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The PS5 is one hell of a console, but as a result, it does come with a large asking price of £479.99 for the Disc edition whilst the Digital console will set you back £389.99. If you're interested to learn more about the differences between these Disc and Digital PS5 consoles, see our handy PS5 console comparison. Keep in mind that there is also now PS5 Slim models available that are going to replace the original models and be available for the same price here in the UK, this means that all the information regarding financing a PS5 below is relevant to all 4 PS5 models. This new model may also mean you can pick up the older model sometimes at a lower, discounted price.
The prices mentioned above obviously do not even consider potential bundles with games and accessories, these additions are only going to increase that initial purchase cost. Coming off the back of the PS4 generation, where consoles had reached lows of £150, this can seem a rather steep price even though for the power you get the price of the PS5 is quite fair (when compared to a PC with that performance at the same price).
With this initial cost in mind we wanted to put together a guide on the various options to potentially spread the costs of your PS5 purchase, we already compare PS5 deals from a large selection of UK retailers but this guide will specify where you can potentially pick the console up with different financing options depending on what suits your needs.
We've split the article into the following categories (click to scroll down to your preferred option);
Keep in mind the PS5 is a console that can often go out of stock so we can't always promise these finance providers will be flush with PS5 stock.
Before we get started, we've outlined the common payment terms below:
Picking up a PS5 console with a 0% interest finance plan is always the best choice where possible, with this option you will only pay back the listed selling price and not incur any extra fees as long as you pay within the allotted time frame.
A number of UK retailers offer this payment option, see a list of these below:
Currys offer a flexible payment plan from anywhere between 12 and 36 months on a fixed interest rate of 29.9% You can choose to add a deposit or go without depending on your preference. View and manage your account online 24/7 and you can also add to the account and buy more tech in future. Currys have a very solid range of PS5 bundles available and are often first for new game releases on the PS5.
Currys representative example: PS5 Console £479.00. Pay 36 monthly payments of £19.41. Total amount payable £698.76. Rate of interest 29.9% (variable) 29.9% APR representative.
Currys have also offer a 12-month buy now pay later scheme on certain options that will incur no interest as long as you pay within 12 months. PS5 Slims are available as a part of this financing option so if this 12 month payment plan appeals to you Currys is a strong option to consider when picking up a PS5 on a pay monthly scheme.
Argos offer an interest free credit plan with a period of up to 12 months through their Argos card. With Argos' interest free finance plan you can pay back your owed amount at whatever rate suits you as long as it is within that 12 month period. If you pay back the amount borrowed within 12 months then you will pay 0% interest on your purchase. If you don't currently have an Argos card you will need to sign up for one online which can be done at checkout after adding a PS5 console to your basket or you can sign up in-store. If you do not pay the full balance owed within 12 months then you will be charged an interest of 34.9% APR variable.
Argos also offers a Monthly Payment Plan that enables you to choose a plan ranging from 18–48 months to pay for your item. This helps control your monthly budget options. The interest rate for this is 19.9% and you must spend over £150, which means a PS5 is always going to be available with this finance option.
AO offers a range of 4 different payment options with their interest rates being 24.9% APR representative (variable) for the first 3 options:
AO really have a great range of options - at the time of writing, they also have a solid stock allocation on the PS5 console. However, their 0% interest plans are not currently available for PS5 bundles.
EE Store (formerly BT Shop) has honestly been one of the best retailers when it comes to PS5 consoles both in terms of stock and offering some really great deals, not many other retailers have discounted the PS5 console and provided as good bundles as the EE Store/BT Shop has since the consoles released back in November 2020.
On top of already offering some great deals, EE Store has one of the most reasonable and flexible PayPal credit purchasing options that will allow you to pick up a PS5 with interest-free monthly payments across a range of instalment plans. The table below shows examples of interest-free purchases across different periods ranging from 4 months to 36 months. The plan available to you is dependent on minimum spend so when it comes to PS5 with a bundle you're most likely looking at 4-24 months depending on what suits your needs. A lot of options here and one of the most generous 0% interest-finance options available when picking up a PS5 is from EE Store.
|
Minimum Spend |
Monthly Instalment |
Instalment Rate |
Cost of Purchase |
Total inc. Interest |
|
|---|---|---|---|---|---|
|
4 |
£99 |
N/A* |
0.00% |
£99.00 |
£99.00 |
|
6 |
£99 |
£16.50 |
0.00% |
£99.00 |
£99.00 |
|
12 |
£199 |
£16.58 |
0.00% |
£199.00 |
£199.00 |
|
24 |
£499 |
£20.79 |
0.00% |
£499.00 |
£499.00 |
|
36 |
£999 |
£27.75 |
0.00% |
£999.00 |
£999.00 |
ShopTo offers a couple of options for finance via the popular PayPal and Klarna payment plans. The PayPal credit offering matches the standard scheme offered by multiple retailers... a 23.9% APR option is available on a credit limit up to £1,200.
