Appliances may break down at any time and, having happened suddenly, it is highly likely that you won’t have enough money set aside to buy new gadgets. A new fridge could cost you anything between $900 and $8,000. Studies show that close to 50% of households live from paycheck to paycheck, making buying a new fridge a serious dent in your budget.
This is where appliance financing comes in. Appliance financing is a system of finance where homeowners take out loans in order to pay for their new appliances. You are only one decision away from having that new dishwasher installed in your kitchen. This is why appliance financing is a good idea.
1. Sensible Interest Rates
Many people are pushed into buying new appliances using their credit cards due to how unplanned breakdowns are. However, this is a bad idea. Buying such expensive items on credit increases your utilization rate, causing a bump on your credit score.
Taking out appliance financing is a better idea of the two. Appliance loans have reasonable interest rates, sometimes up to half of what credit cards charge. This makes it an excellent choice for financing electronics and financing furniture as well.
2. Easy Application Process
Appliance financing is not as complicated as other loaning services. It is even possible to register for financing for appliances online. The process is quick and easy to follow. The loan is also released quite fast, unlike loans from banks and lending institutions.
3. The Loans Don’t Lead To Debt Accumulation
Appliance loans are serviced with fixed monthly payments that have to be made within a set amount of time of your choice. This separates them from credit cards, which only need a minimum payment, meaning you can accumulate overwhelming figures in debt over time. This makes appliance financing a better option to use to buy your appliances.
4. The Loans Are Easily Accessible
Whenever you need it, you can apply for appliance financing. Since the process can be done online, you can apply at any time without having to put together financial records and documents. This implies that you can count on appliance loans to help you buy an urgently needed appliance at the time of need.
5. You Can Turn Your House Into A Home
There are certain appliances that your house cannot comfortably function without. For example, you need a refrigerator, microwave oven, and washing machine, among others, to make sure your life is comfortable.
These appliances are costly and would be difficult to purchase. However, appliance financing makes it possible to buy them and pay slowly and at comfortable installments.
6. You Don’t Need Good Credit
For people with no or bad credit, obtaining a bank loan could be their worst nightmare. Setting your apartment with appliances and furniture doesn’t have to be a costly affair, regardless of the nature of your credit. Individual stores may offer bad credit financing to enable people with bad credit to get appliance financing and furniture financing.
Personal loans are very accessible, and often, lending sources generally do not require you to disclose what you need the money for. Contact Okinus today to learn more about your financing options.