I want to buy a LCD TV and was wondering what is the best way (besides paying it all up front) to pay for it? Would I get a credit card and pay it off like after 6 months? How can I do this without paying extra?
2006-10-25 06:03:13 · 6 answers · asked by hyawatha15 3 in Business & Finance ➔ Credit
There are ways to do this without paying extra! You need to look for a "no interest" or "no payments - no interest" program. These financing options you can generally find at larger department stores such as Sears, CircuitCity, BestBuy. The catch is that you will be applying for a credit card or line of credit account for their store. This limits your buying power, using that credit card, to that specific store. The stores also expect you to eventually use their card again to charge something that you will end up paying interest on. This is how they end up benefiting by offering you "free money" to use to buy your TV. However, this is a great deal! Pay the balance within the specified time frame and you will not end up paying a dime more for your TV. They are only basing expected profit off of the probability that you will come back to buy from them again in the future. This benefits both parties...giving you buying power and earning them future interest income.
2006-10-26 15:37:57 · answer #1 · answered by Abbi G 2 · 0⤊ 0⤋
1. Look for a credit card that has a 0% introductory rate and pay it off before that rate expires.
2. Lots of stores will offer financing and you may get a 0% for so many months deal for signing up for their credit card.
3. Putting it on a regular credit card will add a significant amount in interest. The first month's interest alone could be $150. NOT worth it.
4. If you think you could pay it off in 6 mos, try just saving up for 6 mos.
2006-10-25 13:07:49 · answer #2 · answered by Phoenix, Wise Guru 7 · 1⤊ 0⤋
The most sensible option would be to save up and pay for it when you can afford it. But since we live in a society when only NOW will do, I would recommend getting a 6 month interest free option and make sure that you budget for it and make all of the payments!
2006-10-25 13:06:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Borrow the money from a relative who won't charge interest. Pay for the TV up front and pay off the person on a pre-arranged schedule.
2006-10-25 13:06:08 · answer #4 · answered by morrowynd 7 · 0⤊ 0⤋
If you cannot wait to pay cash, go LAY A WAY. Do not use credit cards with no interest, most people do not pay them off in time and then it cost them allot more in finance charges.
2006-10-25 15:42:43 · answer #5 · answered by DR 3 · 0⤊ 0⤋
Pay it off ON TIME, even $20 or $50 a month is OK
2006-10-25 13:05:22 · answer #6 · answered by god knows and sees else Yahoo 6 · 0⤊ 0⤋