TV on finance

TV on Finance: How to Afford Your Dream Television Without Breaking the Bank

Televisions have come a long way in the past few decades. From bulky boxes with limited channels to ultra-slim smart TVs offering 4K resolution, streaming services, and an immersive viewing experience, the evolution of the humble television has been nothing short of revolutionary. However, with these advancements come higher price tags. For many, the prospect of purchasing a top-of-the-line TV may seem out of reach, but with various finance options available, it’s easier than ever to bring home your dream television without causing financial strain.

In this article, we'll explore the various ways you can finance a TV, discuss the benefits and potential pitfalls, and offer insights into how companies like Kandoo can help you find the best finance solutions. Whether you’re upgrading your living room setup or investing in the latest tech for your home entertainment system, there are flexible options to suit every budget.

Why TVs Can Be Expensive

Before we dive into finance options, it’s essential to understand why televisions can be so expensive. The price of a TV is influenced by several factors, including:

1. Screen Size

Larger screens typically cost more, and as consumers gravitate towards bigger displays, prices naturally increase. A 32-inch TV will be significantly cheaper than a 65-inch or 75-inch model, even within the same brand.

2. Display Technology

TVs now come in a range of display types, such as LED, OLED, QLED, and the more recent MicroLED. Each technology offers different advantages in terms of brightness, colour accuracy, and contrast, but these improvements often come at a premium. For example, OLED TVs are known for their superior picture quality but tend to be more expensive than traditional LED models.

3. Resolution

The higher the resolution, the more you’ll pay. While Full HD (1080p) TVs are still common, most new models feature 4K resolution, and 8K TVs are now entering the market. The added detail and clarity provided by these higher resolutions make them attractive, but they also come with a heftier price tag.

4. Smart Features and Connectivity

Smart TVs that integrate streaming apps, voice control, and connectivity with other smart home devices can also push up the price. Consumers are increasingly looking for TVs that offer seamless access to platforms like Netflix, Disney+, and Amazon Prime, making these features a must-have for many.

5. Brand and Build Quality

Well-known brands such as Sony, Samsung, and LG tend to command higher prices due to their reputation for quality and reliability. Additionally, premium materials and build quality, including sleek, bezel-less designs, can also contribute to the overall cost.

With prices for high-end models easily exceeding £1,000, it's no wonder that many consumers are turning to finance options to spread the cost of their purchase.

The Benefits of Buying a TV on Finance

If the price of a new television is giving you pause, buying on finance can be a smart solution. Here are some of the key benefits:

1. Affordability

Perhaps the most obvious advantage is that financing allows you to break down the cost of the TV into manageable monthly payments. This means you don’t need to save up for months or years to buy the TV you want now.

2. Access to Better Models

By spreading the cost, you may be able to afford a higher-quality model than you would if you were paying upfront. This means you can enjoy the latest features and technologies without compromising on your budget.

3. Flexible Payment Plans

Finance options often come with flexible payment plans that can be tailored to suit your financial situation. Whether you prefer a short-term loan with higher payments or a longer-term plan with lower monthly instalments, you can find an option that works for you.

4. Preserving Cash Flow

Financing allows you to maintain your cash reserves for other essential expenses or unexpected costs. Rather than depleting your savings to buy a TV outright, you can keep your finances healthy while still enjoying your new purchase.

5. Building Credit

If managed responsibly, financing a TV can help build or improve your credit score. By making timely payments, you demonstrate to lenders that you’re a reliable borrower, which can improve your chances of securing credit in the future.

Potential Pitfalls of TV Financing

While financing a TV can offer many benefits, it's important to be aware of potential drawbacks:

1. Interest Rates

Some finance deals come with high interest rates, which can significantly increase the total cost of the TV over time. It’s essential to carefully read the terms and conditions and understand how much you’ll be paying in interest.

