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Don’t Break The Bank: Financing Options For Your New Mattress
Getting a good night’s sleep is essential for your overall wellbeing, which makes investing in a new mattress important. However, buying a new mattress can be pricey, and you may not have enough funds to purchase one outright. To help you get the mattress you need without breaking the bank, we’ve put together some financing options you can explore.
If you need a new mattress sooner rather than later, but you don’t have the money to buy one, you may want to consider a personal loan. Personal loans typically have a fixed monthly payment, payback term, and interest rate. They can help you spread the cost of a mattress purchase over time, making it more affordable ( Sleep like royalty without breaking the bank ) to you.
Zero-Interest Credit Cards
If you have good credit, you may qualify for a zero-interest credit card that you can use to finance your mattress purchase. These credit cards typically offer zero-percent introductory rates for a specific period, after which the regular interest rate kicks in. You can use one of these credit cards to pay for your mattress, and if you pay the balance off before the introductory rate expires, you won’t pay any interest.
If you’re purchasing your mattress from a store that offers financing options, you may be able to get a store credit card. These cards typically have a zero-percent introductory rate and give you the flexibility to pay for your mattress over time.
If you have your heart set on a particular mattress but don’t have the funds to buy it immediately, you may want to consider layaway. With layaway, you can put down a deposit, typically 10 to 20 percent of the total cost, and make regular payments until you’ve paid for the mattress in full. Once you’ve paid for the mattress, you can take it home with you.
Another financing option to consider when purchasing a mattress is rent-to-own. With this option, you make regular payments over a specified term, typically around 12 months. Once you finish making the payments, you own the mattress. This option is a good choice if you want to pay for your mattress over time and own it after your payments are done.
Financing for a new mattress can be a great option if you don’t have the cash to buy one upfront. These financing options offer you the flexibility to pay for your mattress over time, making it easier for you to get the sleep you need. Consider exploring these financing options to help you get the mattress you need without breaking the bank.
Mattress Financing Options FAQ
What is mattress financing?
Mattress financing is an option that allows you to purchase a mattress now and pay for it over time. This can be done through loans, store credit, or payment plans offered by retailers.
What types of financing are available for buying a mattress?
There are various financing options available for buying a mattress, including financing through the store, manufacturer, credit cards, personal loans, and lease-to-own programs offered by third-party companies. You can choose the option that works best for your financial situation.
Are there benefits to financing a mattress?
Yes, there are several benefits to financing a mattress. It can make it easier for you to purchase a high-quality mattress that fits your budget, allowing you to sleep better and improve your overall well-being. Financing options can also help you build your credit score if you make timely payments.
What are the eligibility requirements for financing a mattress?
The eligibility requirements for financing a mattress may vary depending on the financial institution or retailer offering the financing. Typically, you need to have a good credit score and a steady income, and you may need to provide proof of employment and income. Some financing options may also require a downpayment or a minimum purchase amount.
How do I apply for mattress financing?
Applying for mattress financing generally involves filling out an application online ( Unlock the Secret to Better Sleep: Online vs. In-Store Mattress Buying Guide ) or in-store, providing your personal information, and agreeing to the terms and conditions. You may also need to provide proof of income and employment. Some financing options may require a credit check.
What interest rates can I expect with mattress financing?
The interest rates for mattress financing can vary depending on the financing option you choose and your credit score. Some financing options may offer 0% interest for a limited time, while others may have higher interest rates that can accumulate over time. It’s important to carefully review the terms and conditions of the financing option and calculate the total cost of the mattress, including interest and fees.
What payment options are available with mattress financing?
Payment options for mattress financing can vary depending on the financing option you choose. Some financing options may offer fixed monthly payments, while others may offer flexible payment plans based on your income. Some financing options may also allow you to make additional payments or pay off the mattress early without penalty.
What happens if I miss a payment?
It’s important to make your payments on time to maintain good credit and avoid additional fees. If you miss a payment, you may be charged late fees or interest, and it could negatively impact your credit score. Some financing options may offer grace periods or flexible payment options to help you avoid late fees.
