Everything You Need to Know About Buying Furniture with Bad Credit
You Can Do It! How To Furnish An Apartment With Bad Credit
Buying furniture is always exciting. Your home is your refuge, so make sure that you are as comfortable as possible when you get home from work. If you have been eating over the counter for a while or sleeping on a mattress, it is time to get yourself some much-deserved furniture.
Maybe you want to spruce up your home and get rid of your sofa. Statistics say that we sit on couches at least four hours a day. During this time, the average sofa is said to suffer from 1,663 spills over its lifetime with wine being spilled at least every two weeks.
But what if you have bad credit? Can you get furniture with bad credit? In this post, we give you the full details on bad credit furniture purchasing.
What is Bad Credit?
A credit score is a term used by lenders to determine if you are a qualified candidate to get credit or not. A low credit score will flag you as a risk and people don't want to lend money out if they think it won't be paid.
An excellent score is any number between 700 and 850 while a good score ranges from 680 to 699. The American average is usually 682. A low score is considered 580 to 619; poor scores range from 500 to 579 while bad credit is 300 to 499.
The good thing is that the score can be improved over time. For instance, if you want to get furniture with bad credit, consider making your payments on time because doing so will improve your score.
Can You Buy Furniture with Bad Credit?
The answer is an absolute yes. You can, in fact, buy furniture with no credit check. However, not all stores will allow you to make the purchase. You must specifically look for a store that will accept bad credit furniture purchase. You can start your search online and look for a store that is nearby, then visit the store and find out their credit requirements.
In most cases, the store will offer this service through the lease-to-own financial option. You will be required to pay a small deposit on the item you wish to purchase. Some stores also need you to have a salary of at least a $1,000 a year and a bank account to qualify.
You are also likely to get a store that allows no credit furniture purchases by qualifying you for no-interest payments for the first 90 days of your purchase. If you have the capability, purchase your furniture within this period and save yourself the interest. In most cases, this option requires you to have proof of six months of employment and a checking account.
Special financing is another option stores use with no credit check furniture. This means that you get funding from credit cards, mostly owned by the store. You can pay the credit within six and sixty months, which is convenient if you are strapped for cash. This mode of payment will require you to put up a 25% deposit on the furniture, so make sure you have enough savings to cover this.
What To Look Out For When to Get Furniture with Bad Credit?
Before you settle on a store to buy furniture with bad credit, you need to make these two critical considerations: First, check the interest rate the store is charging. You already have bad credit, and it is your best interest to improve it.
You don't want to be stuck with a strenuous interest payment that will cripple your credit further. Only work with a store whose interest rate is reasonable. If you do a little research and be patient while choosing, you are likely to settle on a store that meets this need.
Secondly, before you get furniture with bad credit, read the fine print. A lot of people ignore the terms and conditions set by a store and fail to understand the policies and various requirements. You need to be careful and read and understand the terms and conditions before you sign any papers.
If you want to learn more -- give Nassau Furniture a call right away.