Spa payment plans
West Coast Spas can arrange payment plans for your spa, sauna
Payment plans start from around $29 per week
Q. How many years are the payments over
A. 5 years, 4 years, 3 years, 2 years or 1 year, it is up to you.
Q. Who do you use for the finance
A. We use a mortgage broker, they will pick the best interest
rate and conditions for your situation.
Q. Do you need a deposit?
A. No you do not need to pay a deposit, but if you like you can,
it will mean less of a loan
Q. Can you pay out the loan early without a fee?
A. Yes this can be arranged, just let the consultant know at the
time of purchasing your spa
Q. Do you do interest free?
A. Be careful, there is no such thing as interest free, banks
do not lend out money without charging interest. Retailers who
offer interest free load the interest on top of the price of their
FACT approximately 85% of people who purchase a product interest
free do not pay off the product in the interest free period. The
interest rate will then become around 29 % The higher the purchase
price the more chance of not being able to pay it off in the interest
FACT Banks and finance companies do not loan money out
without charging interest. (This is how they make money, by charging
FACT Retailers who offer interest free actually load the interest
price on top of their margin (otherwise they would go out of business)
FACT last time we looked in to it, an interest free finance company
was going to charge us 20% of the purchase price to secure a 2
years interest free sale.
FACT retailers will not admit that they load the price.
Here is how interest free works
So if you are going to buy a $7,000 spa on 2 years interest free
$1400 would have to be interest. So the spa would be loaded with
the interest so when you go in to the store you would see a spa
for sale as $8400 "interest free" (Remember this is
only a $7,000 spa, but the sale price would be $8400 the customer
would not know that it is a loaded priced spa)
The retailer gets $7,000 the bank gets $1400 for the interest
(the customer thinks it is interest free, but in actual fact,
the customer just paid 20% interest)
IT GETS WORSE
85% of people do not pay off the item in the interest free period,
even though they all say they will, 85% don't. Then the interest
free period is over and the interest rate reverts to approx 29%
So add the 20% loaded price that was put on top of the product
to the 29% interest rate that 85% of people end up paying.
20% plus 29% = 49% yes that is right 85% of people who purchase
interest free are paying
49% interest, this is very sad and misleading.
Don't be fooled, we do not offer interest free, we do not believe
in loading our prices.
Q. What is your interest rate?
A. At the time of writing this, Interest rates for personal loans
are approx 11 to 16% interest.
If you want more info on credit and interest free go to the following
government web site. http://www.fido.gov.au/credit