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Paying for a large furniture purchase may seem intimidating, and many people think that there are no payment options available for their use.
Other than with cash, paying for furniture might feel like a maze to navigate correctly, but the truth is that you might have more payment options than you think.
At Furniture Fair, we have worked with numerous financing and leasing programs in our 50 plus years, and we offer multiple payment options for any financial situation.
Read on to discover the five payment options for new furniture and learn a bit more about the furniture payment process.
Your new living room could be closer to reality than you think. After reading this article, you will better understand your options and why they might be right for you.
While it might seem obvious, cash is the fastest way to pay for your purchase. If you have the funds available, consider using money to pay for new furniture purchases.
Consider saving for that new sofa, loveseat, or bedroom set over a few months, and then spend all at once.While paying cash might be the fastest, most convenient way to pay for furniture, paying for large purchases in cash is not always the easiest on your home and budget.
Thankfully, there are other ways that you can pay for your furniture without breaking your account.
Credit cards are pretty familiar to people nowadays and, as such, they are one of the primary ways people finance furniture purchases. Using a credit card, postponing your payments, and giving your budget a break can make up for your tight budget.
What you might not know about credit cards is that your credit card issuing bank can help you access available credit on those cards to use for large purchases with special terms such as 24 months no %. In some cases, you can request a paper check to access your available credit.
The paper check would then be used at check out for your furniture purchase. To find out how your Discover, MasterCard, or Visa cards can work harder for you, call your credit card issuing bank; their number is typically on the back of the card.
Many credit cards offer reward programs and cashback rewards for those looking to get the best deal possible. If you have a rewards program and want to get more tips, financing furniture could help you maximize your rewards program.
If you are considering purchasing new furniture but don’t want to pay cash upfront, financing your furniture is a great option that you might want to consider. You may be able to get the furniture that you need much quicker than you thought.
The financing options available may sound a little intimidating and complicated as a way to purchase new furniture for your home. While financing furniture may feel like a maze, with proper research, you will be able to navigate your way to brand new furniture much faster.
Below are the three most common types of furniture financing programs available. Check your local furniture retailer to find out if they offer financing programs, and consider comparing the financing programs with other retailers to see who has the better offer.
Many people worry that their credit score will not allow them to get the furniture that they want. No-credit-needed, Lease-to-own options are an excellent way for someone with imperfect credit and low cash upfront to make a large purchase.
Furniture Fair offers two leasing finance programs, Progressive Leasing and Snap Finance. Check with your local furniture retailers to find out what financing programs they may offer.
The upside to leasing to own is that you can bring your furniture home without needing to pay the full cost upfront. In many cases, furniture failures can still be covered under warranties.
The downside is that you will be paying for your furniture for a long time, and you may end up paying much more than what you would have initially paid for the new product.
Store Cards, sometimes called private store cards (or in Furniture Fair’s case, the Furniture Fair Synchrony Home Card), are the most common furniture financing programs in use today.
The financing company will review your credit information you’re applying through and, if approved, you will receive a line of credit up to a certain amount. The amount of your approval is based upon your credit history and credit score.
Keep in mind that you do not have to have exceptional credit to be approved. Store cards with a credit check allow you to make payments for a predetermined amount of time with interest.
With credit financing, your overall cost will be slightly higher than a cash purchase, but you have the advantage of payment overtime rather than breaking your budget.
Store cards are also prone to offer no-interest promotions to their customers; these can be very useful in making a large purchase with no interest being charged. Be sure to read the offer and understand the date the purchase must be paid off to remain an interest-free purchase.
Throughout the country, lenders will loan money for a large purchase on a signature; these are sometimes called a personal loan or an installment loan. These loan providers have high-interest rates, and you will pay more for the furniture than the cash price.
However, a personal loan can have an upside. A personal loan can allow for a co-signer such as a partner or a parent. The loan has specific terms for a particular time frame, and they typically work as a car payment installment.
You will know what your exact payment is and when it is due each month as an installment. If you’re budget-minded and wanting to build better credit, this could be a useful option for you.
If you are looking for new furniture this year but aren’t sure if you can afford it, you may have more options available than you realize. Remember these five methods that you might have available to pay for your furniture.
Remember that cash is the fastest and easiest way to get a furniture purchase, followed by your credit card. If you are looking for financing options, consider Lease-to-own plans, credit check financing, and a personal loan from a credible lender.
If you have more questions about Furniture Fair’s payment options, visit our FAQ page to learn more, or leave a message through our contact page or via our live chat function!
If you are looking to enhance your home with some new furniture, consider buying, financing, or leasing from Furniture Fair. We have been in business for over 50 years, and we have a wide variety of mattresses, living room, dining room, bedroom furniture available.
We have over 11 locations throughout the Cincinnati, Dayton, and Louisville area, and we offer a wide variety of delivery options, including curbside delivery!
Visit us today and find out more about the financing and leasing programs that we have available.
