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Furniture on Credit

3 THINGS TO LOOK FOR WHEN BUYING FURNITURE ON CREDIT

The economy is recovering, jobs are coming back, and banks are finally lending again. The housing market is red hot too and that’s got consumers spending again. Here are three important things to pay attention to if you’re interested in electronics financing or a furniture on credit option.

ONLINE APPROVALS

Most lenders these days are doing business online. The days of mailing in a paper application are long gone. One of the biggest advantages of a web-based platform is that customers can be approved in seconds. The experience of an electronic platform is much more user friendly.

FAIR PRICING

Not every customer is going to pay the same cost for financing. Lenders evaluate customers based on how risky they are. Customers who have low credit scores or a large number of charge-offs and bankruptcies on their record will likely pay more to finance their purchases. Most traditional banks won’t even lend to customers who aren’t “prime” quality or don’t have enough information in their credit history to have a credit score. Some lenders advertise a no-credit check option, but the ones that do run credit usually offer customers better rates. When it comes to consumer financing, when in doubt – always choose the option with the lowest cost of financing.

BUYOUT OPTIONS

Whether you’re using a retailer credit card or furniture on credit, always make sure that there’s a way out. Ask the retailer if you can pay off at any time and that there’s no penalties for doing so. It sounds crazy, but not every lender will let you do this. Sometimes they’ll lock borrowers in for a certain number of months or they offer 90 days same as cash.

There are lots of reasons why customers choose to finance their new furniture. Not every customer has the money in the bank right away to pay for an expensive new dining or bedroom set. And some customers simply enjoy the flexibility of using financing as a bridge to a future paycheck, refund, or bonus. Furniture is a $103 billion industry and it’s growing alongside the housing industry.

If you’re interested in our lending program, click to apply now:

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info@BristleconeLending.com
1-844-761-4949

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