If your existing kitchen is looking more than a little tired, it may be time to invest in a new one. Of course kitchens don’t come cheap and even if you decide on a budget range it may still very likely cost somewhere in the region of the low four figures. If you haven’t got this kind of cash sitting around to use, there is another option you can consider – finance.
What are the advantages of buying a new kitchen on finance?
Finance means you can buy your new kitchen now as opposed to having to save up to get it. This might mean the difference between buying it now and having to wait several months before you can do so.
It also means you can spread your payments over several months or even years, depending on the terms of the finance. This can be a better option for some people. If your new kitchen is going to cost, say, £3,000, and you only have that sum in your savings, it will leave you without a financial cushion to fall back on. Opting for finance enables you to preserve those savings and still get the kitchen you need and want.
Is finance worth it?
It all depends on your situation. If your kitchen is in reasonably good condition but you want to replace it, you may prefer to wait until you have saved up the money you need. However if the doors are falling off their hinges, the worktop is scratched and damaged and the cabinets have seen better days, you may be unable to wait that long. Your kitchen may be in desperate need of replacement and in this case finance is the perfect solution.
Interest free finance can make the difference to whether you get a new kitchen or not. You should always consider your monthly outgoings to make sure you can afford the repayments prior to buying the kitchen. Alternatively make sure you can pay the balance when it falls due at the end of the term.
Compare quotes from different companies before you get a new kitchen
The most important step to take is to compare quotes for finance before opting for a particular deal. Just as you would compare quotes for a replacement kitchen, you should also look round for the best deal on finance.
Some companies do offer 0% finance deals but it is a good idea to compare them to see what is in the small print. You may have to pay a large deposit in order to qualify for the 0% deal. Typically speaking you may have to pay back the entire amount within 12 months too.
Other companies will charge different rates of interest on the amount you borrow. The amount you pay will also vary depending on how long you will pay it back for. Generally speaking the faster you pay the loan back, the less you will pay in interest if you can’t get a 0% deal. It does mean the monthly payments will be bigger though, so consider every possibility before you press ahead.