At a Glance:
We all know a good night’s sleep can change everything, from your mood to your outlook on life. To experience a great night’s sleep, you need to have a great mattress to achieve this. However, some of us cannot afford to purchase the caliber of mattresses we need to sleep better. This is when mattress financing becomes an incredible option. It allows you to take home the mattress you truly want and pay for it over time. Continue reading to learn more about how to finance mattresses, and if taking advantage of this opportunity is something that will work for you.
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Shop MattressesWhat is Mattress Financing?
Mattress financing is the practice of providing consumers with the option to purchase a mattress through a payment plan rather than paying for it in full upfront. This allows individuals to spread the cost of a mattress over a set period of time, typically through monthly payment installments. It's a financial arrangement offered by mattress retailers or third-party financing companies.
How Mattress Financing Works
Customers often have the choice of selecting the duration of the financing plan, which can range from a few months to several years, depending on the terms provided by the retailer. Interest rates may apply in some cases, though some financing options, including ours at BlvdHome, offer zero or low-interest rates, especially for those with good credit. However, there are other options that allow you to finance even with a low or poor credit score, so almost everyone can be eligible for this opportunity.
This idea of mattress financing is particularly beneficial for individuals who may not have the immediate funds to buy a mattress at its full asking price. It provides greater flexibility in budgeting and enables people to acquire a quality mattress that they really want and that meets their needs and preferences without causing a significant financial strain. It is important for customers to carefully review the terms and conditions of the financing agreement before they finance a mattress. Things like interest rates, repayment schedules, and potential fees are all things to look into to ensure they are making a financially sound decision that is feasible for them.
Pros & Cons of Financing
Mattress financing can be a convenient option for those looking to invest in a comfortable and quality mattress without paying the full amount upfront. However, like any financial arrangement, it comes with its own set of pros and cons to consider:
Pros of Mattress Financing
✅ Affordability: Financing allows a customer to spread the cost of a mattress over time. This makes purchasing a mattress more accessible to those on a budget or with limited upfront funds.
✅ Immediate Access: It provides the opportunity to acquire a quality mattress without having to wait until you have saved up enough money.
✅ Flexible Payment Plans: Customers can often choose from a range of repayment periods, which allows them to select a plan that aligns with their financial situation.
✅ Preserve Savings: Instead of depleting savings or emergency funds to purchase a mattress, financing enables people to keep their cash savings for other expenses or emergencies that may come up.
✅ Potentially Low or Zero-Interest Options: Some financing plans, like ours, offer low or even zero interest rates, especially for those with good credit. This can significantly reduce the overall cost of the mattress compared to other options with high interest rates.
Cons of Mattress Financing
❌ Accrued Interest: Depending on the financing terms, customers may end up paying more for the mattress due to accrued interest over time. If the interest rates are steep, you could end up paying almost double for your mattress by the end of your payment plan.
❌ Possible Fees: Some financing agreements may come with additional fees, such as application fees or late payment charges, which can increase the overall cost of your mattress.
❌ Impact on Credit Score: Failing to make payments on time could negatively affect your credit score. This could potentially make it harder to finance again in the future.
❌ Binding Agreement: Once you commit to a financing plan, you're obligated to make the agreed-upon payments. This could limit your financial flexibility.
❌ Potential for Overspending: The availability of financing might tempt some individuals to choose a more expensive mattress than originally planned, leading to higher overall costs if they end up not being able to make payments in a timely manner.
Ultimately, whether mattress financing is a good option depends on your financial situation, creditworthiness, and preference for immediate access to a quality mattress. It's important to carefully review the terms and consider the long-term financial implications before committing to a financing agreement. You must also be sure to know what you are committing to and that you can truly make the agreed-upon payments on time, as late and defaulted payments have high impacts on your overall credit score.
How to Finance a Mattress
Financing a mattress can be a straightforward process if you follow these steps:
Research and Choose a Retailer
Start by researching mattress retailers that offer financing options. Many mattress stores partner with financing companies or have in-house financing programs. Choose a retailer that offers terms that align with your financial situation and what feasibly works for you.
Check Your Credit Score
Most mattress financing requires a credit check. Obtain a copy of your credit report and review it for accuracy. A higher credit score may qualify you for better financing terms, including lower interest rates.
Select Your Mattress
Once you've chosen a retailer, select the mattress you want to purchase. Consider factors like the size, type, and brand you would prefer. Ensure it fits your comfort preferences, but also your budget.
