Anyone use Affirm financing?

[fishin couillon]

Affirm is starting to show up everywhere

I noticed that on several websites i've been on.......

[ScottOz]

I love using OPM other peoples money

[SSNCHIEF]

I've used them and got a really good interest rate. There's an ap that will show you what you owe and all your payment history. Pretty good, upfront company. I've been thinking about using them again for a pair of those 3000 dollar Lowrances!

[BigFishSteve]

I wouldn’t want my credit showing I had to finance that small purchase. Plus, read it all. Slip up one month and you could be paying a lot.

[rboren]

Have used something like this with my appliances dealer here in town. He has a set price on an appliance. You can use 12 months same as cash. Years payments are figured so you won’t have it payed off on time in the end of year. They have many people who then have to pay the total balance at the end or finance the rest at a ridiculous interest rate. I will use their money for household things and pay a little extra each month. Sometimes I have it payed off on the 11th month. Don’t bother my retirement savings that way. Fishing eq. Probably can be purchased for less somewhere. Buying from a retailer here means he will come out and check it if something happens. Our guy will as long as you own appliance. Free under warranty and a decent price if out of warranty. Buying local and getting good service after the sell. But I doubt BPS will send someone out if a depth finder has problems.

[LewStulePH.D.]

Affirm™ ? Negative...

[BeeNix]

I used Affirm when I bought my Dreamcloud mattress, couldn't be more pleased. Zero interest! I could have paid outright but chose not to with the 0% they offered. The process took maybe 3 minutes. I set it on auto pay so I don't have to worry about a bill... We will pay it off on the 11th month.

[BigSexyPhoenix]

I’m guessing he needs a set of $2500 tires about now?

Well, a couple of weeks ago it was new wheels and tires for his side by side that were $1500. Then he tells me that he is thinking about trying to get a signature loan at the bank for 50 grand so he can pay off his truck, side by side, credit cards and have some money in the bank for spending. I said “wait, run that logic by me again why you would need to borrow money to put in the bank for spending money and what bank is going to give a 50 grand unsecured loan to a 21 year old that is struggling paying his bills. I Can’t seem to get through to him but I told him I’ll loan him money at 15 percent interest if he just has to make dumb purchases lol.

[riverc]

I wouldn’t want my credit showing I had to finance that small purchase. Plus, read it all. Slip up one month and you could be paying a lot.

Do auto pay and no worries of a slip up.That's how I do the majority of loans,bills.

[dean c]

Well, a couple of weeks ago it was new wheels and tires for his side by side that were $1500. Then he tells me that he is thinking about trying to get a signature loan at the bank for 50 grand so he can pay off his truck, side by side, credit cards and have some money in the bank for spending. I said “wait, run that logic by me again why you would need to borrow money to put in the bank for spending money and what bank is going to give a 50 grand unsecured loan to a 21 year old that is struggling paying his bills. I Can’t seem to get through to him but I told him I’ll loan him money at 15 percent interest if he just has to make dumb purchases lol.

They have to learn like all of us...good on you for trying to help him make better decisions.

[James john]

At zero percent and buying graphs it’s a no brainer to do this route

[Thomasj]

I used to work for a company that did HVAC installs and we had a 0% program. It had a fee factored into it so you were paying more to go this route when we did it. Similar to lawn mowers, tractors, etc. They charge a flat fee hidden in your final price and then give you 0%. Seems it was 15% if I remember correctly.

I got the quote for the work before we discussed the terms of payment or the financing option. The financing was a special offer through Mitsubishi - the manufacturer of the mini-split units that were used for part of the job. If I had pushed them, perhaps they would have given me a small discount for paying up front, but I doubt it would have been 15% - I'm guessing they didn't care where the money came from. Like most here, I'm guessing that the finance company makes their money because people don't pay on time. If a payment is late, the interest rate will shoot up to some ridiculous amount. I'm paid at least a month ahead on it so I'm not concerned. Also, it's an open ended credit line that I could borrow additional money against - but that would have to be repaid with a higher rate of interest.

As far as how that looks on my credit - it drives down my percentage of used available credit and increases my credit score. Either way, I had about $10,000 in my bank account now that I wouldn't have had if I had paid the full amount. It saved me from having to get a loan for my son's car when we bought it and allowed me to buy my boat last year without getting financing - I doubt I would have been able to finance either of those at 0%.

[th365thli]

There are pros and cons. A lot of creditors do 0 percent financing. Whether it be an intro period from credit cards, paypal, affirm etc.

The pros of course are play now, pay in increments. A lot of times you're getting something at a very good price as well. 12 equal payments for a fair priced item? Sounds very enticing. Some places like Amazon do 18 month 0 percent. If you're responsible with your money, it's not a bad option. Frees up other funds to do other things.

The cons are if you're NOT responsible with your money. I think lenders offer these deals hoping to catch somebody slipping. The APR penalties are severe. So you really gotta be on top of your payments. And because you're increasing your credit utilization by a good chunk (whatever the cost of the thing you purchased), your credit score will go down. Finally, affirm most likely will do a hard inquiry on your credit before you're able to finance, so that drives your score down too.

There's no right or wrong here. I've financed hefty toys before (fish finders, guitars), and I made my payments on time every time. The result was I got the toy quick, and I didn't pay a penny more. However, they'll try to catch you slipping, and if you finance a lot, even with 0 percent interest, your credit utilization will go up and your credit score will suffer. Not a good idea if you're going to apply for a mortgage, loan etc. anytime soon.

[Bill2e]

The company is legit if you follow the terms.

I purchased my Peloton @ 0% to manage cash flow over the holidays.

Paid it off in 6 months and did not pay a penny in interest. If you pay on time your fine, but if you don't...............................

[5 Alive]

The company is legit if you follow the terms.

I purchased my Peloton @ 0% to manage cash flow over the holidays.

Paid it off in 6 months and did not pay a penny in interest. If you pay on time your fine, but if you don't...............................

That's all I was looking for. Thanks!

The post escalated quickly, I didn't realize I was stirring the pot for some people....but this is BBC!
Obviously I will consider the overall price and not over pay. Didn't think that was even a question and yes I could pay cash.

[Sunny Jim]

Not being in finance, my thought would be them playing the odds that some people will make a late payment resulting in paying all of the interest due.

[Bill2e]

That's all I was looking for. Thanks!

The post escalated quickly, I didn't realize I was stirring the pot for some people....but this is BBC!
Obviously I will consider the overall price and not over pay. Didn't think that was even a question and yes I could pay cash.

Yes - Me too, but the price I paid was the same if i paid cash or used Affirm @ 0%
I was paying every month and then got tired of looking at the balance, cash flow was right so I simply paid the balance.

You do everything via an app and it is simple to use.

I'd use again if it met my goals at the time. Good Luck

[BigSexyPhoenix]

That's all I was looking for. Thanks!

The post escalated quickly, I didn't realize I was stirring the pot for some people....but this is BBC!
Obviously I will consider the overall price and not over pay. Didn't think that was even a question and yes I could pay cash.

If you are in a comfortable place financially then using these 0 percent deals can be good. I do it myself to hold onto my cash. Most people aren’t disciplined enough was all I was saying.

[5 Alive]

If you are in a comfortable place financially then using these 0 percent deals can be good. I do it myself to hold onto my cash. Most people aren’t disciplined enough was all I was saying.

All good

[Casslaw]

Not being in finance, my thought would be them playing the odds that some people will make a late payment resulting in paying all of the interest due.

And sometimes the answer is so simple!