My chances of getting accepted for 0% finance at Jessops....
Discussion
Hello
Looking to buy a Canon 550d SLR camera. Its avaliable for £600 on some sites, but it would take me forever to save up for one. I've noticed on Jessops the camera retails at £649, and is avaliable with a 6 month, 0% finance option.
I'd be looking at paying £200 deposit, then the rest over 6 months. The thing is, I'd like to check if I would be elegible for this or not, but to do so, you have to give bank details and your deposit goes out and is paid straight away if you are elegible.
Just wondered if you think I'd get accepted at all? Could do with knowing now, but don't want to pay the deposit this week if I do get accepted.
I'm 20 yrs old.
Was a student, but left university and now working full time, 39 hours a week, have been doing for 3 months, earning around £200 a week after tax (measely I know!)
Have never had a loan or finance, other than student loan stuff.
I owe student finance around £8k but obviously not paying this off yet as I'm not earning over 15k a year. I'm currently paying off my student overdraft too, about £500 left to pay (so my bank balance shows -500. Don't think they are aware I've left uni yet, but will inform them when its paid off so I can get it cancelled)
Not a home owner. Not sure on any other relevant info I could give you guys!
Anyone any ideas if its even worth me applying? I get the feeling I'll get rejected...
Cheers
Looking to buy a Canon 550d SLR camera. Its avaliable for £600 on some sites, but it would take me forever to save up for one. I've noticed on Jessops the camera retails at £649, and is avaliable with a 6 month, 0% finance option.
I'd be looking at paying £200 deposit, then the rest over 6 months. The thing is, I'd like to check if I would be elegible for this or not, but to do so, you have to give bank details and your deposit goes out and is paid straight away if you are elegible.
Just wondered if you think I'd get accepted at all? Could do with knowing now, but don't want to pay the deposit this week if I do get accepted.
I'm 20 yrs old.
Was a student, but left university and now working full time, 39 hours a week, have been doing for 3 months, earning around £200 a week after tax (measely I know!)
Have never had a loan or finance, other than student loan stuff.
I owe student finance around £8k but obviously not paying this off yet as I'm not earning over 15k a year. I'm currently paying off my student overdraft too, about £500 left to pay (so my bank balance shows -500. Don't think they are aware I've left uni yet, but will inform them when its paid off so I can get it cancelled)
Not a home owner. Not sure on any other relevant info I could give you guys!
Anyone any ideas if its even worth me applying? I get the feeling I'll get rejected...
Cheers
Edited by Louisa911 on Thursday 30th December 19:33
Have you got a credit card, a contract mobile phone have you missed any payments?
have you exceeded your overdraft and does your wages get paid into your bank account?
missed payments, exceeded overdrafts count against you - all the other things count for you.
Where do you live - at home - or in lodgings - how long have you lived there - the longer the better.
Couldnt say until you try.
Simes,.
have you exceeded your overdraft and does your wages get paid into your bank account?
missed payments, exceeded overdrafts count against you - all the other things count for you.
Where do you live - at home - or in lodgings - how long have you lived there - the longer the better.
Couldnt say until you try.
Simes,.
Louisa911 said:
Hello
Looking to buy a Canon 550d SLR camera. Its avaliable for £600 on some sites, but it would take me forever to save up for one.
I reckon it would take you about 5 months to save up for one, maybe less with a strong wind behind you? It will be cheaper too.Looking to buy a Canon 550d SLR camera. Its avaliable for £600 on some sites, but it would take me forever to save up for one.
Not meaning to be funny but unless it was your business, and I mean this particular purchase would earn it's keep, then I would keep loans at this stage for a home, or a car at a push.
And I'm guessing you may respond with I can't afford a mortgage/home as I don't have a deposit?
Sorry, many assumptions, trying not to sound patronising and of course all IMHO and most importantly, no, I wasn't that astute at your age, but just giving you the benefit of some 'hindsight'
Saving and buying is also so satisfying.
TBH most 0% offers such as this tend to have more relaxed lending criteria than personal loans etc but there are tough penalties and rates should you happen to miss a payment.
I know you don't earn a lot of money and my first couple of years following Uni were very similar to yours but £400 (you state you already have the first £200) isn't a huge amount of money in the grand scheme of things, can you not make a couple of sacrifices over the next couple of months to save for it with cash? I don't want to sound patronising but it is all too easy to be shourt one month and miss a payment when you don't have much cash to start with.
I know you don't earn a lot of money and my first couple of years following Uni were very similar to yours but £400 (you state you already have the first £200) isn't a huge amount of money in the grand scheme of things, can you not make a couple of sacrifices over the next couple of months to save for it with cash? I don't want to sound patronising but it is all too easy to be shourt one month and miss a payment when you don't have much cash to start with.
Thanks for the suggestions. As for using the cash on something more useful like a house, we're actually in the process of getting our first mortgage on a 60% ownership local property with the boyfriend- the £50 a month payments would be feasable after I've budgeted for bills, mortgage payments etc.
Did an Experian credit report and got the best results possible so hopefully when I do get chance to go ahead with it, it should be fine. Just worked three days of double pay at work, so I see it as thats paying for half the camera... which isnt quite as bad!
If I wanted to go down the road of getting a cheaper camera, it wouldn't justify spending £150 less really. I'd only end up wanting another upgrade a few years down the line, wishing I'd just saved another week and got the 550d. Plus other than the 500d, theres no budget HD video DSLRS, and the 500d framerate isn't enough for what I need it for.
New plan- think I'm just going to save for another few weeks, and get the rest as part of my 21st birthday gifts from family
Cheers
Did an Experian credit report and got the best results possible so hopefully when I do get chance to go ahead with it, it should be fine. Just worked three days of double pay at work, so I see it as thats paying for half the camera... which isnt quite as bad!
If I wanted to go down the road of getting a cheaper camera, it wouldn't justify spending £150 less really. I'd only end up wanting another upgrade a few years down the line, wishing I'd just saved another week and got the 550d. Plus other than the 500d, theres no budget HD video DSLRS, and the 500d framerate isn't enough for what I need it for.
New plan- think I'm just going to save for another few weeks, and get the rest as part of my 21st birthday gifts from family
Cheers
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