Buy TVs On Finance

Here’s a step-by-step approach to purchasing a new television on credit, with the purpose of cutting the cost down into affordable instalments.

What Is a Television in Finance?

Many retailers offer clients to pay for items in staggered instalments, a payment technique often known as financing or buying on credit. In most cases, this means that you can buy and take possession of your desired item, such as a television set, computer, or audio equipment, without having to pay the full price upfront.

With the increase in Smart TV sales, financing a television has become a more popular option. This is owing to the fact that spreading the cost of a potentially expensive purchase over time allows purchasers to select from a broader choice of TVs. This section contains sets that would be unaffordable as a one-time full-price payment.

Some, but not all, TV brands and ranges are often financed by merchants. The individual retailer will decide whether or not to fund a specific brand or model of television. If you want to finance a specific brand or model, it’s worth searching online by brand name to check which merchants provide the best rates.

Purchasing any thing on credit creates a credit agreement, which implies that the consumer has entered into a legally binding commitment to pay for the item purchased on the terms and conditions agreed. This includes penalties for defaulting, or failing to pay agreed-upon amounts, as well as the creditor’s right to demand payment and prosecute the customer for failure to pay.

Under UK law, a person under the age of 18 cannot lawfully enter into a credit agreement, hence anyone under the age of 18 is unlikely to be able to buy a TV on finance. Companies conduct extensive credit checks on credit requests to ensure that no credit agreements are entered into with minors.

Anyone above the age of 18 is eligible to apply for television financing. A customer’s request is not guaranteed to be granted. However, because each request is reviewed separately, being denied funding by one business does not necessarily imply that you will not be able to get a bargain elsewhere. There are also speciality firms that provide finance as a basic component, such as catalogues and mail order.

It is always worth applying for a loan before deciding whether or not to apply, and it is also worth remembering to check if the outcome on your application will have any effect on your credit score. In the vast majority of cases, having a loan request denied has no effect on your credit score.

How Do Finance Televisions Work?

When a buyer buys an item on credit, they engage into a legal agreement with creditors; therefore, it is vital that they understand how this agreement works, what to expect, and their legal rights and obligations.

When a television is purchased on finance, a lender, such as a bank or a specialist retail finance provider, has agreed to lend the customer the entire purchase price.

The consumer, on the other hand, pledges to repay the loan in accordance with the conditions of the arrangement. Typically, the shop does not issue the loan. As a result, it is not up to the retailer to decide whether or not to accept a customer’s application to purchase an item on finance.

Repayments are frequently calculated by splitting the item’s cost into equal monthly instalments over a period of no less than three months and no more than two years.

Finance packages, on the other hand, are relatively flexible, and the length of the repayment term is frequently negotiable. The longer the period, the cheaper the instalments are likely to be, but interest is much more likely to be associated with longer durations, and the longer a client takes to pay off a purchase, the more interest they will end up paying on the item.

Finance offers are frequently accessible in one of three varieties:

1. Interest-Free Credit

You can buy a television set and pay the full retail price in instalments over a fixed period of time with an interest-free credit plan. Customers like this financing option since it avoids the need to pay a large sum of money all at once while also avoiding price rises caused by loan interest payments.

Make certain that the details of any interest-free offer are clear before agreeing to it. Some transactions will be interest-free for a set period of time, after which payments will be subject to interest. So, before you get into any agreement, double-check the terms.

2. Interest-Bearing Loan

A loan with interest means that you will be loaned the item’s price but will have to repay a little more than the initial loan. How much extra a client will return is determined by the individual agreement, and here is where customers of Interest-Bearing credit products should exercise extreme caution.

The amount you will be asked to repay in excess of the item’s cost is always indicated as an APR in the offer (Annual Percentage Payment). Customers should always double-check and make certain that they fully understand what the APR entails in terms of loan repayment.

If the agreement does not state how much the interest percentage will increase the cost of the television, the consumer should request a breakdown of the offer that includes that cost.

Most stores will offer a standard APR on financed goods, implying that all customers would pay the same amount of interest on an item. Some specialised retailers, on the other hand, will make offers based on individual credit ratings, which means that the final cost of any item can vary dramatically across customers.

3. Buy Now, Pay Later Promotions

A increasing number of brick-and-mortar and online retailers are offering buy now, pay later (BNPL) options, which allow customers to pay nothing for their purchase for an agreed-upon period of time. After that, the store will often deduct money from an agreed-upon account, either in agreed-upon instalments or, if the customer prefers, in one lump sum.

