How to Choose Winter Tyres on Finance

When it comes to maintaining your vehicle, replacing worn-out tyres is crucial for safety and performance. However, the cost of a full set of new tyres, or even a replacement can be daunting. Luckily, there are financial options available through Snap Finance that allow you to spread the cost over time. In this guide, we'll explore how you can spread the cost of your tyres, helping you drive safely without breaking the bank.

In this article

Types of Payment Plans

Factors to Consider When Choosing Tyres on Finance

How to Apply for Tyre Financing

Benefits of Buying Tyres on Finance

Potential Drawbacks of Tyre Financing

Finding the Right Tyre Retailer

Payment plans for tyres are designed to make it easier for you to purchase the tyres you need without having to pay the entire cost upfront. These plans allow you to pay for your tyres over a set period, weekly or monthly installments. This can be a great option if you're on a tight budget but need reliable tyres immediately.

• Buy Now, Pay Later (BNPL): This type of plan lets you take home your tyres immediately and pay for them interest-free if paid within a specified time frame.
• Pay Weekly Tyres: This option spreads the cost over several weeks, and is ideal for those who get paid weekly.
• Pay Monthly Tyres: This option spreads the cost over several months. With Snap, you could be offered an interest free and interest bearing options, in some cases interest bearing only – this is subject to your status.

When considering tyres on finance, it's important to evaluate several factors to ensure you're making a wise decision.

Interest Rates

Interest rates can impact the total cost of your tyres. Some payment terms offer 0% interest if paid within a certain period, while others will charge interest. Be sure to read the terms carefully and compare different plans to find the most cost-effective option for you.

Duration of the Payment Plan

Consider how long you want to be committed to the payment plan. Shorter plans might have higher monthly payments, while longer plans reduce the monthly cost but may incur more interest if applicable.

Your Budget

Assess your monthly budget to determine how much you can comfortably afford to pay each month. Remember that missing payments can affect your credit score.

Tyre Quality and Brand

While financing options can make it easier to afford tyres, don't compromise on quality. Opt for reputable brands known for durability and performance. Quality tyres can improve your vehicle's handling, fuel efficiency, and safety.

Applying for tyre finance is usually straightforward. Here's a step-by-step process to guide you:

• Research and Compare: Start by researching the different tyre brands and makes within the Snap network and learn what finance terms are available. Compare interest rates, terms, and conditions.
• Check Eligibility: With Snap you can check your eligibility without effecting your credit score - Check Eligibility Today.
• Choose Your Tyres: Once you've found a suitable payment plan, select the tyres that best fit your vehicle and driving needs.
• Approval and Purchase: If your application is approved, review the terms completing. If you apply for Snap Card you could be ready to purchase your tyres today.

Opting to buy tyres on finance offers some advantages:

• Improved Cash Flow: Spreading the cost over time helps maintain your cash flow and reserves for other expenses.
• Access to Better Quality Tyres: Financing allows you to afford higher quality tyres, which can enhance safety and performance.
• Immediate Use: You can drive away with new tyres immediately, without waiting to save the total amount needed.
• Building Credit: Successfully managing and paying off your tyre finance plan can positively impact your credit score.

While buying tyres on finance has benefits, there are also potential drawbacks to consider:

• Interest Charges: If the payment plan includes interest, you'll end up paying more than the original cost of the tyres.
• Commitment: You're committing to monthly payments for the duration of the plan, which can be a burden if your financial situation changes.
• Credit Impact: Missing payments can negatively affect your credit score, making future financing more difficult or expensive.

When it comes to buying tyres on finance, choosing the right retailer is crucial. Here are some tips to help you find a trustworthy tyre retailer:

1. Reputation: Look for retailers within our network positive reviews and a good reputation for customer service.
2. Variety of Options: A retailer offering a range of tyre brands along with financing using Snap Card can provide more flexibility.
3. After-Sales Support: A good retailer should offer after-sales support, such as warranty coverage or assistance with tyre maintenance.

If you're considering financing your next set of tyres with monthly repayments, we've made it quick and easy to check your eligibility. The process includes:

• A quick online application which takes minutes to complete
• A soft credit search that won't impact your credit score
• An instant decision in many cases
• A hard credit search only if you choose to take the loan

This gives you peace of mind while exploring which Snap finance option suits your need, these include: 
 
Snap at Checkout 
Your first option is to visit one of Snap’s approved retailer and purchase your tyres via their eCommerce website or tyre centre.  

Snap Card 
Your second option is to use our Snap Card which helps you take a loan and spend it across multiple retailers either in-store, or online. For ease, you can even setup your Snap Card within you Apple Pay or Google Pay wallet. You can then pay back the loan over a term that suits you. 

Key benefits of Snap Card: 

• Approval Rates: Even with poor credit, you may still qualify. 
• No Hard Credit Check: Snap Finance uses a “soft check,” so applying won’t hurt your credit score. (Please Note: *A hard check is performed at the point you take the loan.) 
• Fast Decisions: Get approved within minutes. 
• Flexible Payment Plans: Choose a repayment term that fits your budget. 
• Access to Partner Retailers: Use Snap Finance at 1,000s of stores nationwide. 
• No Deposit or upfront payment 

Please note, taking a Snap loan is a financial commitment. Make sure you can afford the repayments. Missing payments may lead to negatively affecting your credit score. 

 
How to apply for Snap Card: 

1. Check your eligibility by applying for a Snap Card – a soft check is performed and won’t affect your credit score. 
2. Complete the short online application, which only takes a few minutes. 
3. Receive an instant decision, with no impact on your credit score*. 
4. If approved, download the Snap App to access and manage your Snap Card. 
5. Start spending with your Snap Card in-store or online at 1,000s of stores, with 30 days to spend. 

Final Thoughts 

Choosing tyres with payment plans can be a smart financial move, allowing you to drive safely and efficiently without the immediate financial strain. By understanding the available options, considering your budget, and selecting a reputable retailer, you can find the perfect tyres for your vehicle while managing your finances effectively. Remember to read the terms and conditions carefully and always choose quality over cost to ensure the best performance and longevity for your tyres.

Representative Example: Cost of Goods £1200, Deposit £0, Amount of Credit £1200, Annual Fixed Interest Rate 26.47%, Monthly Payment £65.28, Term 24 months, Total Payable £1,566.72, Representative 29.9% APR.