Kitchen Appliances on Finance

While some households might be fortunate enough to be able to absorb the additional costs, the chances are many are being pushed to their limits.

And if you’re just about making ends meet from month to month, the last thing you’ll want is to have to replace an electrical appliance.

Yet kitchen appliances are an absolute must – especially when it comes to essentials such ovens, fridges and washing machines.

At ElectroCare, we know how worrying it can be when money is tight, which is why we offer various finance options to help people spread the cost of appliances into more manageable repayments.

We work with two different finance providers – Snap Finance and Payl8r – for those times when you need to ‘plug in now, but pay later’. Both offer easy to use, flexible options for buying electrical goods on credit.

So how does it work?

When you buy now and pay later you’re effectively taking out a loan for the purchase of your appliances.

Depending on the terms of the finance, you will be loaned the money to pay for the item straight away and then you can pay it back in instalments over a longer period of time, often charged at a rate of interest. This means you’ll pay back more than the overall ticket price, just as you would with say a mortgage or car loan.

With some options, the interest isn’t charged if the full amount is repaid within a certain timeframe.

Does finance affect credit score?

Credit scores are a means of assessing the potential risk of lending money to someone. They’re often used by lenders as part of the decision making process. Lenders are generally looking for a history of responsible money management, including borrowing within means and repayments being made regularly and on time.

For that reason, finance arrangements can help improve credit scores as it helps to build that profile of reliable borrowing and repayment.

As with all borrowing though, potential issues can arise if payments are missed and accounts are not brought up to date within a set time.

This can lead to a damaged credit file and in extreme cases, could even result in legal action, which will affect future borrowing.

While there are other factors that can affect your credit score, the key consideration when deciding whether to get appliances on finance, is to make sure you’re not borrowing outside your means, i.e you can easily afford the minimum repayments and any other criteria of the particular finance arrangement.

Can I get finance with bad credit?

If you’ve got bad credit, that doesn’t necessarily mean you won’t be able to get your appliances on finance, but you do need to thoroughly check whether you’re eligible before applying and read all the terms and conditions.

Applying for credit too often can also negatively impact a credit score so going through the eligibility checking process is vital.

Our chosen finance providers both offer an initial online eligibility checker so you can get a good idea as to whether your loan application might be successful before you actually apply.

Check your eligibility with Snap Finance here and Payl8r here.

Spread the cost with Snap Finance

Snap Finance offers point of sale loans that are up to 48 months in term with flexible repayment options. You can choose to pay weekly, fortnightly, four-weekly or monthly; representative APR applies.

Sometimes, you might just need a short term loan to cover the cost of an appliance until your next payday, or for a few months only.

With Snap Pay in 4, if the loan is settled within four months, any interest accrued from day one will be cancelled.

Visit our website for more information on how Snap Finance works, including rates and representative examples.

Payl8r finance options

Another option for paying later for appliances purchased with ElectroCare is through Payl8r.

With Payl8r, you choose how much you want to borrow and the loan term, up to a maximum of 18 months. For example, £50 with a £5 deposit could be paid back over three months at £15.67 per month, over six months for £8.17 per month, or over 12 months for £4.42 per month.

If the loan is only needed for a short period of time, to bridge a gap until payday for example, you can repay in full within 30 days for 0% interest.

Application fees may vary and interest rates are subject to status and start at 1%. For more information, terms and representative APR, visit the ElectroCare finance page.

Disclaimer and Representative Example:
ElectroCare is an Introducer Appointed Representative of Social Money Ltd, t/a Payl8r.
Credit is subject to a creditworthiness and affordability assessment. Missed payments may affect your Credit File, future borrowing and incur fees.
Representative Example: If you borrow £200 over 12 months at a fixed monthly interest of 4% and an annual rate of 48% and representative annual percentage rate of 127.34% You will pay: Monthly payment: £24.66. Total amount you repay: £295.92. Total charge for credit: £95.92.

What kitchen appliances can I finance?

All appliances on the ElectroCare website are available on finance, subject to eligibility criteria. That includes fridge freezers, ovens, washing machines, tumble dryers, and even small appliances such as air fryers.

Finance can help you pay for an essential appliance that’s broken down at just the wrong time in the pay cycle, or perhaps you really want that desirable big ticket item, such as a range cooker or an Amercian-style fridge freezer but can’t afford it in one go.

Maybe your washing machine needs an upgrade to one that’s more energy efficient and will therefore represent a good investment for the future, but you could do with spreading the cost over a longer period of time..

Get browsing with ElectroCare

Sometimes the bank balance just can’t take the hit of a new electrical appliance in one go, which is where finance can be a great option to enable you to ‘plug in now and pay later’.

We have a wide range of electrical appliances available to shop now on our website and using the finance options if needed. Simply select the item you want to buy, add it to your basket and choose your preferred payment option at check out.

For more information on how buying appliances on credit works, you can find all the details, including some handy videos, on our how it works pages.