Want To Have A Brand New Mattress? Know The Pros And Cons Of Financing

Have you chosen your favorite mattress, but hesitating to buy it due to financial problems? Do not make any delay. Your old mattress is already worn out and can no longer guarantee sound sleep. Grab your new mattress right now with the help of financing options. Financing allows you to acquire a mattress instantly by allowing you to make monthly payments. This is a terrific alternative for folks who don’t have the funds to pay the entire purchase price at a time.

Besides taking loans from banks or financial institutions, you may decide to take advantage of one of the financing offers that are presented to you when you buy a new mattress online or offline. Mattress retailers usually operate their financing through lending partners who handle the credit approval and ensure that the customer makes the monthly payments.

WANT-TO-HAVE-A-BRAND-NEW-MATTRESS-KNOW-THE-PROS-AND-CONS-OF-FINANCING

The Pros of mattress financing:

  • Conserve your funds

A mattress can cost upwards of a thousand dollars, which may deter many potential buyers. However, the prospect of making a low monthly installment payment of less than $100 per month may entice you to complete their mattress purchase. At the same time, you can keep your savings intact for unforeseen contingencies.

  • Improve your credit score

Normally you take a loan or use a credit card for financing. Your account will be reported to the credit agencies who are in charge of calculating consumer credit scores if you take out a loan or use a credit card. Financing a mattress might help you develop a credit history if you make your payments on time and pay off your purchase in full. It can be considerably easier to receive funding for other products in the future if you develop a credit history or increase your present credit score.

  • Discount in Interest Rate

The interest rate is the most significant factor to consider because it influences how much money you’ll spend on your new mattress in the end.  You can even get a loan at a 0% annual percentage rate (APR) if you have an excellent credit score.

The Cons of Mattress Financing

  • Extra Burden on Interest

Many companies promise 0% APR or interest rate on your loan. However, this applies solely to customers who have excellent credit. You could end up paying a substantially higher interest rate if your credit check indicates that your credit score is less than ideal.

  • Hidden Cost

Before you take advantage of a financing offer, be sure you read the fine print. Even a 0% financing plan may wind up costing you more than paying the complete purchase price upfront.

  • Know the term of the offer

Make sure you understand how long you’ll have to pay your monthly loan payments. Some deals are timed to expire after a specific number of months. Others require you to select a monthly payment and make payments until the mattress is completely paid off. Be aware of this method, as interest can quickly add up, causing your mattress to cost much more than you anticipated.

  • Problems in returning/refund

Returning your mattress for a refund can be more complicated because mattress firms do not handle their financing options directly. When you make flexible monthly payments, the money goes to one of the finance businesses that they work with, not the manufacturer.

A last note

Mattress financing is the easy way out if you need a specific costly mattress for your health problem or pain management. Again, when you shift to a new house and have to incur lots of expenses, financing will be a better option. But before starting your shopping beware that you are directed to a reputed financier. Do not be trapped by fake websites and take care to judge whether the offer is transparent or not.

Happy shopping!!