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Location:
Yeppoon/Rockhampton
Registered:
September 2002
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Peoples Opinions - 12 Month Interest Free Wheels
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Sun, 27 October 2002 13:23
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This might sound like a stupid question, but what are peoples opinions on buying wheels this way.
Would u do it or would u perfer to pay for the wheels outright.
Anyone know how hard you get hit if you can't pay off the wheels in the allotted time?
Thanks
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Location:
Southern Sydney
Registered:
August 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Sun, 27 October 2002 13:58
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interest free periods are fine if you can manage your money.
Don't forget about the payment you need to make as you will be hit hard when it comes if you do forget.
Also remember other things that will need to be payed a year from purchase, ie rego, insurance etc.
In my opinion if you have the money now then pay for them now!
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Location:
Adelaide
Registered:
May 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Sun, 27 October 2002 14:01
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i agree if you can afford it pay then and there. companys like agc charge something like 28%. it becomes far too tempting to only pay the minium due payment each month and the left with an outstanding balance to pay interest on
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I supported Toymods
Location:
melbourne.victoria.austra...
Registered:
June 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Sun, 27 October 2002 20:32
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and also bear in mind that if you don't pay within the 12 months, you get 12 months worth of interest slapped onto the amount you initially purchased.
and given its 28% like AGC - its poor economics. unless you can manage your money to a point where it can be paid off quickly.
also make sure there is no penalty for paying it out sooner rather than later....
might be worthwhile looking at the banks for a credit card for this purpose i know one of the cards out there is like ~8% or something for the first 6 months then 15% thereafter which would be more useful...(just watch out for the fees)
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Registered:
May 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Sun, 27 October 2002 22:17
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I agree with the previous posts...
We bought wheels/tyres for our Soarer this way once, but only because:
A) We had a number of other things to pay at the time and
B) We knew we could pay the entire thing off the next month (Wheels and tyres cost $1800)
Like the previous posters said, if you don't pay within the interest-free period, you will pay big interest bills afterwards; a fact on which these companies rely!
Just my 2c.
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Location:
Brisbane, QLD, Australia
Registered:
May 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Sun, 27 October 2002 22:47
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Personally, I'd go for it. People seem to forget the benefit.
That is, to get a good credit rating.
If you can, do it, get a good credit rating against your name. Makes it so much easier in the future. I'm personally on such a good credit rating, I only have to ask and I have $$$, or I can walk into places like harvey norman and have an interest free deal straight away.
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Location:
Preston
Registered:
June 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Sun, 27 October 2002 23:17
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If planned out properly, AGC and other companies are great. Only problem is that you dont get the discounts and deals that usually comes with cash.
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Location:
Yeppoon/Rockhampton
Registered:
September 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Sun, 27 October 2002 23:56
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well. i kinda worked it out. I can afford to pay off between $200 - $300 a fourtnight.
The end result was i could pay for the wheels anywhere between 3 and 5 months. based on $1800.
I might think about it after x-mass. i'll c how everything goes.
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Location:
Melbourne
Registered:
July 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Mon, 28 October 2002 02:48
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Good an bad as many have said.
It's all about discipline.
They count on people mucking up in order to make their money.
I did/am doing 12 months interest free for my current wheels/tyres.
Hasn't been a problem.
The only thing you need to look out for is that the repayments they quote you actually pay off the amount in the correct period. For this it was a monthly payment schedule.
Much preferred than lump sum at end. Small, manageable chunks.
No disruption to lifestyle.
This was through Bob Jane and Buyers Edge.
It's nearly over - it was easy to B-pay the $200 or so per month, regular statement to remind you and no interest.
There was a small account keeping fee though - however, that's much less than interest on a credit card. 
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Location:
Brisbane
Registered:
May 2002
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Re: Peoples Opinions - 12 Month Interest Free Wheels
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Wed, 30 October 2002 08:23
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The guys have pretty much covered it all. If you have nothing on the old credit card, no other loans and can pay the money back before the interest free period expires go for it. My old favourite is the 2nd job. Earn the money and pay cash if possible. Then again, if your busy working two jobs you'll have no time to spend. You'll work it out, but be smart about it.
Justin
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