What Are Fridge Freezers On Finance?

Fridge freezers range greatly in size, price and the number of features they have. If you live in a household with few people or tend to eat out more than you at home, you’ll be able to utilise a smaller and cheaper fridge freezer. However, most families need quite the opposite.

If you’re a family of 4 or more, your fridge freezer is likely to be one of the most essential appliances in your home, meaning you’ll need a trustworthy and adequately sized product. The problem is that these fridge freezers aren’t cheap, sometimes in excess of £300-£400, which is a sizeable chunk of money that the majority of the country wouldn’t have to hand in an instant.

Considering these products are so costly, retailers and stores have made the purchase of them a lot easier and more accessible to all households by introducing more financing options when making an expensive purchase.

To do this, they integrate with credit companies that provide the finance side of the sale, so they can continue to focus on selling products with shouldering any of the financial burden or risk.

A decade ago, financing was quite a time-consuming process, and due to the hassle, it was scarcely used. However, with the recent rise in credit companies and online shopping, the process has been sped up, meaning customers can be granted credit in an instant following a short application.

How Do Fridge Freezers On Finance Work?

Let’s take a look at the process from start to finish. First, it’s important to note that the majority of retailers and stores don’t actually offer the finance or credit themselves. Instead, they partner with credit companies whose sole business model is to lend money to people money to pay for goods and then ensure the customer adheres to the credit agreement and payment schedule.

So, for example, if you buy a fridge freezer on finance from Curry’s, you will purchase the item from Curry’s using credit funds from a company called Creation Consumer Finance, who you will pay back directly, as Curry’s will receive the money in full from Creation Consumer Finance.

Next, let’s look at the order process for making a purchase online. First, peruse the retailer’s website and look for information about the possibility of financing items, this will usually be on an FAQ page.

Once you’ve confirmed that finance is a service they offer, start looking for your new fridge freezer! A lot of websites will actually advertise the full price of the fridge freezer while showing you the likely monthly payments based on a particular term and rate of interest which can help you gauge what product you’ll be likely to afford per month.

Once you’ve picked your fridge freezer, add it to your basket as you usually would if you were paying upfront and as you proceed through the purchase process, the finance option will be under payment methods.

From here, you will be required to fill out a few details about yourself, your address history, your employment and your income. The credit company will use this information along with information from your credit score and report, which we will discuss a little later, to decide whether you’re eligible for credit.

If this credit is approved, you will be shown some terms and conditions along with a payment schedule and credit agreement that you can accept or decline if you no longer wish to purchase the product. If you accept the terms the sale will complete, the credit company will pay the retailer for the fridge freezer, and you will now owe your monthly payments to the credit company.

For attaining credit for an item in-store, the process is very similar. You will select an item, notify a shop assistant and they will take you through the same application process that you would have done online.

Now, we mentioned the impact of your credit score and report, and this can’t be understated. If you have a poor credit score and a credit file littered with missed and defaulted payments, you will struggle to attain more credit until you have cleaned up your credit file.

This credit file represents the amount of financial risk you represent to the credit company. While not impossible to still attain credit with a poor score, it will be challenging. We’ll delve a little deeper in bad credit finance later on in the article.

With finance, you’ll pay for the cost of the item, plus whatever the interest is on the product. Interest is a payment to the credit company for offering you the credit to buy the product. This is shown as a percentage ranging from 0% upwards shown as an Annual Percentage Rate (APR).

A lot of places will offer 0% APR in order to attract more people to make high-cost purchases and considering finance is so popular these days, 0% APR is relatively common.

Benefits of Fridge Freezers on Finance

There is an abundance of benefits of utilising a finance option when purchasing a new fridge freezer, and we break down the main ones here.

Quick Replacement

We’ve all been there before; the fridge freezer has broken at the worst possible time when money may be a little tight, and you need a quick solution. In this case, finance is a great way to get your hands on a replacement in no time.

A lot of online stores offer next day or even same-day delivery, and of course, you can visit a store in person and complete a credit application in-store to walk away with the fridge freezer.

Plus, a lot of credit companies allow you pay off the credit agreement early, so if money is a little tight when you need the fridge freezer, but you have the money to pay for it in a month or two, you can pay it off and only pay interest on the time you’ve had the agreement.

Manageable Costs

High-cost purchases make a real dent in your bank account, especially for something like a fridge freezer. The majority of the country has less than £1,000 in savings, according to The Modern Wealth Index 2017, so spending a big chunk in one offering isn’t an option for most of us.

Instead, make a more manageable payment each month to avoid landing yourself in any financial difficulty that could easily have been avoided. Finance is so popular these days because it’s a genuinely useful resource if you use it sensibly and correctly; otherwise, the fad would have disappeared as quickly as it arrived.

Build Credit Score

We mentioned earlier that if your credit score and file isn’t great, you should take steps to improve it to access better and more credit deals and options. But how can you do that? Well, firstly you need to pay off any outstanding or defaulted debt, but if you’ve already done that, it’s time to focus on your credit score.