Ask About Financing Options
Ask the retailer about their financing offerings and options. They will provide you with information about the available plans, including interest rates, repayment terms, and any applicable fees. Be sure to ask as many questions as you have, as the more information you have, the better decision you can make.
Submit a Financing Application
If you decide to proceed with financing, the next step will be filling out a financing application. This may be done in-store or online, depending on the retailer's process. You'll typically need to provide personal information and you will likely need to have a credit check.
Review and Accept Terms
Once your application is processed, you'll receive information about the financing terms. Review them carefully, paying attention to the interest rates, repayment schedules, and any associated fees.
Sign the Agreement
If you're satisfied with the terms, you'll need to sign the financing agreement. This legally binds you to the terms and conditions of the financing plan.
Complete the Purchase
With the financing in place, you can proceed with the purchase of the mattress. You may need to pay an initial down payment if this is part of the financing terms.
Make Timely Payments
Be sure to make all of your payments in full, and on time. Keeping up with the agreed-upon payment schedule is very important. Ensuring you make your payments on time will help you avoid late fees and keep you from receiving negative impacts on your credit score.
Keep Documentation
Retain copies of all documentation related to the financing agreement, including the terms and any payment receipts.
Financing with BlvdHome
Mattress financing is an option that BlvdHome is happy to provide for its customers. We offer multiple options, including in-house financing with no interest payments, no-credit-check financing, and your everyday, typical mattress financing. We even have extras like payment protection and cash back on purchases that you choose to finance. BlvdHome makes mattress financing, bad credit holders included, a possibility for everyone.
FAQs: Mattress Financing
Can you finance a mattress?
Yes, you can finance a mattress. Many retailers and financing companies offer payment plans that allow you to spread the cost of a mattress over time through monthly installments. This makes it more affordable and accessible, especially for those who may not have the funds to pay for it upfront. It is important to remember that terms and conditions may vary, so it's important to review the financing agreement carefully before you make any decisions.
Where can I finance a mattress?
You can finance a mattress almost anywhere, as many retailers offer financing options for mattresses. For instance, if you are located in Las Vegas, mattress financing is available at BlvdHome which is one of the best places for financing mattresses. BlvdHome offers numerous ways to finance that will allow you to choose what will work best for you and your family. If you want one of the best financing offers around, BlvdHome is the place to go.
Does financing a mattress build credit?
Yes, mattress financing can potentially build credit. When you finance a mattress, your payment history is usually reported to credit bureaus. Making on-time payments can positively impact your credit score. However, you must remember that missing payments or defaulting on the financing can have a negative effect on your credit score. Always ensure you make payments as agreed to from the beginning to maintain or improve your creditworthiness.
How does mattress financing work?
Mattress financing allows customers to purchase a mattress by spreading the cost over time through monthly payments. Customers apply for financing, receive approval based on creditworthiness, and then choose a repayment plan. They then make regular payments, often with interest, until the mattress is fully paid off. If you are looking into mattress financing, BlvdHome would love to help answer your questions and help you learn more about our financing options.
Why Trust BlvdHome?
The roots of this family business began as early as the pioneer settlement of Southern Utah. One descendant of those 1861 pioneers was Lester Wittwer. In 1928, he started a trucking business with other family members, delivering homegrown fruits and vegetables to many outlying areas. The story of BlvdHome began in 1974 when Lester’s son Tony decided to venture off into the appliance world - with two full-time employees and a small showroom of only 8,000 square feet. Today, BlvdHome has 5 retail locations with over 160,000 sq. ft. of showroom space, located in St. George, Utah, Hurricane, Utah, Cedar City, Utah, Mesquite, Nevada, and a new Las Vegas location. With over 230 amazing team members, BlvdHome continues to deliver on a commitment to customer service that started over 90 years ago.
Shop Mattresses at BlvdHome
At BlvdHome, we provide quality name-brand appliances, appliances, and mattresses for great prices. Shop mattresses online or visit us today at one of our locations in Utah or Nevada. In the meantime, browse our website to shop BlvdHome Bargain Barn and check out our flooring selections to increase your home value. More available than ever, our experts at BlvdHome are always happy to help you understand mattress financing, whether you call us or use our online chat feature. Contact us today!
Learn more: How Much Does a Mattress Cost?