08 October, 2018

Our 4 tips to help you spread the cost of your new tyres

Tyres can be incredibly expensive, especially if they all need replacing at the same time. So when you’re greeted with a bill for a few hundred pounds, what’s the best way of paying for them? Here we will have a look at some methods you can use to pay for them cost effectively.


Interest free payment plans / finance

So the first is probably the most obvious. Garages increasingly understand how expensive new tyres can be and how little cash people really have at any one time. With this increased understanding and the increased use of technology, it’s become easier for local independent fitters as well as the national chains to offer car owners finance and all you need to do to take them up on this offer is ask.


Now be careful, interest free, payment plans and finance are not all the same. Ideally you want an interest free product, meaning that all you pay for are your tyres. Other options will be available, but these invariably include some fee for the finance, so if you can, stay away from them, because lets face it, who want’s to pay more for their tyres?


Payment Assist

Payment Assist are a company that specialise in helping local garages offer interest free credit solutions. Unlike other interest free options, with a Payment Assist plan, you pay 25% of your bill up front and then spread the remaining bill over the following three months. This means that you don’t pay any interest or any charges, so the price on your invoice is the price you pay. The only downside to this is that you as a customer cannot sign up for it, you have to go to a garage that is already registered with Payment Assist.


PayPal Credit

In recent years PayPal have started to offer PayPal Credit, a sort of credit card with some occasional great offers. Historically very few online retailers accepted PayPal payments so you were limited to where you could use your account. Increasingly however, more payment gateways are accepting payments from PayPal, which is really good news for you as the car owner.


If the place where you’re purchasing your tyres from accepts PayPal payments, you could make use of PayPal Credit. It’s a little bit like a credit card, but it doesn’t charge you interest (provided you make the payments within the agreed dates) and there are no fee’s. You just sign up to PayPal on their website and then sign up for PayPal credit. In just a few minutes you could have the money for your tyres and the ability to spread the cost.


Credit Cards

Now credit cards can be a really touchy subject for some and we always agree with Martin Lewis (MoneySavingExpert.com) when he says to pay your credit card bill off in full. But some credit card providers offer money transfers at very attractive rates.


Now unfortunately, these money transfers aren’t free, but their fee’s range from 1% up to around 5% of the total money transfer requested, which can sometimes be considerably cheaper than the finance offered by garages. As an example, if you purchase £100 worth of tyres and pay for them using a money transfer, you will be charged somewhere between £1 and £5 interest, so you will repay between £101 and £105 for your tyres.


Although not ideal, it certainly beats paying 17%, 18%, 19% APR on tyres. In order to get a money transfer, you sign up with a credit card provider, check out their money transfer options and then request a money transfer.


Some credit card companies offer up to 12 months to repay the cost of the money transfer, which takes your £105 bill, down to £8.75 per month for 12 months.


Is there more?

I’m always keen to hear from people who have beat the system and saved themselves money on their tyres. If you’ve found a way, a legitimate way that is, then why not tell me how at enquiry@comparenewtyres.com and if I’m able to, I’ll add it here.