Table of Contents
Farmers Finance is a credit service that allows shoppers in New Zealand to spread the cost of purchases made at Farmers stores. It is designed for customers who want to buy items such as furniture, appliances, electronics, or clothing but prefer to pay over time.
Finance Options Intro
Farmers Finance offers several credit plans that vary based on the purchase amount and the product category. One common option is an interest-free period, often lasting between 6 and 12 months, available on selected items. For example, a customer purchasing a $2,000 appliance might be eligible for 12 months of interest-free credit, meaning no interest is charged if the balance is paid off within that period. After this interest-free term ends, or if payments are missed, standard interest rates apply. These rates can range around 19.9% per annum, but customers should check the current rate as it may vary.
Beyond interest-free plans, they also offer regular credit terms where interest is charged from the purchase date. Repayment terms, minimum monthly payments, and fees depend on the credit contract signed.
Membership & Rewards
It is important to separate Farmers Finance from the Farmers store membership and rewards programs. While Farmers stores have their own loyalty schemes, such as Farmers Club Card, these do not directly impact the credit terms or benefits of Farmers Finance.
The Farmers Finance account itself does not offer rewards, cashback, or bonus points. Customers should be aware that finance is a payment tool, not a loyalty program. To maximise benefits, customers can use their store membership independently of the finance account for rewards while managing repayments through Farmers Finance separately.
Payment Plans
Farmers Finance allows customers to select from a variety of payment schedules based on their cash flow preferences. Options typically include weekly, fortnightly, or monthly payments. For example, a customer who chooses fortnightly payments may find this easier to align with their wage schedule. Customers must adhere to a minimum repayment amount each month to avoid penalties or interest charges.
Farmers Finance also allows customers to make extra repayments or pay off the balance early without penalty. This flexibility can help reduce interest costs if the finance plan is not interest-free or if the customer wishes to clear their debt ahead of schedule.
In-Store Application
Applying typically takes place directly in Farmers stores. The process requires customers to present valid identification, proof of income such as recent payslips, and proof of residency like a utility bill. These documents help the credit provider verify identity and assess repayment ability.
During application, staff assist customers by filling out forms and explaining credit terms. The credit provider conducts a credit check to assess the applicant’s creditworthiness, which can result in either instant approval or a decision within a few days. Applications may be declined if the credit check raises concerns about repayment capacity.
It is advisable to come prepared with all required documents and to carefully read the credit contract before signing.
Financial Management
Managing a Farmers Finance account responsibly involves tracking balances, payments, and upcoming due dates. Customers who set up direct debit payments reduce the risk of missing repayments, as these are automatically deducted from their bank account on the scheduled date. This can be particularly helpful for those managing multiple bills.
For those without direct debit, keeping a calendar reminder for payment due dates is a useful practice. Regularly reviewing statements, either mailed or accessed online if available, provides transparency on purchases, payments made, and any fees or interest applied.
Late or missed payments can increase the total cost of credit and negatively impact credit scores, making timely management critical. Customers should also update their contact details with the credit provider to ensure they receive all correspondence.
FAQs
What is Farmers Finance?
It is a consumer credit facility linked to Farmers stores, allowing customers to pay for purchases over time. It functions as a store-branded credit account with various payment options, including interest-free periods and standard credit plans.
How do I apply for Farmers Finance?
Applications are completed in-store, where customers provide identification, proof of income, and residency verification. After submitting these documents and the application form, the credit provider performs a credit check. Approval may be immediate or communicated within a few days.
Can I manage my Farmers Finance account online?
Online account management depends on the credit provider behind Farmers Finance. Some customers can access an online portal to view account details, make payments, and update personal information. If online access is not offered, customers manage their accounts by phone or mail through customer service.Farmers Finance is a credit service that allows shoppers in New Zealand to spread the cost of purchases made at Farmers stores. It is designed for customers who want to buy items such as furniture, appliances, electronics, or clothing but prefer to pay over time.
Finance Options Intro
Farmers Finance offers several credit plans that vary based on the purchase amount and the product category. One common option is an interest-free period, often lasting between 6 and 12 months, available on selected items. For example, a customer purchasing a $2,000 appliance might be eligible for 12 months of interest-free credit, meaning no interest is charged if the balance is paid off within that period. After this interest-free term ends, or if payments are missed, standard interest rates apply. These rates can range around 19.9% per annum, but customers should check the current rate as it may vary.
Beyond interest-free plans, they also offer regular credit terms where interest is charged from the purchase date. Repayment terms, minimum monthly payments, and fees depend on the credit contract signed.
Membership & Rewards
It is important to separate Farmers Finance from the Farmers store membership and rewards programs. While Farmers stores have their own loyalty schemes, such as Farmers Club Card, these do not directly impact the credit terms or benefits of Farmers Finance.
The Farmers Finance account itself does not offer rewards, cashback, or bonus points. Customers should be aware that finance is a payment tool, not a loyalty program. To maximise benefits, customers can use their store membership independently of the finance account for rewards while managing repayments through Farmers Finance separately.
Payment Plans
Farmers Finance allows customers to select from a variety of payment schedules based on their cash flow preferences. Options typically include weekly, fortnightly, or monthly payments. For example, a customer who chooses fortnightly payments may find this easier to align with their wage schedule. Customers must adhere to a minimum repayment amount each month to avoid penalties or interest charges.
Farmers Finance also allows customers to make extra repayments or pay off the balance early without penalty. This flexibility can help reduce interest costs if the finance plan is not interest-free or if the customer wishes to clear their debt ahead of schedule.
In-Store Application
Applying typically takes place directly in Farmers stores. The process requires customers to present valid identification, proof of income such as recent payslips, and proof of residency like a utility bill. These documents help the credit provider verify identity and assess repayment ability.
During application, staff assist customers by filling out forms and explaining credit terms. The credit provider conducts a credit check to assess the applicant’s creditworthiness, which can result in either instant approval or a decision within a few days. Applications may be declined if the credit check raises concerns about repayment capacity.
It is advisable to come prepared with all required documents and to carefully read the credit contract before signing.
Financial Management
Managing a Farmers Finance account responsibly involves tracking balances, payments, and upcoming due dates. Customers who set up direct debit payments reduce the risk of missing repayments, as these are automatically deducted from their bank account on the scheduled date. This can be particularly helpful for those managing multiple bills.
For those without direct debit, keeping a calendar reminder for payment due dates is a useful practice. Regularly reviewing statements, either mailed or accessed online if available, provides transparency on purchases, payments made, and any fees or interest applied.
Late or missed payments can increase the total cost of credit and negatively impact credit scores, making timely management critical. Customers should also update their contact details with the credit provider to ensure they receive all correspondence.
FAQs
What is Farmers Finance?
It is a consumer credit facility linked to Farmers stores, allowing customers to pay for purchases over time. It functions as a store-branded credit account with various payment options, including interest-free periods and standard credit plans.
How do I apply for Farmers Finance?
Applications are completed in-store, where customers provide identification, proof of income, and residency verification. After submitting these documents and the application form, the credit provider performs a credit check. Approval may be immediate or communicated within a few days.
Can I manage my Farmers Finance account online?
Online account management depends on the credit provider behind Farmers Finance. Some customers can access an online portal to view account details, make payments, and update personal information. If online access is not offered, customers manage their accounts by phone or mail through customer service.
