So, you’ve gotten moved into a brand new home or apartment. Congratulations! You lucked out and managed to get a house before the pandemic housing boom ground to a halt. Unfortunately, either the previous owner or your mortgage company neglected to fill your home with appliances.
You have no fridge, no stove, no dishwasher, no laundry machines. You just dropped most of your cash on the house’s down payment! How are you supposed to live like this?
You don’t have to drop the cash on a full appliance suite right away, thank goodness. There are financing and leasing options available to you. Not sure what they are? No worries! Here’s what you need to know.
Put the Appliances on Your Card
If you’re wondering how to buy appliances that you need right away, wonder no more. With a credit card handy, you can pay for that refrigerator, washer, or dryer that you need now, and repay the cost later.
There are two ways you can handle this. You can either put your appliance purchase on a credit card that you already have (which is recommended if you have great interest rates) or apply for a store-based credit card. While store-based credit cards might offer some great interest-free promotions, the interest rates they have once those expire can easily reach or exceed twenty-five percent. Not worth it.
Check Local Home Furniture and Appliance Stores
Now, most furniture and home improvement stores offer in-house financing of their own. If you have a decent credit score, many companies like Lowe’s, Home Depot, Kimbrell’s, or Conn’s can help you fill your home with the appliances that you need. Of course, if you choose in-house financing and can’t keep up with your payments, you can all but count on them repossessing your stuff.
However, if you manage to successfully pay off in-house financed items, it can provide a massive boost to your credit score. This can make it easier to pursue some of the other options listed in this article.
Personal Loans Can Help
Of all the leasing and financing options, this is the most restrictive, as you will need a solid credit score to get approved for the amounts needed for home appliances. However, if you have to buy appliances for your whole home or the ones you need to replace are expensive to deal with, a personal loan might be the right solution.
Take note, though, that if you just bought a house, you might not get the best interest rates on a personal loan. You might even struggle to get approved, as the mortgage will increase your debt-to-income ratio by a large margin.
Check Out Rent-to-Own Locations
Rent-to-Own store locations like Aaron’s or Rent-a-Center have something of a poor reputation among consumers. You’re not going to get brand new products from rent-to-own businesses, and ultimately, if you go full-term, you’ll pay far more than the item is worth. That said, these companies can provide you with the appliances you need right away.
Plus, many of these locations offer early buyout options and weekly payments, which can make budgeting for the items much simpler than it otherwise would be. It’s also worth noting that many of these locations require no or a minimal credit check.
Partner With Leasing Programs
Let’s be honest: Not everyone has perfect credit or a flawless financial history. If you’ve got some bad debts to your name, home appliance leasing and financing can seem completely impossible. It can be hard to get an appliance if your credit score has seen some better days.
Fortunately, there are leasing options available that aren’t tied to a specific storefront. Progressive Leasing is one of the most popular, used for everything from jewelry to furniture to phones to appliances. However, payments for Progressive Leasing are based on your job’s pay schedule, which can eliminate them as an option if you don’t get paid regularly or something makes you miss a payment.
It’s far better to find a Washer and Dryer for lease with a company like A&A Appliance Leasing, where they still offer you payments on a monthly basis instead of a weekly one.
You May Need to Ask for Help
Look, no one likes the thought of borrowing money from family. However, if washer and dryer leasing really isn’t cutting it for you, you might be able to reach out to your support network for help. If you can impress the desperate need for the appliance in this situation, they might be willing to help you out, if able.
If your credit score falls below critical thresholds, this may even be your only option, if you want the appliances any time soon.
Place the Appliance on Layaway
In all this talk of home appliance leasing, there’s one important option we’ve neglected to mention thus far. Some store locations will allow you to essentially reserve an appliance in your name, setting it aside on layaway while you make payments over time. Once the item is paid for in full, you can have it delivered and installed.
This might not do you much good if your need for the appliance is an immediate one. However, if it’s an appliance you might be inconvenienced without but isn’t crucial to your survival, layaway can give you another option to get it.
Financing and Leasing Options for Appliances: Let’s Review
Finding the right financing or leasing options for your appliances can be difficult, especially if you needed the new appliance yesterday. However, whether you decide to buy your appliance on a credit card or use a home appliance leasing program, there’s no need to fear. You’re sure to find the option that best suits your financial and home needs.
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