There are a number of ways to pay for your new conservatory, including a Loan, Credit Card, Savings or Cash.
A personal loan can offer you a low rate of interest and fixed, manageable amounts to repay each month. There are many types of loans in the market place today and knowing which one is right for you can be daunting.
There are two types of personal loan; secured and unsecured.
A secured loan will be secured against certain items, such as your house, so you do need to read the small print carefully, as your home or car could be at risk if you do not keep up with payments.
An unsecured loan does not involve personal items, the loan is based on you alone.
Loan repayment insurance is worth investigating, as are early repayment options and penalties for missed payments. There are competitive interest rates for personal loans available and you can compare these before you buy, to make sure you are getting the best deal.
A credit card can be a useful way of paying for your conservatory if the card’s interest rate is low on purchases made.
Card offers will be sent to you through the post, urging you to fill in a form and take up their offer. Before you do so, shop around first and make sure you choose the right card and terms and conditions for you.
A credit card’s APR (annual percentage rate) will be disclosed to you before you sign up for the credit card. Some credit card plans will be at variable rates and this means that the APR will change, depending on current interest rates and economic factors. Make sure you are happy with the interest rate offered. If not, shop around.
Most credit card issuers do charge an annual fee, for use of the card, so check what this is first, before you proceed.
Some credit cards will charge you a fee for using the card to obtain a cash advance. They may also charge for late payments made, or for exceeding your credit limit. Other card issuers may charge a monthly fee even if you haven’t used the card.
Remember to protect your credit card and your account number at all times. If your card is lost, report this quickly to prevent its unauthorised use, and only carry the cards you need, on you.
Before opting for a credit card, think about how you will use it. Will you be paying off the amount in full or over time. This will determine how the APR affects you. By shopping around for the most suitable plan, you will get the most out of your credit card.
Saving is an ideal way to pay for a conservatory or large item. Your savings may consist of money in a savings account that you can access when you need to. Saving your money this way will increase the funds over a period of time, as opposed to investing money into the stock market which will not guarantee a rise.
There are different ways of saving money, from savings accounts to investment funds to other funds. Whatever you decide upon, think carefully about your options and which type of saving will yield the best return, as well as considering which is the safest.
If you have ready Cash with which to buy your dream conservatory, the process is simple if you are not buying online; the money transaction gets you the product. Check that you are not charged for withdrawing from an ATM however first.