You increase your credit score by demonstrating to companies and anyone that uses your credit file to make a financial decision on you, that you’re good at managing your debt and finances. You can only do this by taking out credit and sticking to the terms of the agreement to the letter.

By doing this, you will prove yourself to be less of financial risk, and in turn, your credit score will increase.

Disadvantages of Fridge Freezers on Finance

Just as there are significant benefits to buying a fridge freezer on finance, there are also some drawbacks to it. Here are some things to watch out for:

Missed Payments

You should be entirely sure you can afford the monthly payments on whatever item you purchase as missed payments can cause you a world of trouble. Firstly, your credit file and score will be damaged as a result of missed payments, and if you don’t bring the agreement up to date, legal action could follow.

Increased Total Payment

If you select a financing option that incorporates an APR into the credit agreement, then you will end up paying more than the recommended retail price for the items your purchase. This isn’t much of an issue for low APR’s, but if you find yourself paying well over the odds for everything you purchase, that’s a poor use of your money.

Build-up of Debt

It can be tempting to use financing for other luxury items that aren’t necessarily essential. Although this isn’t a big issue every now and again if you’re not careful, you could end up taking out too many credit agreements and struggle to meet the demands of them.

Also, if you have a lot of outstanding credit in many places, you may struggle to attain more credit for items that are essential in emergencies.

Who Offers Fridge Freezers on Finance?

Fridge freezers are high-cost appliances, especially those with extra features like ice machines, water filters and the newer ‘Smart Fridges’.

Retailers and manufacturers know that not everyone has the financial ability to pay for these appliances outright and therefore the only way to protect their sales and repeat purchases is to offer the consumer a more accessible option in the form of financing and credit. Due to the popularity of this option, stores and retailers need to offer finance to avoid being left in the dust by competitors.

Can I Purchase a Fridge Freezer on Finance with Bad Credit?

Bad credit causes people many problems from mortgages and car loans, all the way down to securing credit on appliances. Some credit companies have spotted the issue with bad credit in which once someone’s score is damaged; it’s tough to repair it without being able to attain credit elsewhere.

With this in mind, some companies specialise in bad credit finance. Now, the applications are more in-depth, and you’ll most probably need to pay a higher rate of interest on purchases, but sticking to the agreements will have a positive impact on your credit file.

A good credit score is integral in attaining credit for a fridge freezer and for any other item, so it’s a good idea to take care of your credit score by not missing payments and by not breaking agreements.

Considerations Before Purchasing a Fridge Freezer on Finance

Before you purchase a fridge freezer or anything for that matter, you should be sure that it is an essential purchase. Many people purchase things on finance in the heat of the moment only to later regret it after needing to pay for every month for years. You should also ensure that you’re not buying an item that you can’t afford, as missing payments can have a detrimental effect on your credit file.

You should also make sure you’re getting the right product for you if you perceive your family is having new members in the next year or so, buy a fridge freezer suited to that scenario to avoid having another problem down the line.

Financing items are genuinely useful and necessary when used in the right situation. If your current fridge freezer is working just fine and you just fancy a change, that probably isn’t the best use of your credit. Whereas if your fridge freezer is unreliable or has broken beyond repair, then you always have the finance option to fall back on.

The important thing is to still buy within your means to avoid any future problems and to not abuse the credit option; the repercussions could be life-changing!


Q: Which is the best brand for fridge freezers on finance?

A: Many retailers and stores will offer a wide range of fridge freezers on finance, and it’s best to look at the best fridge freezer for your needs than it is to focus on a brand name. Sometimes you’ll pay a premium just to have a popular brand when the quality is the same in a cheaper brands model.

Q: How often do I need to make payments for my finance fridge freezer?

A: You’ll be required by your credit agreement company to pay for your appliances on the agreed schedule. Most of the time, this will be monthly, but there are some companies that will offer finance that can be paid weekly.

Q: What is a CCJ?

A: A County Court Judgement or CCJ is a court order to pay monies owed to a debtor. This is usually the last resort for a credit company trying to contact a customer that has stopped paying their monthly payments during the agreement. A CCJ is a bad mark to have on your credit file and will stay on your file for six years regardless of whether it is paid or not.

Q: If I have a dispute with my credit company what can I do?

A: If you feel like your finance company has broken the terms or altered the terms of your agreement illegally, you can contact the Financial Ombudsman Service for free to open a case and have a neutral adjudicator make a decision on the matter. Each UK finance company is regulated by the Financial Ombudsman Service, so they will have an authority on the matter.

Q: What happens if my fridge freezer breaks during my credit agreement?

A: Fridge freezers are built to last years, and due to that, they often have extended warranties that will likely stretch past the terms of your credit agreement. Check this with the retailer when you purchase the product as there may be an extended warranty option that can be added to the purchase.


  1. https://www.klaviyo.com/blog/why-millennials-use-customer-financing-for-small-purchases
  2. https://www.currys.co.uk/gbuk/help-and-services/ways-to-pay/flexible-credit-4-commercial.html?tab=5#provider
  3. https://www.moneysupermarket.com/loans/calculator/