Getting denied for household purchases can easily be avoided if you know how to get furniture financed with bad credit. As with many other items, furniture can often come with a hefty price tag and financing can be the best option. However, those with bad credit can find that the process of obtaining this kind of credit, is easier said than done. Although terms, interest rates, and eligibility criteria will differ, getting furniture financed is possible in these circumstances.
- Store credit One of the most simple ways to get furniture financed with bad credit is to take advantage of store credit. While not all furniture stores may offer this option, many of them do. Not only can store credit assist you with purchasing the furniture that you need or want, but it can help rebuild your credit history. The downside of utilizing store credit is that credit history can impact the amount that can be financed. Although many individuals with bad credit are eligible for such programs, some individuals are not.
- Rent to own Consumers with difficulty financing furniture, electronics, and similar items may find it more feasible to do business with an establishment that does not check the credit. The retailer may require proof of income, personal references and typically proof of residence but individual requirements will vary by the establishment. This method to get furniture financed with bad credit is often the least desirable due to the cost of merchandise. Weekly, biweekly, or monthly payments are quite low but interest rates are above average and the length of time until ownership can become quite lengthy. This does not help nor hurt the consumers credit.
- Alternatives If you still can't get furniture financed due to bad credit, there are still other options. Obtaining a cosigner and/or going through a finance company are other options to consider. There are numerous finance companies that specialize in bad credit loans for various purposes, including furniture. Unlike other sources of financing, utilizing the services of a finance company can may potentially damage your credit.