Interest rate

[leesmac78]

Good morning all

I was googling around yesterday and found the information regarding finance for Thermomix.  Sometimes it is 11% and after one year it is 19.9%.  Here in Germany, we pay 1.9%.  Quite some difference.  Vorwerk own a bank (AKF) over here and run their own financing for people who require it.  And personally, 1.9% is quite a negligible amount but 19.9% is exceptionally high.   Do you ever get interest free periods for purchase? 

I am not meaning to stir the pot (pardon the pun!) but I wonder why AKF cannot finance the product or open a division in Australia.  I only say this because it is extremely unfortunate that some markets pay SO much more than others.  I don't want to out people off but just to keep people informed.  Please correct me if I am wrong.  Be welcome to hear your thoughts.

Not meaning to spoil anyone's day....

Xxxxoooo

[Wonder]

Lee, they do have 12 month interest free offers a couple of times a year from memory and they have one on currently for purchasers of the T5. These are managed by a third part finance company hence the high interest rate at the end of the interest free period. There is also a set up fee and monthly admin fee so when you look over the full 12 months it's not actually interest free. The 19.99% is pretty standard for this type of personal finance in Australia and offered by many finance companies. The banking/finance industry is heavily regulated in Australia and i imagine it would be extremely difficult for TMX Australia to be able to use the banking licence of their German HO.  Generally if you do some research there is always at least one bank that is offering credit cards with an interest free period which can work out a much better deal. You do have to be careful and check the fine print though as quite often there are charges involved and you need to make sure you pay the full amount prior to the end of the interest free period.