Investing in a games console is a sure-fire way to open up a new world of interactive entertainment. However, it’s often the case that the price point of a new Xbox One, PS4 or Nintendo Switch is far out of reach, depending on your respective budget. That’s why retailers have become accustomed to offering console purchasers a suite of different finance options, all of which help to remove the financial barriers that would otherwise stand in the way of your enjoyment.
We at Gaming Deals have put together this little guide to help illustrate what’s available to you, discussing which retailer offers what. All of that useful information can be found below. However, if you already know which console you want to buy on finance, you may prefer to read our console specific finance guides:
There are several finance options available to you, from interest free credit over 12 months, pay nothing for 6 months or spreading the cost over a longer term. The most popular plan - and most cost effective - is AO's interest free credit over 12 months. You can choose to pay for your new games console over 6 months or a full year, and pay absolutely nothing in interest. With the average price of a new console costing £240 (approx), that's a relatively small monthly payment of £20 p/m over 12 months. You also don't have to fork out anything up front, which is a nice added bonus.
If you opt to spread the cost over a longer term, you'll need to pay interest on your new games console purchase, so try and avoid this if possible. AO currently charge 19.9% interest p/a but allow you to pay for your console over 12, 24, 36 or 48 months. Always remember, the longer you choose to pay, the more interest you pay.
AO is one of the cheapest retailers for games consoles anyway, so this is another reason why you should consider buying your games console on interest free finance from this incredibly popular online retailer. Still not satisfied? AO even can send your newly bought Nintendo Switch, PS4 or Xbox One to you the very next day at no extra charge.
You can get up to 12 months interest free credit for all new games consoles from Argos, but there's a slight catch in that you'll also need to sign-up for a Argos Credit Card at the same time. If you already have a Argos Card, you could be purchasing your new games console in no time at all. Haven't got the card, it could take a few minutes to go through the credit check process etc.
If you opt for paying for a new games console from Argos using Argos Credit, be aware that failure to pay off your games console within 12 months of purchase will result in you paying interest - currently set at 29.9% APR variable.
Some of the best value console bundles are available to buy from GAME - the UKs most popular gaming retailer. Recently they've launched flexible payment plans through a service called PayPal credit. This allows you to split the cost of the console over a four month period, and pay no interest whatsoever. It's fairly quick and easy to sign-up for, but as with all credit plans, it will be subject to credit checks.
However, if you fail to pay off the games console in full during the first four months of purchase, you will be charged interest - currently 19.9% APR.
Currys PC World makes it easy to pick up a Nintendo Switch, PS4 or Xbox One on finance thanks to its incredibly flexible credit plans. It’s available on any product priced at £99.99 or more at 24.9% APR representative, offering customers the ability to choose between 6, 9 or 12-month plans. Finance with Currys PC World requires no additional deposit and can be paid off early with no extra cost, conveniently applicable to both online and in-store purchases.
Flexible credit dependent on you opening up an account with Currys PC World, which can then be used again on any future purchases. And if you’re unsure about how much you’ll end up paying on flexible credit in the long run, click through at one of the deals below and check out Currys PC World’s online cost calculator which lets you adjust terms.
If you're considering a second-hand refurbished games console, then MusicMagpie is a popular choice. Its another retailer utilising PayPal Credit to offer consumer finance, but unlike GAME, you don't get any interest free options for your purchase. All plans come with 19.9% APR.
If your purchase is under £99, you will be given 6 or 12 months to pay off your games console, or if the console you're buying is over £199 (perhaps a PS4 Pro), then you can extend the payment term to 18 or 24 months. Always remember, the longer the term, the more money you have to pay out.
If your only option is to pay for a new games console on a week by week basis, BrightHouse will be able to help you.There are three payment terms available; 78 weeks, 104 weeks and 120 weeks. But it's expensive - very expensive!
For example, at the time of writing this guide, you can buy a PS4 Pro console with FIFA 19 for £6.60 per week, over a 120 week term. All weekly finance plans on gaming consoles available from BrightHouse come with 99.90% APR. That means you pay £792 in total over the 120 week term - almost double the price of the bundle if bought outright.
Got a burning question about financing a video game console? Odds are we’ve answered it below. Choosing to spread the cost of your purchase is a big step, and is best when it’s made as an informed decision. Here we hope to further iron out any confusion you may come across.
This entirely depends on the finance plan you pick. It’s best to think of it like this: the only plan in which you won’t end up paying more money for your console is with 0% finance. All others – pay weekly, pay monthly, buy now pay later – will charge you interest the longer you leave the price unpaid. Opt for 0% interest where you can and ensure you pay instalments on time.
Yes, but only with retailers that A) sell refurbished or pre-owned consoles in the first place and B) offer their own respective finance plan. One thing to keep an eye out for is that many video game finance options have a minimum spend that determines the length of time in which you’ll need to pay it off, and refurbished consoles tend to be cheaper. Bear this in mind.
Yes. Choosing to finance your video game console will affect your credit rating, either for better or worse. By making payments on time or ahead of schedule is a great way to build up a good credit score, useful for when you want to take out, say, a mortgage on a house. Do the opposite, however, and it will harm your credit rating negatively. Long story short, stick to the parameters your finance plan lays out and you’ll be fine.
Before undertaking any kind of finance, the retailer offering it to you will need to check your credit score, using this to determine your eligibility for the finance plan. Those with a bad credit rating are more unlikely not to be accepted, and if they are it will be at a plan that may not be best for them.
NB: The information in this guide does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances. The content in our guide focusses on finance options and interest rates, not the level of service offered.
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