Jump to content

NLCbanner2024.jpg.2478be509670e60c2d6efd04834b8b47.jpg

Any UK retailer offering finance on the more expensive scopes?

oymd

Recommended Posts

oymd

oymd

Posted
Posted

A couple of years ago I bought a fantastic SCOTT full carbon road bike from Evans Cycles which was around £2k, and they had this very nice financing over a year, no interest.

I'm planning to buy a new scope in the very near future, with the same budget, give or take, and was wondering if any of the retailers offer any finance?

I contacted the only store I know, F1, and they don't.

Any advice?

Thanks

Link to comment
Share on other sites
  • Replies 35
  • Created
  • Last Reply
M4lcs67

M4lcs67

Posted
Posted

Good advice about the 0% credit card. Not that I have personally looked into it, but yeah. Why don't the Astro retailers offer finance? Perhaps it is more agro than it is worth or maybe they are missing a trick. It might prompt many to buy better more expensive equipment if they can spread the cost of it. Not everyone can justify or indeed spend a couple of grand in one hit.

Link to comment
Share on other sites
mrflib

mrflib

Posted
Posted

Unless they self-finance it and take the risk themselves retailers need to outsource the agreement to firms such as Hitatchi Captial et al. The retailer then gets paid up front, but usually between 85 and 95% of the value. So the retailer ends up paying the interest for you.

There is an argument that offering 0% can generate you more business or encourage more cross/up sales. However, without knowing what the profit margins are I can't comment on its suitability for this industry.

IMHO If you have good income and are sensible enough to manage your outgoing finances tightly you absolutely should be using credit cards wherever possible. Letting someone else pay why you earn interest on the funds is a sensible plan, so long as you never miss a payment.

Link to comment
Share on other sites
red dwalf

red dwalf

Posted
Posted

be a credit card tart,

i use the 0% offerings, then if i haven`t paid the full amount, which i usually do, i then switch to another card, just switched one balance to Halifax which is offering 0% on balance tranfers for 27 months, although i did have to pay a 2% balance transfer fee, still 2% interest over 27 months has to be a bargain.

Link to comment
Share on other sites
oymd

oymd

Posted
  • Author
Posted

about managing finances etc...true...

but don't forget that ALL the astro stuff we buy and drool over is purely a HOBBY...we don't make a penny out of it...

most, if not all of us, have a mortgage, bills, kids etc....

this hobby is over and above all our expenditure, and can be VERY VERY expensive....

I am surprided that retailers don't offer such a finance service for what is purely a hobby, and not a necessity...

Link to comment
Share on other sites
oymd

oymd

Posted
  • Author
Posted

Get a 0% on purchases credit card, divide the amount by 12. Just don't miss a payment as with any agreement.

never heard of this...can u pls point me in the direction of one? Thnx

Link to comment
Share on other sites
oymd

oymd

Posted
  • Author
Posted

be a credit card tart,

i use the 0% offerings, then if i haven`t paid the full amount, which i usually do, i then switch to another card, just switched one balance to Halifax which is offering 0% on balance tranfers for 27 months, although i did have to pay a 2% balance transfer fee, still 2% interest over 27 months has to be a bargain.

Can you please give me some more advice on that? PM would be great?

Link to comment
Share on other sites
Scott

Scott

Posted
Posted

If in fact the store (indirectly) pays the interest on your 0% finance then that would pretty much explain why astro shops don't offer it. I'm not sure the profit in astronomy products would allow this luxury......... Then again, I could be wrong :).

Link to comment
Share on other sites
Naemeth

Naemeth

Posted
Posted

I'm not sure the average astronomy retailer has enough of a profit margin to allow for the potential losses on financing / loaning money. Lending money is extremely risky for the organisation, and the losses are compensated for by the fees in volume. Do astro-retailers have this volume? I'm not sure they do.

Just a thought, better to get a 0% credit card ;).

EDIT: Scott has basically said exactly what I've said, I just didn't see his post until I'd posted :rolleyes:.

Link to comment
Share on other sites
wxsatuser

wxsatuser

Posted
Posted

According to mse you need a near perfect credit score to get the best deals.

Watchout if yours is a bit suspect.

I always pay my CC off every month......never use it for cash....so no interest.

0%......someone has to pay for it. :grin:

Link to comment
Share on other sites
mrflib

mrflib

Posted
Posted

According to mse you need a near perfect credit score to get the best deals.

