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8th April 2008, 10:28pm
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#1 | | Experimental stooge
Join Date: Aug 2006 Location: Muffled 'bang'
Posts: 13,087
| Buy now pay later?
Basically I'm wondering how "BNPL" (buy know pay later for the acronymically challenged) deals work. If you pay the deposit and pay the thing off in full before the BNPL date do you escape intrest free or what?
Essentially I'm a financial dullard and would like to know how they work.
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8th April 2008, 10:35pm
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#2 | | Grouchy Moderator
Join Date: Jul 2003
Posts: 12,968
| Re: Buy now pay later?
Normally these thing work by hoping you don't pay it off in full before the interest starts to kick in. Most deals have a set time before the monthly DD with hefty APR starts. If you pay it all in full before then you have no extra charges to pay. HOWEVER, always check the small print cos they may not allow this. | 
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8th April 2008, 11:01pm
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#3 | | ShakingTheDisease SuperMod
Join Date: Sep 2002 Location: Ptolomea
Posts: 20,100
| Re: Buy now pay later?
Yeah, i think there's sometimes actually penalities for paying stuff off early which seems counterintuitive but obviously they wanna make the interest payments offa you...
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8th April 2008, 11:09pm
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#4 | | Experimental stooge
Join Date: Aug 2006 Location: Muffled 'bang'
Posts: 13,087
| Re: Buy now pay later?
Quote:
Originally Posted by djtoast  Yeah, i think there's sometimes actually penalities for paying stuff off early which seems counterintuitive but obviously they wanna make the interest payments offa you... | I kinda thought there would be some interest payments (of sorts) really I just wanna work out if I do buy something that I can half/two thirds afford now but in a few months time could buy outright (but by which time the offer will have expired) if its worth it if its just gonna be the same as H.P.
Grammer nightmare I know. (Sorry)
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Shut up! Grammatic oil!
Just a sockpuppet for Freud. Whats happened to my bag?
Not down with the rock not down with the roll | |
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8th April 2008, 11:13pm
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#5 | | Grouchy Moderator
Join Date: Jul 2003
Posts: 12,968
| Re: Buy now pay later?
Just check the T&Cs on the offer. | |
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8th April 2008, 11:22pm
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#6 | | I'm A Lumberjack
Join Date: Nov 2006 Location: Glasgow
Posts: 350
| Re: Buy now pay later?
I try and avoid such things as I stupidly bought a laptop BNPL when I started uni. I didn't have the money at the time and it was a year interest free and thought it would be plenty of time to get the money together. Unfortunately I spent all that money at the QM instead and ended up paying a fortune in interest. It makes me cry when I think about it as I could have bought a far better model for the money I paid. Just make sure you can afford it as it will cost you so much more if they whack on interest. | |
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8th April 2008, 11:32pm
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#7 | | Experimental stooge
Join Date: Aug 2006 Location: Muffled 'bang'
Posts: 13,087
| Re: Buy now pay later?
Quote:
Originally Posted by TinTin Just make sure you can afford it as it will cost you so much more if they whack on interest. | That is my main worry - although the cost difference if I failed to pay it off in time wouldn't be that different to what a similar model would cost (from a different brand sort of thing). That and I could always blow my savings if the worst came to the worst...
Hmmmmmm...
__________________
Shut up! Grammatic oil!
Just a sockpuppet for Freud. Whats happened to my bag?
Not down with the rock not down with the roll | |
| | |
8th April 2008, 11:35pm
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#8 | | The Oncoming Storm Editor
Moderator
Join Date: Jan 2005 Location: RFS Ravager
Posts: 15,453
| Re: Buy now pay later?
Do you have a credit card? You might be just as easy to ask the bank to extend your limit on it to cover your purchase. | |
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8th April 2008, 11:36pm
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#9 | | Experimental stooge
Join Date: Aug 2006 Location: Muffled 'bang'
Posts: 13,087
| Re: Buy now pay later?
Quote:
Originally Posted by Hammer Do you have a credit card? You might be just as easy to ask the bank to extend your limit on it to cover your purchase. | Nope.
Can you see me, possibly responsible for getting cheque cashing "stopped" over jims bar, owning one of they things?
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Shut up! Grammatic oil!
Just a sockpuppet for Freud. Whats happened to my bag?
Not down with the rock not down with the roll | |
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