Buy now pay later finance
Need just a little more time to get your finances together? Rather keep the money in your own bank a while longer? Then our Buy Now Pay Later (BNPL) option from Novuna could be for you. BNPL allows you to defer the outstanding balance for up to 3 months, from the installation date of your garden room. This is a good option if you are certain that you can pay off the outstanding balance within the set term.
How does BNPL work?
With the BNPL finance option you pay a deposit of 25%, then the outstanding balance is deferred for 3 months from the installation date of your garden room.
Are there any interest or fees?
The BNPL option carries an admin fee, otherwise known as an ‘exit’ fee, of £29. This is applied by Novuna and added to the outstanding balance.
As long as you pay off the outstanding balance in full within 3 months from your installation date there will be no interest to pay. However if you allow the term to lapse without paying off the balance then the interest that would have been accrued during the 3 month deferral period will be applied to the loan amount at rate of 11.9% APR. The remainder of the balance will then default to a loan with an interest rate calculated at 11.9% APR representative over a term of either 60 months or 120 months.
You can make overpayments whenever you like and clear the balance before the end of the deferment period without incurring any additional costs.
How long will my application take?
Typically applying for one of our finance options takes around 20 minutes. At the end of this application process you will be given a decision as to the outcome of your loan. If you are successful in your application you will receive a link via email from Novuna to e-sign the relevant documents.
Representative Example:
Cash price £20,000.00
25% Deposit £5,000.00
Outstanding Balance £15,000.00
BNPL option allows the balance to be deferred for 3 months from the installation date. An ‘exit fee’ of £29 is applied by Novuna.
Total outstanding balance £15,029.00
Representative Example if not paid off after 3 months on a 60 month term:
Cash price £20,000.00
25% Deposit £5,000.00
Outstanding Balance £15,000.00
Interest Rate % (Fixed P.A.) 11.9
Representative % APR 11.9
Duration (including 3 month deferral period) 63 Months
Monthly Repayment £334.54
Total Amount Payable £25,072.40
Settlement Fee £29.00
Representative Example if not paid off after 3 months on a 120 month term:
Cash price £20,000.00
25% Deposit £5,000.00
Outstanding Balance £15,000.00
Interest Rate % (Fixed P.A.) 11.9
Representative % APR 11.9
Duration (including 3 month deferral period) 123 Months
Monthly Repayment £213.07
Total Amount Payable £30,568.40
Settlement Fee £29.00
Available subject to status, written details available upon request.
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