How do payment plans at bike shops work?
2016-10-14 9:45 pm
I m in the market for a road bike. My local bike shop said they do 12 month payment plans with 0 apr for the 12 months. I know I can pay it off within the 12 months that s not my problem. I just don t know it works. I ve never done a payment plan before. Would I even be approved since I ve never had a credit card? Can I pay it off early. Say In 4 months if I could? Any other things you could think of please add. Thanks
回答 (1)
2016-10-14 9:50 pm
✔ 最佳答案
Most shops aren't in the business of giving out loans. So what they do is they actually set you up with a loan through a local bank. The bank gives the money from the loan to the shop, so the shop gets paid right away for your purchase, then you make payments with the bank until you've settled the loan. As for the terms of the loan - you would have to ask them, or the bank they use. These types of loans usually accept people with no credit history which is why they are a popular option for people trying to establish a credit history for the first time. They usually do not have a pre-payment penalty, so you can pay it off anytime. If you don't pay off the loan within the 12 month period they charge you interest all the way back to the day you made the purchase, so make 100% sure you pay it off early.
2016-10-14 11:58 pm
They are for people with great credit & full time jobs.
收錄日期: 2021-04-21 23:38:15
原文連結 [永久失效]:
https://hk.answers.yahoo.com/question/index?qid=20161014134535AAySfxO