Can I return the mattress if I finance it?
Returning a mattress that has been financed may vary depending on the store or financing option you choose. Some stores may allow you to return the mattress within a certain time frame, but you may still be responsible for making the remaining payments on the mattress. Be sure to carefully review the return policy and financing terms before purchasing a mattress.
Is mattress financing a good option for me?
Mattress financing can be a good option if you need a new mattress but don’t have the cash to pay upfront. Financing can make it easier to purchase a high-quality mattress that meets your needs, and it can help you improve your credit score if you make timely payments. However, it’s important to choose a financing option that works best for your financial situation and carefully review the terms and conditions before signing up.
Mattress Financing Options: Related Products
1. Amazon Store Card
If you are an Amazon Prime member, you can finance your mattress purchase by using the Amazon Store Card. This card offers various financing options, including 0% interest for 12 months. You can also earn 5% back on your purchase if you use this card.
2. Mattress Firm Credit Card
The Mattress Firm Credit Card offers various financing options, including 0% interest for up to 72 months, depending on the purchase amount. This card also offers exclusive discounts and promotions to its cardholders.
3. Synchrony Home Credit Card
The Synchrony Home Credit Card offers financing options for various home-related purchases, including mattresses. This card offers 0% interest for up to 60 months, depending on the purchase amount, and provides discounts and promotions to its cardholders.
4. Layla Sleep Financing
Layla Sleep offers financing options through Affirm, which offers flexible payment plans with 0% APR. Customers can select the plan that suits them and pay over time without any hidden fees.
5. Nectar Sleep Financing
Nectar Sleep offers financing options through Affirm, which offers flexible payment plans with 0% APR. Customers can select the plan that suits them and pay over time without any hidden fees.
6. Amerisleep Financing
Amerisleep offers financing options through Affirm, which offers flexible payment plans with 0% APR. Customers can select the plan that suits them and pay over time without any hidden fees.
7. Purple Mattress Financing
Purple Mattress offers financing options through Affirm, which offers flexible payment plans with 0% APR. Customers can select the plan that suits them and pay over time without any hidden fees.
8. Tuft & Needle Financing
Tuft & Needle offers financing options through Affirm, which offers flexible payment plans with 0% APR. Customers can select the plan that suits them and pay over time without any hidden fees.
9. Saatva Financing
Saatva offers financing options through Klarna, which offers flexible payment plans with 0% APR. Customers can select the plan that suits them and pay over time without any hidden fees.
10. Casper Financing
Casper offers financing options through Affirm, which offers flexible payment plans with 0% APR. Customers can select the plan that suits them and pay over time without any hidden fees.
Pros&Cons of Mattress Financing Options
- Allows affordability: Mattress financing options make it possible for customers who cannot pay the entire cost upfront to purchase a mattress. It allows affordability while still enjoying the value of the product.
- No interest options: Many stores offer interest-free financing options for a set period. This allows customers to pay off the balance over time without incurring additional costs.
- No credit check: Some retailers offer financing options that do not require a credit check. This is an attractive option for those with less than favorable credit scores.
- Budget control: Mattress financing options allow customers to make a monthly payment that fits their budget. This helps them to avoid overspending and better manage their finances.
- Convenience: Customers can purchase a mattress without having to save up a large sum of money. This is a favourable option for those who need a mattress urgently.
- Interest rates: If interest is charged on the financing option, the cost of the mattress increases over time. This means that customers pay more than the retail price for the mattress.
- Penalties for late payments: Customers who do not make their payments on time may incur late fees, which add to the cost of the mattress.
- Long-term commitment: Mattress financing plans may require customers to commit to longer payment terms which may result in financial strain down the line.
- Debt accumulation: Financing options can lead to customers accumulating debt, especially if they have multiple financing agreements for various items.
- Affordability challenges: Financing options can encourage customers to purchase items they cannot afford, leading to difficulties in making the required payments in the future.