally encounter had you not been credit challenged.
Another kind of no credit check offer can be found either online or right down on Main Street. These are businesses that make bold claims that they can guaranteed TV financing, or financing for a couch, or other items, no matter the condition of a consumer’s credit. While this may sound like an easy answer to a tough problem, you should be especially cautious when dealing with the people that operate these businesses. They may wish to attach your store account to your checking account, in effect holding your money hostage for debits they can make at their discretion. All in all, that “No credit check” could end up meaning “No bargain” because of the loan shark-type interest rates you might end up paying. You will also want to inquire about extra fees that could be levied should you be late with even a single payment.
There are a few easy ways to exert caution when dealing with organizations that feature no credit checks. First, make sure the company has been in business a few years. Check the Better Business Bureau web site or your local State Attorneys Office for any complaints from past consumers.
The financial experts are saying that the economy is going to improve in 2010. Middle class workers have, up to this point, been hit especially hard and they will continue to battle rising gas and food prices and increased credit card interest rates. It will take most people at least a couple years to regroup and get their credit scores back up to par. These are the types of people who could easily be victimized by organizations that claim to be working in their best interests. Before you jump into the no credit check TV financing pool, do your homework and stay smart.
