Appliance Financing

Appliance Financing

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Appliance Financing Options & Major Appliances Loans

Looking for the best appliance financing deals? Keep reading to discover appliance financing options, deals, tips and tricks you’ll need to know. Save hours of time googling and find everything you need to know right here. Whether you are experiencing an unexpected emergency or just want or need to purchase new appliances, there are a variety of financing options available. Expand

What are appliance loans?

Appliance loans are typically unsecured personal loans that provide the money you need to purchase appliances. Personal loans offer competitive interest rates and flexible repayment terms. In addition, unsecured personal loans do not require collateral or down payment. You’ll want to secure a fixed personal loan to ensure the monthly payment is always the same and the interest rate will not change during the term. Some appliance stores may partner with banks that offer a promotional 0% period. However, appliances can be expensive and promotional periods are usually less than 24 months. If you are looking for the lowest monthly payment possible a personal loan may be a better option. Good and bad credit borrowers can qualify for personal loans. PrimeRates can connect you with reliable lenders that offer appliance loans up to $100,000 with terms up to 12 years and interest rates starting at 4.99%.

How does appliance financing work?

Most appliance financing loans are very simple to manage and easy to understand. However, not all loans are the same so it’s important to ask questions and make sure you understand the terms you agree to. There’s a good chance you’ll be using an unsecured and fixed personal loan for appliance financing. This means if you borrow $10,000 at 4.99% with a 5 year term, you will receive the funds as a lump sum and repay the money over the term with interest. You should have an idea of how much money you need to borrow and what kind of monthly payment you can afford. There are a variety of personal loan payment calculators available online that you can use to estimate monthly payments. You may need to extend the term in order to achieve a certain payment. Most lenders do not have an early payoff penalty meaning you can pay the loan off early without extra fees. We recommend choosing a lender that does not have an early payoff penalty and trying to pay the loan off early. Paying as little as 10% extra each month can save you hundreds of dollars on interest. PrimeRates partners with top-rated lenders that offer appliance financing loans up to $100,000 with interest rates starting at just 4.99%.

What are the reasons to apply for appliance loans?

There are a few justifiable reasons you may want to apply for an appliance loan. One of the most common reasons is simply not having the cash on hand to purchase or repair appliances. If you use a personal loan, the funds can be used to repair or purchase appliances. In some cases, individuals may have the cash on hand but would feel less stressed to keep their savings account well prepared for an emergency. If you can qualify for a low interest rate and pay the loan off quickly, it may make more sense to use appliance financing versus using all the cash in your savings. Upgrading or replacing old appliances can save you money in the long term. 

What are the pros and cons of appliance loans?

Before taking on any kind of debt, including appliance loans, you should consider the pros and cons. New appliances are not something most of us purchase everyday. When purchasing important household appliances that are designed to last a long time it’s better to invest in high quality brands and models. Appliance financing can provide a larger budget that allows you to buy higher end appliances built for long lasting durability. Just about any kind of appliance can be financed such as washer and dryers, refrigerator, freezer, microwave, oven, stove, bathroom appliances, and more. Let’s take a look at some of the pros and cons of appliance loans. . .

Pros:

  • Flexible monthly payments
  • Competitive interest rates
  • Quick decisions and fast funding
  • Use the funds for just about anything

Cons:

  • Taking on debt
  • Potential fees and interest charges
  • Some loans may have prepayment penalties

What types of appliance loans are available?

As we mentioned earlier, there are a few appliance financing options available. Let’s compare a few of the most common appliance financing options. . .

#1. Personal Loans

Personal loans are one of the top choices for appliance financing because they can provide high loan amounts and flexible terms. In addition, there are typically no restrictions on where or how you can spend the money. In addition, they are relatively easy to qualify for.  Personal loans can be used for financing appliances, furniture, home repairs, home additions, and more. 

#2. Promotional Financing 

Some retailers may partner with banks or credit card companies to offer promotional financing. For example, they may offer 0% interest for 12 months on purchases more than $499. If you can repay the loan balance within the 12 month promotional period, this could be a very good option. However, promotional financing can have high monthly payments and even higher interest rates after the promotional period. 

#3. Borrow Money

In some cases, you may be able to borrow money from a friend or family member and repay them. If you are unable to qualify for other financing options, this may be your only option. However, it may be challenging to find someone with the cash on hand who is willing to sponsor the loan.

#4. Credit Card

For unexpected emergencies you may need a fast way to finance appliances. While other options are typically quick and easy, what’s faster than a credit card you already have? Credit cards may be a fast option but investing a little time in one of the other options is worth your time. Using a credit card is usually one of the most expensive options. Most credit cards have high interest rates. In addition, it can decrease your credit score by occupying a lot of maximum spending amounts on credit cards.

What are the requirements to qualify for appliance financing?

Appliance financing may be easier to qualify for than you think. If you have a credit score of 620 or higher, a reasonable debt-to-income ratio, and consistent income you may qualify for appliance financing. PrimeRates partners with a variety of lenders that are committed to helping all credit types secure appliance financing. If you are concerned that you may not qualify for appliance financing you should apply with a co-signer. Ideally, the co-signer should have a good credit score and consistent income. If you do not have a co-signer you may want to look into other types of appliance financing such as secured loans. Secured loans are backed by collateral making them less risky for the lender.

How to Find Best Appliance Financing Deals

PrimeRates offers a completely free, safe, and time-saving platform that can help you find the best appliance financing deals. PrimeRates can connect you to lenders based on your credit score and borrowing needs. Borrowers can easily compare appliance financing offers. Most PrimeRates lending partners determine the interest rate you qualify for based on credit score, loan term, and purpose of the loan. Before committing to a loan you should make sure the monthly payment is affordable and sustainable. In addition, you should confirm whether or not the lender has an early payoff penalty. If the lender does not have an early payoff penalty you can pay extra each month or pay the loan off early to save money on interest. 

How to apply for appliance financing loans?

If you are looking for the best appliance financing without investing hours or days of your time, you should visit PrimeRates. PrimeRates offers a free online service that connects borrowers to multiple lenders based on credit score, how much you need to borrow, and what you are borrowing the money for. Submitting an application through PrimeRates is painless and does not affect your credit score. Within minutes you can receive multiple personalized loan offers. Many borrowers take advantage of the generous loan amounts and make other home upgrades with the funds. Most lenders do not have any restrictions on how you can spend the money. Here are 3 easy steps to apply for appliance financing loans through PrimeRates. . .

#1. Submit easy online application

#2. Select the best appliance financing loan offer

#3. Receive funds quickly

Conclusion

In conclusion, appliance financing can help you purchase the appliances you need while allowing you to make affordable monthly payments. Even though the appliances are financed, you still own them. If you default or miss payments on the loan your credit score will be impacted but you should not have to return the appliances. You may be able to secure appliance financing through some retailers but it’s better to go shopping prepared. Before purchasing appliances, you should get pre-qualified for appliance financing through PrimeRates. This way you know what your budget is and are a qualified buyer. PrimeRates makes appliance financing stress-free and easy. Some of PrimeRates lending partners can fund loans within 24-hours of approval. If you are considering new appliances or home improvement projects PrimeRates can provide one loan that can cover it all.

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