# Buying LCD tv on finance package?



## Sophia2457 (27 Nov 2006)

Hi

I would love a 26" LCD tv for hubby for Christmas, but simply don't have the cash or the credit card leeway to lash out around €1000.

Has anyone bought one from the likes of DID Electrical on a finance deal and what's been your experience? What one would you recommend and what's the back-up service like? Will they come and set it up for you (CAN'T tune tellys!) so I can surprise him?

Any thoughts welcome.


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## CCOVICH (27 Nov 2006)

You will almost certainly pay more for finance with the likes of DID etc. by going through them than by going through a bank yourself.

Some stores offer 0% finance over a certain period, but if you are late making the final payment, the interest is very high.  Many people also believe that 0% offers only apply to obsolete lines or that the cost of finance is factored into the price you pay.  I don't think that this is always the case myself, but it is prudent to take these offers with a pinch of salt.

I don't think that the guys who deliver TVs will tune them for you.  Modern TVs are usually very easy to tune, or maybe you could get a friend to do it for you.


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## Sophia2457 (27 Nov 2006)

Thanks CCOVICH.

DID quoted me roughly €37 a month on €1000 approx tv over 10 months, then a lump sum to be paid then or continue with the payments for another 14 months and then pay smaller lump sum. Oh and you're right, the first 10 months is interest-free, but not after.

They didnt specify what the lump sum would be cos it would depend on the tv I chose. They did want umpteen ID, tho - driver's licence, credit card, utility bills for 3 months etc etc

Sounds a bit funny to me, but then I haven't bought anything on a finance deal since the ESB closed it's shops. Maybe I'd be better getting a loan from my bank, AIB?

Credit Union is already on Christmas overdrive, I'm afraid!

Any more advice welcome.


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## Satanta (27 Nov 2006)

Sophia2457 said:


> DID quoted me roughly €37 a month on €1000 approx tv over 10 months, then a lump sum to be paid then or continue with the payments for another 14 months and then pay smaller lump sum. Oh and you're right, the first 10 months is interest-free, but not after.
> 
> They didnt specify what the lump sum would be cos it would depend on the tv I chose.


If the 10 months are "Interest Free", and you've paid €370, the lump sum would be the price - €370??? Wouldn't it? At least it should be.
Anything else and you could hardly call it Interest Free. 

The catch comes where people can't afford to make the lump sum payment and end up on some nasty rates for the remaining figure.




With most modern TVs it's simply a case of setting it to self tune, usually just the click of a few buttons, and it'll scan through your cabel/satellite/whatever connection and pick out channels. The only thing you're hubby would have to do is reorder them to any numbers he may find more natural (RTE1 on 1, TV3 on 3 etc.).

If he likes toys and gadgets leave it to him. It'll all be part of the fun of a spanking new telly and give him a chance to play with it a bit.


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## Sophia2457 (27 Nov 2006)

Oh I wish he could sort it himself, Satanata, but like me he's a total technophobe with no patience!!!

I'll look into a bank loan then and see what they want in repayments.


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## Satanta (27 Nov 2006)

Sophia2457 said:


> Oh I wish he could sort it himself, Satanata, but like me he's a total technophobe with no patience!!!


Well, the good news is, no matter how big a technophobe he is, he'll still manage it no problem.

My own set, bought in or around 12 months ago, started with an initial set up screen where one of the first options was "Scan" for channels (can be done manually at any time to recheck for new channels available by holding some button or other). It took one button and then just leave it for about five or ten minutes (think it actually took less than five to pull in 60 or so channels). 

No need to do the manual adjustment of numbers if it's not something he'd enjoy doing (I just knew the channel numbers I'd used on the TV for a given channel for years, so faster for me to adjust than to learn new numbers to the same channels I'd had before), but again, a very simple task clearly explained by most if not all suppliers (all detailed very clearly in the book which will come with the set).

Worst case scenario, pop on here with the exact make and model of the set and someone will walk you through each step you need (you really won't need too, it's all very user friendly now. If you can figure out how to plug it in you'll be able to sort the channels [warning, do be careful it doesn't come with a two pin plug without an adaptor or that could be tricky ]). 

Your best bet with the loan is (if you're fairly sure you'll make the lump sum payment) take the IF option [as long as no hidden costs, total cost should be price listed (so €370 in payments and lump sum of cost - €370)] and have a seperate bank account set up to save for the lump sum. Have DDs take money from your CA each month so that the full lump sum is in the account on month 9 and then clear the loan in full getting written confirmation that all is clear from the lender. No harm in getting 10 months interest free if it's for the product you want at the price you want.

Hope it goes well.

Sat.


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## CCOVICH (27 Nov 2006)

FWIW, I once bought a laptop on interest free finance over 12 months, where the montly payment was €33 with a baloon payment of around €700 due on the very last day.  The agreement was with Friends First.  I called them up and asked them could I pay as much as I wanted every month.  They said yes.  So I divided the total cost by 12 and sent them a cheque for the difference every month.  I repaid the total with around 3-4 weeks to go before the final payment was due and requested that they confirm to me in writing that no further interest or payments were due.

Satanta has good advice re. saving for the lump sum payment as well.

Just be sure you read the ts and cs and small print carefully.


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## Satanta (27 Nov 2006)

CCOVICH said:


> ...So I divided the total cost by 12 and sent them a cheque for the difference every month.


Hehe, do as I say, not as I do.

I'd probably do the same as Ccovich given the convienence. As it's a financial advice site I tend to error on the side of "keep the money in your savings account earning you money for as long as you can". Personally, convienence would be worth more to me than the 6% or less on €800 or less so I'd go along the route above, but that's a decision for you to make. 

The only thing to really note, make sure you clear it in FULL within the time!!! If that means taking the AIB loan with 8 1/2 months gone then go that way, but don't get stung with nasty rates etc. without checking them out first and being aware it could be costly.


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