If you are considering investing in a hot tub, you may find you don’t quite have the finances to pay for it in full. With this being said, the option to buy a hot tub on finance is one to consider. No matter what you are thinking of spending, how much you wish to finance, or what budget you have set for the purchase, there are a few places you can go to spread the cost. Before you choose this route, consider these pros and cons to taking on credit, and choosing the right lender for your financing needs as a customer.
Where to finance
When time comes to choose financing, you have a few options available to you. Among the many retailers which offer financing to owners in the UK include: The Hot Tub Superstore, Jacuzzi.co.uk, thehottubcompany.co.uk, and superhottubs.co.uk. Each of these, and other retailers are going to offer a range of financing options and terms.
From 0% interest if paid in full within a certain date, to different amounts of financing, sales, or interest rates, it is important to compare top retailers (online and locally), to find the best financing terms, and lowest rates when time comes to purchase.
Pros of financing
Once you decide on the company to finance with, you will find there are many benefits to financing the purchase of a hot tub. Among these are:
- Ability to pay over time, rather than full price up front.
- Even or equal monthly payments with many financing companies.
- Zero or no interest if paid in full, by promotional date.
- Different financing amounts and variable interest rates as determined by your credit score.
If you go through the right lender, and if you know what the promotional offers are, including zero percent or low interest financing options, then it is extremely beneficial to buy the hot tub on finance. Not only can you avoid high interest rates, but you can also find a reasonable monthly cost, which will allow you to pay the hot tub off over time, rather than have to come up with the entire amount on the date of purchase.
Cons of financing
There are many pros, but there are also some drawbacks to keep in mind if you are considering financing. One is that with promotional or zero percent financing, if not paid off by the promotional period date, high interest rates accrue. You also have to pay interest on the purchase, which can be extremely high with many companies. In the event you miss a payment, this can cause your credit score to decrease, and also lead to a much higher monthly payment over time.
There are both pros and cons to keep in mind if you choose to finance the purchase of a hot tub. Regardless of your budget, you should consider each of these factors, and take the time to compare different deals and promotions, to ensure you find the best financing terms, affordable interest, and monthly payments you can actually afford to pay, when time comes to finance the purchase.