Watchout if yours is a bit suspect.

I always pay my CC off every month......never use it for cash....so no interest.

0%......someone has to pay for it. :grin:

That's just it - they're relying on you not paying it off in full before your deal ends or missing a payment, triggering the end of the 0% deal.

I purchased about £4k worth of gear for the house on a 24 month 0% card and paid it monthly so it would clear the balance one month prior to ending. I had £4k (and falling) in my savings account earning me money. So yes, cash has a place, though for the organised you can make quite a few quid with cards.

Let's not even go in to balance transfer tarting... suffice to say one chap paid off his mortgage in a few years before they closed the 0% with 0% transfer fee deals!

Link to comment
Share on other sites
FLO

FLO

Posted
Posted

Unless they self-finance it and take the risk themselves retailers need to outsource the agreement to firms such as Hitatchi Captial et al. The retailer then gets paid up front, but usually between 85 and 95% of the value. So the retailer ends up paying the interest for you.

There is an argument that offering 0% can generate you more business or encourage more cross/up sales. However, without knowing what the profit margins are I can't comment on its suitability for this industry.

That's it, in a nutshell :icon_salut:

Unfortunately (for us retailers) the margins in this industry aren't large enough to support 0% finance schemes.

Also, speaking personally, I don't think buy-now-pay-later schemes would suit FLO. Better to save then buy, the sky will still be there when you are ready :smiley:

Steve

Link to comment
Share on other sites
red dwalf

red dwalf

Posted
Posted

That's just it - they're relying on you not paying it off in full before your deal ends or missing a payment, triggering the end of the 0% deal.

I purchased about £4k worth of gear for the house on a 24 month 0% card and paid it monthly so it would clear the balance one month prior to ending. I had £4k (and falling) in my savings account earning me money. So yes, cash has a place, though for the organised you can make quite a few quid with cards.

Let's not even go in to balance transfer tarting... suffice to say one chap paid off his mortgage in a few years before they closed the 0% with 0% transfer fee deals!

i too know someone years ago before they closed off the 0% with 0% transfer deals who had £60,000 in the bank earning then a nice 5% interest, it took some juggling to remember to pay off each in turn but it made him a few quid.

credit is ok as long as you can afford to pay it back, if you can`t afford it leave it alone, also if you have no credit rating you will find it very difficult to get a mortgage, car loan or other big purchase if the credit card people have no record of you, they will score you as a risk and charge you more for the loan.

Link to comment
Share on other sites
Scott

Scott

Posted
Posted

I really can't understand why people are so set against credit cards/ loans. When I started work, my parents "made" me borrow money. first I wanted a nice stereo. I had the cash but they made me borrow for it. (interest was minimal and mum and dad paid it back to me. Same thing when I was ready to buy a car (only this time I had to wear the interest). I thought it was mad borrowing when I had the money in the bank.......Until I wanted to borrow A$120 000 for a house. Banks love someone who's got a record of paying back money more than someone who's never borrowed. Right or wrong, thats the way it is........well it was when I wanted a mortgage. I don't borrow anymore....but I know I've got the credit rating to back me up if I ever need to :)

Edit:- Of course, if you can save up and pay cash for your house then good luck to you ;)

Link to comment
Share on other sites
John

John

Posted
Posted

I really can't understand why people are so set against credit cards/ loans. When I started work, my parents "made" me borrow money. first I wanted a nice stereo. I had the cash but they made me borrow for it. (interest was minimal and mum and dad paid it back to me. Same thing when I was ready to buy a car (only this time I had to wear the interest). I thought it was mad borrowing when I had the money in the bank.......Until I wanted to borrow A$120 000 for a house. Banks love someone who's got a record of paying back money more than someone who's never borrowed. Right or wrong, thats the way it is........well it was when I wanted a mortgage. I don't borrow anymore....but I know I've got the credit rating to back me up if I ever need to :)

Edit:- Of course, if you can save up and pay cash for your house then good luck to you ;)

I think it's just a matter of personal choice so we should respect that, whichever way people choose to go :smiley:

The only loan I've even had was a mortgage and thats paid off now. I've saved for everything else including cars and hobby gear. Thats the way my parents did it and my in-laws so it's not surprising that we have followed suit.

No problem if others want to make different choices though :smiley:

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue. By using this site, you agree to our Terms of Use.