Pay By Finance

How to Apply

Novuna PaybyFinance is available for purchases made in-store only. The process is quick and easy and takes approximately 5 minutes to complete. To apply, just ask one of our experienced in-store staff and they will happily guide you through the process or, for more information, call the team on 01274 575000.

Buy now pay later with payments deferred for up to 12 months

Buy now pay later allows you to spread the cost of your purchase over 48 months with an agreed deferral period.

Your monthly payments will begin once your deferral period ends. Interest is not charged on any payments made during the deferral period, although is calculated from the start of the agreement, meaning interest will accrue during the deferral period on any amount that has not been paid.

Settle your agreement within the agreed deferral period and all you pay is an early settlement fee of only £29.00.

All you need to do is:

Spend a minimum of £225, which can include your extended warranty. We offer 3 simple finance options to help you spread the cost of your purchases.

48 months Buy Now Pay Later finance, with the first payment deferred for 6 months on orders of £225 and above.

48 months Buy Now Pay Later finance, with the first payment deferred for 9 months on orders of £225 and above.

48 months Buy Now Pay Later finance, with the first payment deferred for 12 months on orders of £225 and above.

Representative example

Cash price £1000
Deposit (10%) £100
Loan amount £900
Interest rate: 24.9% p.a fixed
Representative: 24.9% APR
Total term: 60 months 12 month payment holiday followed by 48 monthly payments of £35.03
Total amount payable: £1,781.44
Early settlement fee £29

Important: Interest is calculated from the start of the agreement, which means interest will accrue during the holiday period

Once the agreement has been signed, your monthly repayments will begin once your deferral period ends. Interest is calculated from the start of the agreement, this means that interest will accrue during the deferred period, interest is not charged on any payments made whilst in the deferral period.

If the balance is paid in full within the deferral period the all interest will be waived, to benefit from the low cost early repayment option, an early settlement fee of up to £29 will apply.

Up to 48 months interest bearing finance – 19.9% APR representative.

Spread the cost with interest bearing finance available online and in-store. This simple finance option allows you to spread the cost of your purchase over 24, 36 or 48 months.

All you need to do is:

Spend a minimum of £225, which can include your extended warranty. We offer 3 simple finance options to help you spread the cost of your purchases. 24, 36 and 48 months interest bearing finance on orders of £225 and above.

Representative example

Cash price £900
Deposit (10%) £90
Loan amount £810
19.9% APR representative
Interest rate 19.9% fixed
48 monthly repayments of £23.92
Total charge for credit £338.16
Total amount payable £1,238.16

Finance FAQs

How do I choose to pay by finance?

Just let our sales consultant know when you phone, visit the store or simply apply online by adding your chosen product to the basket.

Who is eligible to apply for online finance?

To apply for finance, you must be over the age of 18, work at least 16 hours a week, or be retired with an income. You must also be a resident of the United Kingdom and have lived in the UK for the last 12 months or more. Unfortunately, we are unable to offer finance to residents of Eire. Homemakers aren't excluded from applying under their own names; however we will require the employment details of your spouse in order to process your application.

When do my repayments start?

For buy now pay later, your monthly repayments will start after your deferral period ends.

Interest bearing finance, repayments will begin one month after you sign.

Can I request delivery to an address other than my home?

In order to safeguard against fraudulent applications, we regret that we're only able to deliver goods to the home address of the applicant, and inside the property.

Are there any arrangement fees or hidden extras for credit?

No. There are no arrangement fees or hidden extras.

Credit subject to status and affordability. Terms & Conditions apply. Sonic Megastore LTD are a credit broker and are authorised and regulated by the financial conduct authority.

Credit is provided by Novuna Personal Finance, a division of Mitsubishi HC Capital UK PLC Authorised and Regulated by the Financial Conduct Authority.

Your questions answered

Here are some of the most commonly asked questions regarding online finance:

Once my application is approved, what happens next?

When your application is approved, you will be presented with the option to sign your credit agreement digitally. You should read the credit agreement carefully before clicking all the relevant sections agreeing to its terms. Once you have agreed to the terms of the credit agreement we will be notified and you need do nothing more.

Will you credit score me and if so, what does this mean?

Credit scoring is the process used by financial services companies to evaluate the credit risk of new applicants. This technique will be applied to your application for online finance. Credit scoring works by awarding points for each answer given on the application form such as age, income and occupation, together with information obtained from credit reference agencies. This information allows us to produce consistent decisions, ensuring all our applicants are treated fairly. Credit scoring does not discriminate on the grounds of sex, race, religion or disability.

Reason for declining your application?

In addition to credit scoring, we also take into account confirmation of your identity, validation of certain application details, existing commitments and information held at the credit reference agencies. Though we are unable to provide you with a main reason for declining your application, it is usually based on one, or a combination of the following:

Your credit score (note that every finance company will score you differently).

Adverse credit reference agency information.

You are considered to be overcommitted.

You are aged under 18.

Your existing account performance with other lenders.

What type of information do credit reference agencies hold about me?

Some of the information is public information, for example electoral roll, County Court Judgments and bankruptcies. Other lenders may also file information about accounts you hold with them for instance this could include your payment history and outstanding balance on these accounts. Any requests for credit, where a credit reference search has been undertaken, will also be filed, although the result of the request is not recorded.

How do I obtain a copy of this information?

You should send a cheque for £2.00 made payable to the relevant credit reference agency, together with details of all addresses at which you have lived over the last 6 years:

• Experian Limited, Customer Support Centre, PO Box 9000, Nottingham, NG80 7WF

• Equifax Ltd., Customer Service Centre, PO Box 10036, Leicester, LE3 4FS

• TransUnion International UK Limited, Consumer Services, PO Box 491, Leeds, LS3 1WZ

The above listed agencies will provide details of information relating to these addresses. If you believe that the information is incorrect, you can ask the agency to correct it.

If my application is not successful, can I re-apply?

Yes. We acknowledge that your circumstances change and just because we have refused a previous application, it does not mean that we'll automatically turn down a further request. We do suggest however, that you leave at least 6 months between applications.

In Case Of Complaint, Who Do I Contact?

On the rare occasion that we do receive a complaint, we take it very seriously. If you are unhappy with the any aspect of the goods you purchased with us you may contact us in any way you prefer. Our contact details are as follow:

Phone : 01275 575000

Email: customerservices@sonicdirect.co.uk

Address: Sonic Direct, Ingleby Road, Bradford, West Yorkshire BD8 9AN

If your complaint relates to your finance agreement

If your complaint relates to the finance linked to your purchase you can still let us know about this, but we will forward it on to your credit provider Novuna. Novuna will acknowledge your complaint and investigate it thoroughly and issue their response within eight weeks.

What to do if you can't reach an agreement

If you are not satisfied with Novuna's response to your complaint relating to the finance agreement, you may be able to refer the matter to the Financial Ombudsman Service. You must contact them within six months of the date of Novuna's final response letter to you.

They can be contacted in the following ways:

Write: Financial Ombudsman Service, Exchange Tower, London, E14 9SR

Telephone: 0300 123 9 123

Email: complaint.info@financial-ombudsman.org.uk

Further details can be found on the Financial Ombudsman Service

Website: www.financial-ombudsman.org.uk

Important:

late payment or non-payment of your loan, per the arrangements set out in your agreement, may incur additional costs and penalties from the lender. This could negatively impact your credit rating and your ability to secure credit in the future. Only apply for finance after careful consideration of affordability and fully read the terms of the agreement before committing. Should you fall in to financial difficulties you should immediately speak to the lender.