Buying new furniture can get expensive, especially when you’re trying to furnish an entire room. Many furniture stores offer their own financing to make the process easier and more affordable for you, but some people believe financing is bad for your credit. But as long as you make your payments on time, financing your furniture through the store shouldn’t negatively affect your credit. Keep reading to learn three reasons to use store financing for furniture.
Get What You Need Now
One of the best reasons to use store financing for furniture is because you can get what you need when you need it. Instead of going to the bank for a personal loan, adding all the furniture onto your credit card, or waiting months to make a purchase while you save up cash, you can use store financing to get what you need now. This is especially helpful if you’re moving somewhere unfurnished for the first time or are moving and can’t bring your furniture with you. You can completely furnish your new home all at once without taking a trip to the bank, maxing out your credit card, or handing over all your cash.
Interest-Free Options
Different furniture stores offer different financing options. One of the options you may see is an advertisement for a certain amount of time with no-interest payments. This means you’ll spend that length of time making payments only on the purchase amount, not the interest that’s typically charged. This option is great for quickly getting rid of a large amount of the initial purchase, which will save you money in the long run. And, if you have extra money, you can even pay extra during this time period so that when the interest does come, you’ll be paying even less.
Build Credit
As we mentioned above, some people think that financing your furniture can negatively affect your credit. But if you make your payments on time, furniture financing shouldn’t have a negative effect. In fact, if you have bad credit or haven’t had a chance to build credit yet, financing your furniture is a great way to build good credit. Financing furniture, even if you’re purchasing for a whole room, is often much cheaper than other typical finance purchases like cars and houses. By financing your living room or any other type of furniture and making regular payments on this smaller amount, you’ll be able to build your credit.
The reasons to use store financing for your furniture purchases are because you can get what you need when you need it, take advantage of interest-free options, and build your credit. While store financing isn’t always the best choice for everyone, it’s a viable option that’s worth considering, especially if you’re purchasing a large amount of furniture at once.