The company will always collect and keep your credit card information in order to make the offer and accept payments on time. Many, but not all, of these deals are interest-free, and customers should always carefully examine the terms of any credit arrangement and get clarification on any points that are unclear.

There are numerous fundamental forms of credit agreements available, with many stores offering offers tailored to specific customers. Customers are almost always forced to pay a set monthly minimum.

Even yet, the consumer has the option of repaying more than the minimal amount required, lessening the total amount of interest they would have to pay. Most merchants will also want a deposit payment, with amounts varying per shop and frequently being specific to the individual loan deal.

What information will I be asked for, and will a credit check be required?

The quantity of information a consumer must supply in order to apply for a loan arrangement differs depending on the store. All clients will be required to complete a form detailing their date of birth, permanent address, and, most likely, job status.

You will almost probably be asked to produce documentation to verify any information you provide, such as proof of address, such as an electric, gas, or broadband bill in your name, and proof of identity, such as a valid passport, birth certificate, or full driving licence. Because many businesses accept your account card and credit check as proof of identity, you may not be required to provide any of these documents at all times.

All customers will be requested to authorise the credit company that will deliver the loan to do a credit check on them. No company will negotiate a deal if this request is denied; any loan request will be instantly declined if permission for a credit score check is granted. This means that the credit company will decide whether or not to give you the loan based on your credit record.

A credit report is a history of how you have managed and paid debts and invoices that businesses can look at when deciding whether or not to lend you a loan. Because not all organisations make the same decision based on your report, being denied by one lender does not guarantee that you will be accepted by another. If an initial request is turned down, it is worthwhile to look elsewhere.

Lenders, on the other hand, are more likely to hike interest rates on offers made to consumers with weak credit ratings. Remember that the business will be unable to supply you with any reasoning for the refusal because he or she will not have investigated your credit history. You have the right to check your own credit report by searching for “How to inspect my credit records” online.

Customers are advised to exercise extreme caution when submitting personal information online, as this can leave you vulnerable to financial crime and identity theft.

Is it possible to buy a TV on credit if I have bad credit?

There are companies that provide financing for television sets without requiring a credit check or to consumers with bad credit.

However, as a condition of the loan, these companies will typically request much more personal information from the customer, will almost certainly stipulate higher than average interest rates, sometimes significantly higher, and will occasionally request a family member or friend willing to co-sign the agreement.

Always check to see if any company offering credit on televisions or other things has been approved by the Financial Conduct Authority (FCA).

Techscheme is a popular alternative to traditional finance, offering television sets and other home gadgets through a salary sacrifice scheme. The system requires the customer’s employer to sign up because the 12-month payments for the purchased item are withdrawn directly from the customer’s wage with no interest charge.

Before signing up, it is your responsibility as a client to check that any finance agreement, including interest fee offerings, will be reasonable to you in the long run.

The Financial Benefits of Televisions

Financing a TV has three primary advantages, which means it may be useful even if you have the upfront finances to make the desired purchase:


The purpose of finance or credit offers on televisions is to provide a low-cost payment option for items that are generally too expensive to pay for all at once.

Get the Model You Want

Buying a television on credit can be a fantastic way to get the model you really want by breaking down the cost into reasonable payments, rather than having to settle for a model that is within your present budget.

The most advantageous interest-free deals

A solid financing agreement will allow you to own the highest quality models with the most up-to-date technology at no additional cost, as well as the best interest-free deals.

Purchasing a television on credit can also be an excellent way to boost your credit score, since each item purchased on credit without missing payments or defaulting on the loan will improve your score. This makes securing financing for future purchases easier, as well as gaining access to lower interest rates on future financing purchases.

Televisions’ Disadvantages in Finance

Entering into a credit arrangement essentially means committing to pay money you may not have yet, which is a risk for both the customer and the lender.

Lenders will always put protections in place to protect their investment in your repayments as a result. This means that a financial arrangement will place clients under some pressure to make all of their payments on schedule.

Customers frequently underestimate the impact of monthly instalments on their budgets, tying them into an arrangement that sounded enticing and affordable at first, but quickly became stressful and financially demanding with the introduction of repayment instalments.

The biggest disadvantage of financing a television is the payment of credit interest. There are two ways to accumulate finance interest:


The initial agreement must expressly state how much interest you will be required to pay on the purchase; that is, how much money you will have to pay the lenders in order to secure the loan over and beyond the cost of the TV itself. The best deals are interest-free, which means you will just pay the actual cost of the television.

However, obtaining interest-free loans may be tough if you have a poor credit score. On any offer or agreement, the interest payment will always be shown as the APR (Annual Percentage Rate). Always ensure that you understand what this rate implies for you and how much it will cost you in addition to the price of the set.

