What Are Cookers On Finance?

Cookers vary quite drastically in size, style and price, along with what features they have and what materials they're made from. If you live in a small household with one other person, you probably don't require a mammoth oven. But, if you have more than a few mouths to feed, you could really do with the extra space!

However, the cost of a big oven is usually pretty high, especially when you need specific features like a stovetop or induction hobs above the cooker and colours that suit your kitchens décor. You're unlikely to have the money for a new cooker to pay in one hit, not many people do, so what other options do you have?

Well, due to the popularity of financing appliances, as well as the rise in independent credit companies, retailers have been making appliances like cookers and fridges available on finance for several years.

They manage this by teaming up with those independent credit companies who will provide the finance to the customer, and taking the financial burden associated with it, to allow the retailer to focus on the sale of products.

Many years ago, financing products was quite a rarely used option, mostly due to the hassle involved with the application process back then, which was quite time-consuming in the no internet age.

However, due to the rise in technology and the abundance of independent credit companies, the application process has become instant, allowing people to secure credit for essential purchases in no time at all.

How Do Cookers On Finance Work?

Let's explore the process of securing a cooker on finance from start to finish. It's important to note that retail stores, both online and in-store, don't offer the finance themselves.

Instead, they avoid having to undertake the financial burden and risk themselves by partnering with companies that solely deal by lending money. This money is then used by customers for the products they wish to buy which can be spent after agreeing to a credit agreement with them along with a remit payment from them directly.

So, for example, if you wanted to buy a cooker from Appliances Direct, you would purchase items from them using funds from their partner, PayPal. Then you would pay PayPal back each month for the items until the credit agreement has been completed and paid off in full.

To buy a cooker on finance online you will first pick the cooker you would first browse the website to find which cooker you wanted to buy. If you look on most websites, there will be a full price of the item, for if you wanted to purchase it up front, or a guide showing what you'd be likely to pay per month for the cooker if you were planning to buy it with finance.

Of course, you'll need to check that the company offers finance as an option, but it'll be harder to find retailers that don't provide finance in some form.

After you've picked what cooker you want to buy, add it into your basket and proceed as you usually would if you were purchasing something upfront.

However, when you reach the payment method section, select the financing option which will take you through to a credit application. At this stage, you will be asked some details about your income, employment and address history, along with some personal details.

The credit company will use this information and the information on your credit file to make a decision on whether to offer you finance on the products you want. If they do offer you the credit, they will show you a credit agreement with a payment schedule on for you to accept or decline if you no longer wish to take out the credit.

Accepting the agreement will complete the sale, you will receive the products and pay the credit company each month for your cooker. Attaining credit in-store for a cooker is even easier.

Just notify a store assistant and tell them that you want to purchase a certain cooker on finance, and they will take you through the credit application give you an instant decision, just as you would have online.

We mentioned that credit companies will use your credit report and score to decide on whether to offer you the credit for your cooker, and the importance of this must be understood.

If you have a bad credit score and report that illustrates poor financial management, you're unlikely to be accepted for credit. While not impossible, it won't be easy to find somewhere that will accept you for finance.

The best thing to do at this stage is to focus on cleaning up your credit file to avoid these problems in the future by paying up any outstanding debts and payment arrears. We'll explore how to build up your credit score a little later in the article.

In terms of interest on the finance, it's important to keep an eye on the Annual Percentage Rate or APR that the credit company is charging you, as this is the additional amount you'll pay on the product. A lot of places will offer 0% APR on things like cookers and fridges, so if you shop around you may be able to get a great cooker on finance without having to pay anything additional.

Benefits of Cookers on Finance

There are many benefits to be enjoyed through securing a cooker on finance instead of paying outright. We explore the main points here:

Quick Replacement

There's nothing more problematic than having a big appliance like a cooker fail in an instant, leaving you without a cooking resource. This problem is exacerbated if you don't have the hundreds of pounds required to purchase a new one quickly. That's when financing cookers really becomes a lifesaver.

In no time at all, you can get accepted for a new cooker on finance and arrange next day delivery or same-day pick-up. Not only that, credit companies usually allow you to pay off your credit agreements early, so if you find yourself able to pay off a large chunk to get out of the agreement early, that should always be an option.

Manageable Costs

This is a fairly obvious benefit, but it's much easier to pay £15 per month than it is to pay £600 all of a sudden, especially if it wasn't an expense you were expecting. According to The Modern Wealth Index, the majority of the country has less than £1,000 in savings, so depleting what savings you do have on a cooker is less than ideal.

Plus, finance is so popular these days, that there are some really great deals to be had including 0% APR, free gifts and additional features. Finance can be a wonderfully helpful resource if it's used in the right way.

Credit Score

It may sound counter-intuitive at first to attempt to increase your credit score by taking out more credit, but it's the only way to demonstrate that you're able to manage your finances well. If you never take any credit out, you have no proof that you can stick to a payment schedule and manage your payments well.

