Interest Free Finance For Performance Packages

[APS Fston]

We have had alot of enquiries from customers interested in interest free terms for vehicle modifications.
We have now been approved to offer interest free finance for customers wanting performance enhancements for their vehicle.
We are interested in what people have to say about this idea, and if it would help make up some peoples minds who have been holding back bacause they are finding it hard to save money to spend on their car, but are really wanting to make improvements.

For any enquiries, call 9783 8300 or email frank@apsservicecentre.com.au

Regards Frank

[OUTAtheBloo]

Im suprised this hasnt happened already.. Money holds us all back in getting the things we want in life. So im sure this will work well for your shop :)

Dan

[Cainer]

I think its a fantastic idea!

[OLS108]

I think its a fantastic idea!
Damm RIght !!!!:D I AM SURE you will be Very busy in the New year:D

[xshore]

excellent idea, thats how me and my gf usually by stuff, just got to make sure you pay it off within the interest free period by making larger repayments. Interest free just made even more mods look better =0).

[HSVREDSLED]

What a sensational idea!!!!

How long is your interest free period?

[spiv]

Sounds like a good idea. Is it like the Harvey Norman type deal where if you pay it off within a certain period then there is zero interest?

As a consequence would the retail price be higher to compensate for the time value of money i.e foregoing payment up front at the completion of the job?

Cheers

[AJAM]

I offer this to my customers and its done through a finance company so we get the money upfront and loan is with the finance company. They make their money when people don't pay on time ie 20%-25% interest on overdue amount. Its a great idea.

[RedVYIISS]

Just remember that the finance companies offering interest free periods don't do this as they're good Samaritans. They're relying on a large proportion of these loans not being fully repaid within the interest free period.

If they're not fully repaid the interest charged is calculated from the day the finace deal was signed up and interest charged is based on the full amount borrowed (not on how much is owing at the end of the interest free period).

Having said that, they're a fantastic idea if you are organised and meticulous with your repayments (assuming you have the financial capacity to repay the entire amount within the interest free period).

[Vulture]

Does this mean that you would offer better prices to those paying up front or does it not effect your bottom line?

[Wonky]

Hate to be a spoilsport but I'd prefer to put stuff on my Holden card to effectively get a 10% discount. Then aim to pay it off in the card's interest free period.

[KeenGolfer]

It's a great idea, pity more workshops don't do it.

[APS Fston]

It does not affect the cost of the job, but like The Good Guys, cash or card will get you a better price. Early in the new year we will post up a thread in our area with the details and contract information. We are really just posting up today for the feedback

[zackde]

I would be interested,if you had different packages to look at and assess along with the interest free. ie cam, head packages, Blowers etc.
Zack.

[Brayden's dad]

Just remember that the finance companies offering interest free periods don't do this as they're good Samaritans. They're relying on a large proportion of these loans not being fully repaid within the interest free period.

If they're not fully repaid the interest charged is calculated from the day the finace deal was signed up and interest charged is based on the full amount borrowed (not on how much is owing at the end of the interest free period).

Having said that, they're a fantastic idea if you are organised and meticulous with your repayments (assuming you have the financial capacity to repay the entire amount within the interest free period).
This post is entirely correct & should be heeded. Too many people get themselves into financial strife because they want the product yesterday & worry about the payments tomorrow.

If finance companies were not making money out of these interest free loans, then they wouldn't be offering them.

Personally, I think that if you have the organisation & self discipline to pay off the loan in the interest free period, then you have the organisation & self discipline to save for the product in the first place.

Troy.

[Speedy Gonzales]

The business I work for has interest free terms, its a great idea for boosting sales.

We get customers who want work done but dont have the cash or enough credit. It works out both to the benefit of the customer and the business.

However as outlined by the concerns above, the customer must be very wise with how they go about paying off the loan.

[FatBoy]

I can't believe people would actually borrow money for mods... But hey, each to their own i guess...

[macca33]

Absolutely correct regarding the finance companies charging HUGE interest rates.

That's why you have to be realistic about what you can afford to sign up to and if you pay it off prior to the interest free period, you don't pay the interest.

I think this is a good idea and I would use this service.

Out of interest, who is the financier???

Regards,
Macca

[RedVYIISS]

I'm guessung GE Credit. I had the pleasure of using their services once (and paying off during the interest free period). Trouble is once you've proved to them that you can use their money for your benefit, no more interest free periods!

[Tonner]

I have an Idea;) If your Accountant or wife or who ever does your tax, did a mid-year evaluation and projection of what your tax refund should be, couldnt you time the Mods to suit your cheque and Intrest free period??
Cheers Tonner

[HSVREDSLED]

The debate for interest free vs cash is another case of horses for courses.

Some people can save, some people cant.

Pay it off during the interest free period, and you cant go wrong. This way it is the same as saving, but you get your fun earlier.

[clubzls2]

I'm guessung GE Credit. I had the pleasure of using their services once (and paying off during the interest free period). Trouble is once you've proved to them that you can use their money for your benefit, no more interest free periods!

Are u saying that they will only give u a interest free offer only once.I financed furnishings of our new house interest free and paid it off well before the period expired.

[Tonner]

A little of topic but I use the Westpac Holden Mastercard, (only Tonner related stuff goes on that card inc fuel& mods) and I always get discounts on Holden spares through my favourite;) Holden Dealer, Eg hsv gauge pod $172. down from $183 and no intrest and charges if paid before time,

[KeenGolfer]

Are u saying that they will only give u a interest free offer only once.I financed furnishings of our new house interest free and paid it off well before the period expired.
It's never been a problem for me. I've bought various things on 12/18 months interest free though GE (bed, tv, air-con etc) paid all off on the last day of the interest free period and I've always been able to get the next item on interest free terms.

[Hammer]

drew, can you use the ge card for automotive stuff as we have one...???

[KeenGolfer]

drew, can you use the ge card for automotive stuff as we have one...???
You can, but it won't be interest free unless the retailer has set that up.

It's Buyers Edge card I have, which is part of GE Finance, I assume that's what others have also?

http://www.buyersedge.com.au/how_key.html

[Satansfist]

We have had alot of enquiries from customers interested in interest free terms for vehicle modifications.
We have now been approved to offer interest free finance for customers wanting performance enhancements for their vehicle.
We are interested in what people have to say about this idea, and if it would help make up some peoples minds who have been holding back bacause they are finding it hard to save money to spend on their car, but are really wanting to make improvements.

For any enquiries, call 9783 8300 or email frank@apsservicecentre.com.au

Regards Frank
So is there any further news on this thread? I'd be interested in a brake/exhaust/edit package on the interest free terms.

[HDT 01]

im interested too im waiting for news

[APS Fston]

Sorry guys for not replying in this thread until now. On the finance side of things, it is in place and a lot easier to discuss direct with the individual customer so if anyone has any enquiries contact Frank at APS and he will be happy to answer any questions.

Regards Frank

[Smikvyss]

sorry should have been a pm

[VILLAIN]

Well done guys a great initiative and very good for the business.

Your customers need to know it must be payed off in full by the end of the term, or they will be charged interest back to the beginning of the loan and the interest rate will be high.
So try to get the longest term possible.

[APS Fston]

Just to update this thread.....

We offer interest free but only for 12 months.

Alternatively, we can offer interest bearing loans up to 5 years which we've found most people have been going with because the repayments are less. Repayments are made fortnightly or monthly and are direct debited out of a nominated account.

Once the application has been filed, we find out within a few hours if it has been approved