How to rent a washing machine in installments
Your washing machine is broken and you don’t have the money for a new one? There is a way out if you buy a washing machine in installments. Stores offer various conditions for purchases in installments and on credit, because these are the most popular consumer loans today. How to draw up an installment plan without being deceived - we’ll talk about this.
What does “buy in installments” mean?
Buying a washing machine in installments means paying for the installment in installments, at regular intervals, without paying interest for the provision of installments. Simply put, the installment plan does not provide for any overpayment and no interest. And this is its main difference from a loan.
An important difference between an installment plan is that it must be processed by a store employee (manager, salesperson), while the loan must be processed by a bank employee, who may be located in the same store. The bank is an intermediary between the store and the buyer of the goods, and accordingly he will have to pay a percentage of the transaction. In rare cases, the store assumes the obligation to pay interest. But even in this case, be careful, because there may not be an overpayment, but the product will cost several thousand more than its equivalent in another store.
For your information! Unlike a bank loan, an installment loan is issued for a short period and a small amount, so you need to be prepared to repay the installment plan.
As a rule, installment plans are provided for 1-10 months for an amount not exceeding $1,500, but there are exceptions. In some stores, installment plans for goods are a promotion that takes place on certain days. As for the down payment, its size is determined by the store, and for installments it can be 0–50% of the original price of the washing machine. The procedure for applying for an installment plan is faster, since you do not need to confirm a good credit history and provide a package of documents.
What's the benefit?
Undoubtedly, installment payment, as a transaction between the seller and the buyer, is beneficial for the buyer. Its advantages are that:
- you receive the washing machine at a given time and use it, and pay gradually in small installments;
- you don’t have to overpay for the product;
- the transaction is completed quite quickly;
- you have the opportunity to buy a washing machine without a down payment;
- there is the possibility of choosing a washing machine in an online store and purchasing in installments online;
- you do not need to provide the seller with a certificate of income and look for guarantors.
But when deciding to buy in installments, remember:
- the store has the right to refuse to sell a washing machine in installments without explaining the reasons;
- Installment plans are not available for very expensive goods;
- Installment plans may not be offered for all washing machines, or for a limited number of them;
Important! To be able to buy a washing machine in installments, it is better to contact the retail outlet at the beginning of the month. The fact is that a store is required to complete a certain number of installment transactions if it advertises such a service.
- the price of washing machines that are sold in installments may be overpriced;
- Payments must be made strictly on the date specified in the contract, otherwise the store may impose a fine and also refuse to purchase goods in installments in the future.
What is needed for the transaction
To complete a transaction directly in the store, it is enough to have your passport with you. In rare cases, the seller asks for another document confirming your identity, for example, a pension card, driver's license or international passport.
Important! Only a citizen of the Russian Federation aged 23 to 70 years who has a permanent job, registration and place of residence can apply for a washing machine in installments.
When concluding a transaction, an agreement is drawn up, which specifies:
- personal information about the buyer (full name, address, place of work) and information about the seller (legal name and address);
- obligations that the parties bear and their responsibilities;
- model, serial number and price of the washing machine;
- signatures of the parties.
When signing the contract, you need to carefully read all the clauses. Including footnotes and notes, usually written in small print. They may indicate insurance and other fees that the seller did not notify you about. Also check which bank allows you to make installment payments in order to avoid paying a fee for the contribution. Payment is also possible via the Internet.
Advice! When completing a transaction, refuse the insurance service after the bank approves the application for installments, otherwise the application may be rejected. And don’t forget to unsubscribe from the SMS mailing service, check the appropriate box.
After completing the transaction, the seller must give you:
- one copy of the installment purchase agreement;
- warranty card;
- cash receipt.
When making a transaction via the Internet and delivering goods to your home, the listed documents must come along with the goods. When you pick up your washing machine, the transaction is confirmed in the store’s credit department and the documents are handed over to you.
What conditions do the stores offer?
In different stores, washing machines may not only have different installment prices, but also completely different conditions. Here are some examples of the most famous stores in the country.
So, buying a washing machine on installment plan should be well thought out, you should remember to comply with the obligation of timely payment. Be careful, and then you will really make a good deal without overpaying.
Interesting:
2 reader comments
Is it possible with temporary registration?
Is it possible to terminate an agreement to purchase a washing machine in installments if the goods have not yet been received and the down payment has not been paid?