Selected Mitsubishi Electric, Carrier and Daikin Ducted Air Conditioners over $7999 are now available with 60 Months Interest Free Payment option from Lombard Finance to approved applicants.
You must pay a minimum monthly payment (MMP) of 3% of the outstanding balance or $30 (whichever is greater) each month on the closing balance.
If we use $10K as an example and look at the monthly payment if you divide $10K by 60 you get $166 but the 3% payment is $300. Essentially the customer has to pay the minimum payment for the first 28 months, until the remaining amount divided by the remaining months is higher than the minimum monthly repayment.
You will have 60 months Interest Free to pay it off, Lombard have an MMP (min monthly payment) of 3% so you must make a that payment of the outstanding balance each month, because the MMP is larger than the amount divided by 60 – you will not be able to pay if off in equal monthly repayments but instead can set up you direct debit to pay the MMP each month then after 28 months you can divide the remaining balance by 32 and pay it off in equal payments. This will not take into account any other purchases you make with Lombard retailers or on the Lombard card.
This is a unique offer so please contact the store for more information or call Lombard to discuss