I have recently purchased a few large items of furniture for my new home and paid a ~25% deposit on these. To pay off the remainder I can pay in full or pay monthly with a 0% APR payment plan.
e.g I spent £2000 on furniture and put a £500 deposit down, leaving a £1500 remaining balance. The options are to pay the remaining balance off immediately or pay in monthly payments - the longest duration of which is £31.25 for 48 months (£31.25 * 48 = £1500). I have enough funds to cover the full balance immediately whilst still leaving enough for an 'emergency fund' in the event of job loss / serious illness etc.
The obvious choice seems to be to extend the payment period for as long as possible and then I could use the surplus cash to overpay on my mortgage for example. I am in full time employment so will get paid another 48 times over the duration and £31.25 a month will seem negligible rather than £1500 today.
Are there any downsides to extending the payments for as long as possible?