When buying electrical goods such as washing machines online, you have several options to choose from. For one thing you will want to check out the various features available; brand reputation and price in addition to matters such as delivery times and methods and such like. Equally, you’ll need to consider payment terms. It’s worth bearing in mind that catalogues tend to give you the option of buying products on a weekly or monthly installment basis.
There are plenty of options out there. For instance, Buy-as-you-view catalogue washing machines can be paid for through as many as 150 weekly installments with credit available on all purchases. BrightHouse also operates on the ‘pay a little bit at a time’ basis. The Argos Card enables washing machines to be purchased from that particular retailer over an extended period whereas Appliances Online also offers credit and, in addition, gives a price match guarantee against all their online competitors.
Credit Checks tend to be a standard method used by online retailers to assess an individual’s creditworthiness. A credit reporting agency will check all data concerning the finance arrangements made previously by the prospective customer. The customer’s payment history is checked to make sure that he has been able, historically, to meet his obligations and pay on time. The more problems there has been in the past, the worse the credit rating will be. In particular, if a creditor has been unable to get what he owes from you, he will eventually formally write off the debt in his accounts; resulting in what is known as a ‘credit charge off’. One of these entries in your credit report is likely to create a very bad picture in terms of your creditworthiness. Therefore, if you have any longstanding debt with an existing creditor, you should try and negotiate a repayment plan with that creditor in such a way as to avoid a credit charge off entry on your credit history.
Similarly, a large number of refused applications for credit can also affect your credit score so try not to make too many applications for credit – particularly if you suspect that you’re likely to be unsuccessful. Some retailers will give credit without carrying out a full credit check – although they generally require proof in the form of bank statements that you are likely to be able to make your repayments.