So, by taking out credit agreements and sticking to them, you demonstrate that you're less of a financial risk to companies which can really help to secure bigger finance agreements like car loans and mortgages, as well as securing lower interest rates on purchases.

Disadvantages of Cookers on Finance

We've discussed the benefits of purchasing a cooker on finance, but are there any negatives to pursuing credit options? Let's find out.

Missed Payments

Just as keeping to a payment schedule can help your credit score, missing payments can be detrimental to it. Missed payments have a negative impact on your credit score. They can lead to much more severe problems, including bailiff visits and court proceedings started against you to recover the money borrowed.

Paying Over the Odds

If you continually purchase items with heft APR's added to them, you'll find that you're paying far more for things than they are worth at recommended retail price. This isn't a great way to manage your money, as your money could be going much further outside of credit agreements.

Debt Build

A benefit of modern finance is how easy and hassle-free it is to attain, but this can also cause some problems if you become reckless with purchasing too many things on finance. £10 and £15 a month bills don't sound tough to maintain, but if you take too many agreements out, you could wind up paying out hundreds in credit agreements each month along with your household bills.

This is a really easy way to get yourself into financial trouble so you should only need finance when necessary.

Who Offers Cookers on Finance?

Cookers and other essential home appliances are really popular purchases with credit companies due to their high-cost and their tendency to break without warning.

Due to this, retailers and stores have made an effort as an industry to ensure that they provide finance options to their customers in one way or another to avoid being outmatched when compared to their competitors.

You should be able to find a credit option with any retailer. If you can't find a finance offer with a particular retailer that you want to buy from, you can go directly to the credit companies to work out a deal with them directly.

Can I Purchase a Cooker on Finance with Bad Credit?

Having a bad credit report and score can cause a lot of annoying issues when it comes to securing finance for appliances like cookers, especially when you're in a hurry to get a new cooker for whatever reason.

The biggest problem is that your poor credit score directly presents a high financial risk to the credit company. Now, there are some credit companies that have spotted this issue, and in turn, emerged as bad credit specialists. With these bad credit specialists, you'll most probably have to go through a more detailed application.

Still, they will often not consider your credit score, only your income and expenditure to discover whether you can afford the repayments.

You'll also probably pay a higher rate of APR to offset the additional credit risk you pose. If you speak to a few bad credit specialists, and you can search for them easily online, you should be able to secure credit even with a poor score.

Considerations Before Purchasing a Cooker on Finance

The main thing to consider before you commit to buying a cooker on finance is whether you need it and whether you can pay for it without issue. If you don't necessarily need a new cooker, it's probably a better idea to not pursue credit for it, that way you'll have more credit options in the case of an emergency.

Next, consider if you can keep up with the payments. If you're purchasing a top of the range cooker that's going to cost £150 per month, is that the best use of your money? Can you keep that up every month for two years? Or is it better to get a more modest cooker and not have to worry about the monthly payments?

Credit is a handy option to have in your locker for when you need it, but not using it sensibly can get you in a lot of financial trouble.

Finance has become an extremely popular tool in recent years, mainly due to a reduction in available money and better technology to help us all manage our money. But it should still be used wisely and only when needed.

Too many people get themselves into financial dismay because they took out too much credit that they could pay back for things that are far from essential. Credit isn't an easy way of getting everything you want, more an option to attain something you need.


Q: Which brands offer the best cooker on finance deals?

A: Many stores, both in-store and online, offer a great range of different styles and brands of cookers. It's less important to focus on the particular brand, but of which cooker best suits the needs of you and your household.

Q: Will purchasing a cooker on finance affect my credit score?

A: It can affect your credit score in many ways. Firstly, your credit report will note that you have an open credit agreement for a particular sum.

From there, it can either impact it positively or negatively. If you keep up with payments and pay off the agreement in full without causing any issues, your credit score will increase, but if you miss payments, it will decrease your score.

Q: How do I check my credit score?

A: There are a few different credit reference agencies that companies use to you check out your credit, and you can sign up with them to view the very same report and score, as well as monitor any changes and dispute things that are incorrect. The two largest credit reference agencies are Equifax and Experian.

Q: Who can help me with my bad credit?

A: There are several debt advice services, both government-backed and private, that can help you with your debt and credit issues. StepChange is the leaders in this and has a fantastic website with different pieces of information and tools to use.

Q: Can I pay weekly for my cooker?

A: Most credit agreements and payment schedules will be laid out as monthly payments, but there are some credit companies that will allow you to pay monthly if that is easier to manage.


  1. https://www.moneysupermarket.com/loans/calculator/
  2. https://www.appliancesdirect.co.uk/content/finance
  3. https://www.klaviyo.com/blog/why-millennials-use-customer-financing-for-small-purchases