Washing machine in installments - what you need to know

Installment payment - buying a washing machine here and now with payment of the amount in installments. This service is the second most popular after lending and is considered more profitable.

Installment plan for washing machines

An installment loan is an interest-free loan with no price increase. The buyer is free to buy a product for which a fixed monthly payment amount is set. A letter of employment is not required. So, washing machines in installments in Eldorado provides terms to choose from - 6, 12, 24 months, while changing the terms of the contract. Other sellers can issue installments for 3 months.

To apply for an installment plan, it is enough to have a passport with you, provide personal data. Photocopies of your documents can be sent by e-mail. Often, online stores draw up a sales contract remotely and send all the necessary documentation along with the goods. Among the required documents from the store:

• contract of sale;
• product warranty;
• cashier's check.

How is an installment loan different from a loan?

It's simple, a loan is a banking operation in which the borrower is provided with an amount of money to buy goods with the condition of paying a certain percentage. The loan is concluded with the bank, the installment plan is agreed only with the store.

Installment involves the conclusion of an agreement in which third parties do not participate. That is, the contract is drawn up only between the seller (shop) and the buyer. If the installment plan is issued through a bank, this is a loan. If a loan is noted in the credit history, it is also a loan. Installment also does not oblige to pay additional commissions.

Installment pros

• Opportunity to buy an expensive washing machine now.
• There is no need to take a loan from the bank and pay interest.
• The processing time usually does not exceed half an hour.
• In online stores of household appliances you can take an installment plan without a personal presence, simply by sending a copy of your passport and filling out the form.
• After the first payment, the goods will be delivered to you. Sometimes a down payment is not required.
• Possibility to divide the amount into 3, 6, 12 or more months - depending on the store.
• There are no guarantors and income statements.
• Price rise insurance (check with a consultant).
• Often payments can be repaid through various payment systems or in various banks.

Installment: what repels

• The store has the right to refuse without giving a reason.
• There is no installment plan for expensive goods (usually over 150,000 thousand).
• Limited list of washing machine models.
• Sometimes it is necessary to open an account and pay for its maintenance (not credit).
• The buyer is obliged to pay the agreed amount at a certain time.
• Possible fines and penalties for late payment.
• The store may raise the price of goods offered in installments.
• Psychological discomfort.

Is it worth it to buy a washing machine in installments

Before you buy a washing machine in installments, you should decide whether you can repay the debt.Payment in installments, although without interest, does not relieve you of responsibility, possible worries and the need to repay the loan on time. Wherein, for non-payment, the store is free to take measures to protect its rights, up to fines and seizure of the purchased washing machine.