Buying your first TV or upgrading to a plasma? Read our guide and find the best personal loan to help you pay for your new TV.
It can feel isolating if you’re the only person not watching a certain programme that everyone is talking about. Whether your TV is broken beyond repair or you simply need a new one, check out our guide to financing a new TV, so you won’t feel out of the loop again!
Compare personal loans for your new TV
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Warning: late repayments can cause you serious money problems. See our debt help guides.
How can I finance a new TV?
There are several main options available when you’re searching for a loan to cover the purchase of a new TV. The options available to you are:
- In-store finance. Many shops offer in-store finance schemes to help you to fund your purchase by spreading payments over an extended period, with some of them offering a 0% interest period. You can buy your new TV and pay for it over several payments.
- Personal loan. A personal loan is when you borrow a certain amount of money from a specialist lender that you will pay back over an agreed period. You can repay the money by monthly instalments. To afford your new TV, you can pay for it with the money you will receive upfront.
- Credit card/credit builder credit card. With a credit card, you can spread your TV purchase over a period of time, with a minimum amount required to be re-paid every month. You could consider a 0% purchase card to give you an interest-free period. However, if you have a bad credit rating or no credit history, you may struggle to be approved for loans or credit cards. In this instance, you might consider a credit builder credit card.This card is specifically designed for people with a bad credit rating, or none. And whilst the terms are less favourable, you will have the same perks as a credit card.
Key features of personal loans at a glance
How should I compare different loans for TVs?
When comparing loans, you should focus on the differences in important characteristics. We’ve listed a selection of features to consider:
- Loan amount. The amount that you can borrow will differ between lenders, so make sure you have a value in mind when choosing your loan.
- Interest rate. There are some loans available that are interest-free, which will save you some money. If the loans you are considering are not interest-free, make sure you take the interest rate into consideration.
- Fees. You may be required to pay upfront or ongoing charges that will add to the cost of your loan.
- Eligibility criteria. Whilst you may be eligible for some loans, you may not meet the criteria for others.
- APR. The Annual Percentage Rate is designed to provide consumers with an annual summary cost for the loan, including any setup fees and interest. Different loans will have different APRs, but it is important to remember that they are only representative, and your costs may be more expensive.
- Loan terms. The length of the loan period may differ between providers, as well as the terms and conditions of taking out the loan.
- Overall cost. As well as the loan amount, you should also take into consideration any setup costs and any interest.
- Early repayment. Although you may find yourself in a position to pay off your loan early, some loans charge extra costs if you repay your loan too early.
Am I eligible for a personal loan?
You should only apply for a personal loan if you are absolutely sure that you can meet the repayment terms; otherwise you will face additional costs and it may impact your credit rating.
To apply for a personal loan, you will need to meet the following criteria:
- You are over the age of 18
- You will be no older than 70 when the loan term finishes
- You have been a UK resident for over 3 years
- You have a regular income above £12,000
- If you are self-employed, you have been so for over 2 years
- You must have a good credit rating, with no history of bankruptcy or county court judgement
- You hold a UK bank or building society account that is able to pay direct debits
How can I apply for a loan?
If you have decided on a loan that is right for you, you can fill in the application form for the loan via the lender’s website. You will need proof of the following:
The bottom line
There are several different options that you can consider to help you to finance your new TV. If you can’t afford the upfront costs of a new TV then a personal loan would enable you to spread the cost over a fixed period.
Frequently asked questions