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Posted on 5/22/15 at 9:34 am
Posted on 5/22/15 at 9:34 am
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This post was edited on 8/29/17 at 1:48 pm
23
Posted on 5/22/15 at 9:42 am to CQQ
6 year financing available on furniture??? That's absolutely insane, but I would definitely take advantage. To me, there's nothing wrong with making payments when there's no interest. I'd stick with the plan to pay it off in 2 years or less.
Posted on 5/22/15 at 9:43 am to CQQ
quote:
We need new bedroom furniture. Part of me thinks it's dumb not to wait a few months and buy it but the place we wanna buy from is doing 0% till January, 2021. I wouldn't carry the note for that long (probably pay off in 1-2 years). Is it irresponsible or just using free money?
It says no interest, but that doesn't mean interest isn't built into the price of the object.
If it is a comparable price to where you could get the same/similar product elsewhere, have at it. If not, I'd avoid it if you can just buy it in a couple of months.
Posted on 5/22/15 at 10:19 am to Jcorye1
I would see if they will negotiate the price lower if you don't use the 0%. If they won't, then I would take advantage of the 0%.
Posted on 5/22/15 at 10:22 am to CQQ
Is this a promo that the place regularly runs? If so, you may want to wait until you have the cash, then ask them if they will take 5% or 10% off the price if you paid cash.
66 payments of $60.61 would be $4,000. If that was set up as a loan with 5% interest, then the original loan amount would be $3,491. If they gave you a 10% cash discount, they would be coming out ahead based on the PV of money.
66 payments of $60.61 would be $4,000. If that was set up as a loan with 5% interest, then the original loan amount would be $3,491. If they gave you a 10% cash discount, they would be coming out ahead based on the PV of money.
Posted on 5/22/15 at 10:24 am to CQQ
If you have to finance furniture, you should not be buying at this time.
Posted on 5/22/15 at 10:25 am to Jcorye1
Definitely price check, because that is often the case, in general. However, the angle that furniture financing usually works is hiding a bunch of hooks that can retroactively charge interest if you ever miss a payment.
Posted on 5/22/15 at 10:29 am to TheHiddenFlask
quote:
However, the angle that furniture financing usually works is hiding a bunch of hooks that can retroactively charge interest if you ever miss a payment.
The other hook is if you pay on time, they will call you at least twice a month to offer you another loan.
Posted on 5/22/15 at 10:33 am to CQQ
Assuming the price is right and there are no hidden fees, I feel good about financing pretty much anything at 0%
Posted on 5/22/15 at 10:35 am to TheHiddenFlask
quote:
However, the angle that furniture financing usually works is hiding a bunch of hooks that can retroactively charge interest if you ever miss a payment.
Pretty much anything you purchase at 0% financing with the exception of a car does this exact same thing. It isn't a "hook". It is called be an adult and just make the payments on time and you have nothing to worry about.
Posted on 5/22/15 at 11:06 am to CQQ
quote:
How does the MB feel about financing furniture at 0%
I have no issue with 0% financing on items like these. However, there is a pretty big markup on furniture. I had a connection to get Ashley furniture items at cost and I was able to pay only 58% of the original cost. I know that you would not be able to do that, but if paying up front as opposed to financing then you might be able to negotiate 10-20% off your purchase. I doubt they would negotiate and give you 0% for 66 months.
Posted on 5/22/15 at 11:07 am to CQQ
Just financed a tv that I bought for $799 + tax. Could I have paid it, sure. But I opted for a year of no interest. Also did the same for my daughters bedroom set a couple of years back. I see no problem with it at 0% interest.
Posted on 5/22/15 at 11:21 am to CQQ
Debt has a claim on money.
Money has a claim on labor and time.
Therefore, Debt has a claim on your labor and time.
Money has a claim on labor and time.
Therefore, Debt has a claim on your labor and time.
Posted on 5/22/15 at 11:23 am to HoustonTiger2008
You seem to be talking to me like I got burned and I am just mad about it now. I've never financed anything other than my truck and my house, so that isn't the case.
Getting hit with a reasonable late fee isn't a hook, but getting hit with 4 years of back interest at 20+% if you are 1 day late on a payment is a hook. Please tell me how that isn't absolutely scummy.
Getting hit with a reasonable late fee isn't a hook, but getting hit with 4 years of back interest at 20+% if you are 1 day late on a payment is a hook. Please tell me how that isn't absolutely scummy.
Posted on 5/22/15 at 11:25 am to CQQ
Based on what my banks charge me for 0% interest for 60 to 72 months, they are probably taking a 15% to 20% haricut on that. Go offer them 20% off in cash and see what they say.
Posted on 5/22/15 at 11:27 am to CQQ
I've done interest-free on furniture multiple times. Could we have paid for it outright? Sure, but I liked having the option to pay it over a period of time. Obviously, we had to make sure that we didn't miss payments. But we pay things like that off well in advance. One thing is, though, you have to have pretty good credit for the interest free to be available. So it's a big tool for them to get people in the door and then still sell them the items even if they don't qualify for the interest-free financing.
Posted on 5/22/15 at 11:28 am to mglsu21
quote:
I had a connection to get Ashley furniture items at cost and I was able to pay only 58% of the original cost.
we that's 58% more than Ashley furniture is worth
I'd be fine financing at 0% if the price were the same as if I paid cash...most of the time it isn't
Posted on 5/22/15 at 11:32 am to TheHiddenFlask
quote:
but getting hit with 4 years of back interest at 20+% if you are 1 day late on a payment is a hook.Please tell me how that isn't absolutely scummy.
Because they straight up tell you that you will up front when you agree to the financing. I have financed items at 0% from Bassett Furniture and Peter Lik Art Gallery on multiple occasions and was told up front every single time. I assumed this was common knowledge. I have also used the 0% financing method at Firestone and Best Buy.
quote:
I've never financed anything other than my truck and my house, so that isn't the case.
Not talking to you like you got burnt at all, but it seems like if you have never financed anything except your house and your truck then you probably aren't the best person to speak up about it in a forum.
Posted on 5/22/15 at 11:34 am to HoustonTiger2008
quote:
Pretty much anything you purchase at 0% financing with the exception of a car does this exact same thing. It isn't a "hook". It is called be an adult and just make the payments on time and you have nothing to worry about.
Just be perfect and never frick up anything even slightly!
Posted on 5/22/15 at 11:36 am to CQQ
ALL purchases are negotiable. If you offer the same sales rep cash today, he will offer it to you at a lower amount. That 0% financing has that cost inbed in the sales price
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