FINANCE OPTIONS
I WANT MY DREAM KITCHEN FROM MAGNET, BUT WANT TO SPREAD THE COST. WHAT FINANCE OPTIONS DO MAGNET OFFER?
At Magnet we like to make everything as simple, straightforward and trouble-free as possible. And this includes paying for your kitchen. That’s why we offer you 2 different finance options that can be tailored to spread the cost in a way that suits your lifestyle and your finances.
2 SIMPLE WAYS TO TURN YOUR DREAM KITCHEN INTO REALITY
1. Enjoy your Magnet kitchen with 6 months "Buy now pay later".
Buy now, pay a £100 deposit and then
don’t pay a penny more for 6 months.
Then choose to pay the balance in full
with no interest or spread the cost
over 60 months.
See below for examples. 9.9% APR typical.
2. Enjoy your Magnet kitchen with our "Lifestyle" loan.
Buy now but start spreading the cost
right away over 60 months. You also have
the option of over repayment or early
repayment at any time, so you have the
freedom to finish your finance sooner if
you want to.
See below for examples.
7.9% APR variable.
1. BUY NOW PAY LATER 6 MONTHS 0% APR TYPICAL. THEN
Either pay the balance within 6 months with nothing more to pay
Cost of kitchen |
Deposit |
Amount of credit |
Single payment after 60 months |
Total amount payable |
|---|---|---|---|---|
£5,000 |
£100 |
£4,900 |
£4,900 |
£5000 |
£10,000 |
£100 |
£9,900 |
£9,900 |
£10,00 |
OR
Spread the cost over 60 months with 9.9% APR TYPICAL
Cost of kitchen |
Deposit |
Amount of credit |
60 monthly payments |
Total amount payable |
|---|---|---|---|---|
£5,000 |
£100 |
£4,900 |
£106.98 |
£6,518.86 |
£10,000 |
£100 |
£9,900 |
£216.15 |
£13,068.72 |
The loan above has fixed terms and fixed payments. Overpayments are not permitted on this loan.
2. LIFESTYLE LOAN - MAKE 60 MONTHLY PAYMENTS AT 7.9% APR VARIABLE
Cost of kitchen |
Deposit |
Amount of credit |
60 monthly payments |
Total amount payable |
|---|---|---|---|---|
£5,000 |
£100 |
£4,900 |
£98.61 |
£6,016.34 |
£10,000 |
£100 |
£9,900 |
£199.22 |
£12,053.41 |
FREQUENTLY ASKED QUESTIONS ABOUT OUR LIFESTYLE INTEREST BEARING LOAN
Is the interest ‘front loaded’?
No. Interest is calculated daily on the reducing balance therefore you only pay interest on the capital outstanding for the time it is outstanding.
Am I charged for making overpayments?
Absolutely not! There is no limit on how much or how often you overpay and you may choose to settle early at any time.
What happens if I choose to settle the loan early?
The finance provider will calculate the amount you have to repay. The Early Settlement figures quoted to you will include an estimate of the interest due to the end of that month plus an estimate of the following month’s interest in accordance with the Consumer Credit Act. Therefore a minimum of 30 days additional interest and a maximum of 60 days. This additional interest is based upon your settlement figure so the lower your settlement figure the lower the additional interest.
* Finance arranged by Magnet Ltd, Allington Way, Yarm Road Business Park, Darlington DL1 4XT. Credit offers are subject to status. Applicants must be UK residents aged 18 or over.