Some interest rates will add a large amount to the quoted purchase price, particularly if repayments are made over a long period of time, so be sure you are comfortable with an offer before accepting it.

Defaulted Payments

Missed payments, including those made on interest-free terms, will incur interest. A finance purchase often requires agreeing to periodic payments on predetermined monthly dates.

It’s possible that you’ll only be able to pay after the agreed-upon date. Unfortunately, this almost always means that interest will be added, increasing the total amount of that specific payment. Late payments will result in a considerable rise in the purchase price of the set.

Impact of Credit Ratings

Similarly to how paying for a TV on finance with regular, on-time payments would increase your credit score, missed payments that accrue interest or a default (failure to repay the entire amount agreed) would harm your credit score. This makes obtaining financing for future purchases more difficult, and it may raise the interest rates on any deals provided to you.

Finance packages typically include the option of insurance payment protection, which means you can spend a little more on your repayments to pay insurers to protect you in the event of a default. If you are unable to make payments because of unforeseen circumstances, the insurer will recover the amount of your loan.

Always check the terms under which insurers will cover your loan before accepting an insurance offer, as insurance will only provide cover in particular circumstances.

Who Provides Finance TVs?

Almost all major high-street retailers will finance 4K HDR TVs, Smart TVs, and LED TVs. There are also mail-order catalogues that specialise in selling items on credit, making it easier for people with bad credit to buy things on credit.

Furthermore, you will find many offers from online merchants; nevertheless, you should always be extremely cautious to confirm that an online shop is covered by the FCA (Financial Conduct Authority), as online fraud related to credit offers is extremely widespread.

Before Buying a TV, Think About Your Finances

Smart TVs are becoming increasingly popular in home entertainment due to the introduction of online streaming, and television is a part of most people’s daily lives. 42 percent of UK households currently own at least one smart television set. Buying on credit may be the most convenient way to get your hands on the television of your dreams.

Before you proceed with any transaction, you should think about the following:

What Kind of Television Would Be Best for My Needs?

It is worthwhile to educate yourself on the technological features and functions provided by the television set so that you do not overspend on items that will not be of much use to you. Investigate the differences between LCD, LED, and Plasma TVs on the internet or with your retailer.

Consider the screen size

Consider the size of the screen that will be most comfortable for you as well as the location where you want to put the TV.

Check the Number of Sockets
Check how many HDMI ports you’ll need to use the TV’s features.

Consider any additional purchases you may need to make in order to use features such as 3D.

Is the Finance Deal Within Your Budget?

Always consider whether a financial agreement fits into your budget. Remember that even if you divide the total cost into smaller payments, you will eventually pay a minimum of the total listed price of the TV. Furthermore, you will be paying more in many cases due to the added interest payment; this could amount to a large sum on some packages.


This article should give you with all of the information you need to decide whether or not to buy a TV on credit. This includes the steps required in financing a purchase as well as the many financing alternatives accessible.

We have provided advice on the potential advantages and disadvantages of TV financing agreements. In addition, we’ve included some pointers on where to hunt for the best deals for you.

The essay also contains some advice on how your credit score may impact your ability to accept financial offers, as well as some words of caution before agreeing to any arrangement. We’ve also included a quick guide to what to look for when financing a television. We hope this helps you make an informed selection; we wish you the best of success with your purchase.


Do all TV financing plans necessitate regular monthly payments, or do there flexible options?

Some merchants provide flexible TV finance options that allow you to pay the whole cost of your TV set in as many instalments as you choose, with no predefined amount or date for each instalment.

What effect does financing a television have on my warranty?

If you buy on credit, your warranty remains the same. The store is required by law to guarantee the quality of your purchase, including providing free repairs, replacements, or partial refunds within six months of purchase.

What if I change my mind once I’ve started paying?

The retailer will determine this. As long as the set is in unused condition, most stores will allow you to return it for an exchange or a partial or full refund. Most stores will not accept returned damaged items.

If you want to switch to a different set at a different price, you must usually agree to a new financing arrangement.

Some insurance policies have a strict no-returns policy. As a result, before you buy, make sure to inspect the condition.

What sorts of fraud are the most common?

The most common type of fraud to look out for is offers with extraordinarily high interest rates. Check to see if the merchant is FCA (Financial Conduct Authority) registered, and always compare interest rates to examples supplied in rival stores’ marketing.

What if I am unable to make a payment after acquiring a television?

If you are unable to complete your payments, most businesses will seek to reclaim an item. The lending company may also seek payment for the items, which may mean taking legal action against you.