2. Hidden Fees

Some finance agreements may include additional fees, such as late payment penalties or early repayment charges. Always ensure you’re fully aware of all potential costs before committing to a finance plan.

3. Risk of Overcommitting

It can be tempting to opt for a more expensive TV when you’re paying in instalments, but this could lead to financial strain if you overcommit. Make sure you’re comfortable with the monthly payments and that they fit within your budget.

4. Impact on Credit Score

Missing payments or defaulting on your finance agreement can negatively impact your credit score, making it harder to secure credit in the future. It’s crucial to stay on top of your payments and ensure you can meet the terms of the agreement.

How Kandoo Can Help You Finance Your TV

When it comes to financing a TV, navigating the various options available can be overwhelming. This is where Kandoo, a UK-based retail finance broker, comes in. Kandoo specialises in helping consumers find the best finance solutions for their needs, offering access to a wide range of lenders and products.

1. Access to Multiple Lenders

Kandoo works with a panel of trusted lenders, meaning you’re not limited to a single finance provider. This increases your chances of finding a finance plan that suits your individual circumstances, whether you’re looking for a short-term loan or a longer-term payment plan.

2. Competitive Rates

By comparing offers from multiple lenders, Kandoo can help you secure competitive interest rates, potentially saving you money over the life of the loan. This means you can finance your TV without paying more than necessary.

3. Tailored Solutions

Kandoo understands that everyone’s financial situation is different. They offer a range of finance options that can be tailored to your specific needs, ensuring you’re not locked into a one-size-fits-all solution.

4. Transparency

One of the key benefits of working with Kandoo is their commitment to transparency. They provide clear information about interest rates, fees, and terms, so you can make an informed decision about your finance agreement.

5. Easy Application Process

Applying for finance through Kandoo is straightforward and can be done online in just a few minutes. Once you’ve completed the application, you’ll receive offers from multiple lenders, allowing you to choose the one that best suits your needs.

Whether you're looking to finance a high-end OLED TV or a more affordable model, Kandoo can help you find the right solution to bring your dream television home without the stress of upfront costs.

Alternative Ways to Finance a TV

In addition to traditional finance plans, there are other ways to make purchasing a TV more affordable:

1. Credit Cards

Many consumers choose to use a credit card to purchase a TV, especially if the card offers an interest-free period or rewards points. However, it’s important to ensure you can pay off the balance before the interest-free period ends, or you could end up paying high interest rates.

2. Buy Now, Pay Later (BNPL)

Some retailers offer Buy Now, Pay Later schemes, allowing you to spread the cost of the TV over several months without paying interest, provided you meet the payment deadlines. BNPL options can be convenient, but it’s crucial to keep track of payment dates to avoid fees.

3. Retailer Finance Deals

Many retailers offer their own finance plans, often with 0% interest for a set period. However, it’s essential to read the terms carefully, as missing a payment or extending the term beyond the interest-free period can result in high interest charges.

4. Personal Loans

A personal loan from a bank or other lender can be another option for financing a TV. Personal loans typically come with fixed interest rates and repayment terms, making them a predictable and manageable option. However, it’s important to shop around for the best rates and terms.

Conclusion: Bringing Home Your Dream TV

Purchasing a new television is an exciting investment, but the high cost can make it feel out of reach for many consumers. Fortunately, with the right finance options, you can spread the cost of your TV and enjoy all the latest features and technology without breaking the bank.

Kandoo, as a retail finance broker, offers a valuable service for those looking to finance their TV purchase. With access to multiple lenders, competitive rates, and tailored solutions, Kandoo makes it easy to find a finance plan that suits your needs and budget.

Whether you’re eyeing a 4K OLED TV or a more budget-friendly model, financing can be a smart way to manage the cost while enjoying your new purchase. Just remember to consider all the factors—interest rates, fees, and your overall budget—before committing to a finance agreement. With the right plan in place, you’ll be sitting back and enjoying your favourite shows in no time.