The Klarna scheme is a little more enticing as you're able to grab 0% Interest providing you can pay the balance off within 60 days. You pay in 3 instalments, one at the initial purchase, then a 2nd payment after 30 days and a final payment after 60 days, these are taken automatically from your used debit or credit card.
GAME has seemingly had more PS5 stock than any other UK retailer, meaning they're an option to consider when purchasing the console. GAME offers interest free credit via their online store with the very popular service PayPal Credit. PayPal credit is available for any item over £99 meaning any PS5 purchase will be completely fine. PayPal Credit allows you to finance a PS5 with 0% interest over 4 months but the full amount must be paid within these 4 months, or else you will begin to incur interest on your purchase. You can sign-up for PayPal credit during the PayPal checkout process when purchasing a PS5 on finance from GAME. PayPal Credit with GAME can also be used for instalments over 6-24 months but these will be subject to 23.9% interest.
As well as PayPal Credit GAME has also begun to offer its own financing service called Frasers Plus. This is a pay in three months interest-free payment plan where you don't need to pay anything on checkout and can pay in 3 instalments. You can also choose to spread payments on up to 36 months but these will incur interest at a representative APR: of 39.9% (variable). Keep this in mind, if you want to use this service and not incur interest you must pay within the 3 months. GAME also offers special prices on PS5 consoles when using Fraser Plus which can potentially knock off £20 or more from the initial purchase price of a PS5 Slim. For example, right now they have the PS5 Disc Version Slim for £459.99 with Fraser Plus.
Similarly to GAME eBay also offer interest-free credit through PayPal Credit. Thus meaning the same applies here with being able to spread the cost of your purchase over 4 months when you spend over £99 with 4 interest free instalments over a 4 month period with interest only being applied if you do not pay in full within said period. The interest applied if you do not pay in this period will be 23.9%.
One large advantage of purchasing a PS5 console from eBay is that they often run special voucher codes that can take up to 20% off certain purchases with select retailers. This means occasionally you can pick up a PS5 for below RRP however this does require some patience and isn't extremely common. We always post these special eBay offers on our homepage and the GamingDeals Twitter account when they're available. Furthermore, you can also pick up pre-owned PS5 consoles for less than RRP but always be careful with these eBay listings, even though eBays buyer protection is really quite good nowadays.
Talking of pre-owned and refurbished consoles let's take a look at refurbished console specialists MusicMagpie's 0% interest financing options. Similarly to the previous two retailers mentioned MusicMagpie also use the PayPal credit service meaning once again your purchase must be over £99 paid back over 4 months.
musicMagpie also offers Klarna financing which gives you the option to pay in 3 instalments over 60 days at 0% interest or to finance over 6,12,24 or 36 months with interest. However if trying to save money on a refurbished console it seems counterintuitive to incur interest on the purchase and you'd be better off getting a 0% interest deal on a new PS5 or PS5 Slim when they're available.
Refurbished PS5s are beginning to drop to a more enticing price and with the PS5 Slim on the horizon it may be worth saving some money with a refurb.
If you're not keen to lean on a retailer to help you with your finance on your PS5 you can always try a number of personal options.
Klarna, Zlich and PayPal are some of the most recent personal payment options and the majority of these offer a 0% interest option based on your paying the outstanding balance over an agreed period of time.
Zilch provide you with a digital credit card when you sign up and the limit will be based on if you link your bank details to the service. Zilch will allow you to pay over a 6-week period so if this sounds good to you it's worth considering. The payment scheme then works as follows:
Please see the Zilch website for full terms and conditions
Klarna Split Payments
If you haven't seen Klarna before, where have you been? They're everywhere!
Klarna offers shoppers the option to pay in full up to 30 days later or split the cost into 3 interest-free monthly instalments.
Please see the Klarna for full terms and conditions
PayPay Credit
Paypal offers 0% interest for 4 months on all purchases of £99.00 or more, the balance is added to your PayPal account meaning as long as the retailer offers PayPal as a payment option you can utilise this credit limit.
This means that you won’t pay any interest on your balance for 4 months. You still have to make the minimum repayment on your balance each month.
For more information, please see the PayPal Credit website
If you have a bad credit history/rating it is unlikely you will be able to secure a new PS5 console from any of the retailers mentioned.
If you're looking for a specific PS5 bundle then check out our best PS5 deals page where we scour the UK retailers for stock and great bundles for both the PS5 Disc Edition and Digital Edition consoles and compare the prices for you.
NB: The information in this guide does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances. The content in our guide focusses on finance options and interest rates, not the level of service offered.
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