If you are considering making a big purchase, whether it be a car or something smaller like a new laptop we’ll provide some helpful tips to make sure you don’t break the bank!
Although most electronic goods like smartphones, laptops, tablets, iPads, home appliances, etc. are available for a cheap price, the latest trending models are pricey. This can get heavy on your pocket at times. However, the good news is that nowadays several retailers are offering attractive finance plans to ensure that you get these pricey items at affordable values. It is just a matter of paying in installments, that is, gradual repayment of the total bill value over time.
Here is a list of financial considerations that will help you when buying expensive things.
- Perform due diligence. When it comes to buying a laptop or a home appliance, the options are endless. This could tire you out while picking out the right product for the right price. For this, being clear about the budget and the specifications will be of great help. Visit several shops, compare prices, learn about the special offers, ask for finance options and figure out the best deal. It is always a good idea to wait and pay the full amount in cash if you can. This will save you from paying huge interest for a depreciating asset.
- Borrow. Do you have a close friend with an inflated bank account or a super wealthy relative? If yes, that’s something to consider. Borrow the required money from them and repay in smaller installments, according to your convenience. This way you can avoid the interest that banks levy while using your credit cards.
- Get Loans. You may apply for a personal bank loan to make bigger purchases. For instance, buying furniture for your new home will require a lot of money. However, before applying for a loan, you will need to fulfill certain eligibility criteria such as be of appropriate age and show proof of your earnings with a good credit score, etc. The advantage of getting short-term personal loans is that you will not have to secure any collateral to get your loan approved, yet it comes with certain constraints and hidden clauses. For instance, some lenders might require you to maintain a good credit score.
- Shop Online. Another wise thing that you can do these days is to browse and buy from any of the several eCommerce websites such as Amazon and pay with a store credit card. Here all you need to do is make a small, initial payment and choose a convenient timeframe, say 6 months or 1 year, or even more to pay the full amount.
- Switch to newer payment options. Another cool way to shop smart is to make use of payment solutions such as Afterpay, ZipPay, etc. They allow you to shop now and pay later and an increasing amount of shops are offering Afterpay for mobile phones and other electronics. All you need to do is browse through your favorite store, opt for such options, create an account, and complete the purchase instantly. However, you need to pay the first installment at the time of purchase and the rest within the stipulated time. “Zero interest” is the greatest advantage of this option. The only thing you should be wary of is that delayed payments could cost you more.
As you may see, there are many options available to finance your purchases. In the end, it is important that what you buy is worth every penny spent. Hence, be a wise shopper starting today!