Top Furniture Financing Tips to Furnish Your Home Without Breaking the Bank
Furnishing your home should be exciting. The feeling that a room is coming together, whether it's a new couch or a gorgeous dining set. When the costs start to add up, and they always do faster than you expect, what started out as a fun project quickly turns into a financial challenge. If you are not careful, you could find yourself overwhelmed even before you receive the first piece.
You don't have to spend a fortune to create a home that you love. You can find flexible and smart financing options for furniture that will stretch your dollar, reduce the cost, and allow you to decorate your home without draining your savings.
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(813) 392-1000
What's the trick? Understand how finance works and how you can make it work to your advantage.
Focus on the big picture, not the purchase
Most people are thinking about financing a single purchase when they consider it. You might say, "I'd like to buy that sofa. Can I pay it in installments?"
It's perfectly fine. It's better to begin with your plan. How many rooms will you be furnishing? What is your monthly budget? Do you want to replace a few things or start from scratch?
Financing is only a good idea when it's part of a larger budget strategy. Spending smarter is more important than spending more.
Know Your Credit Score (But don't be intimidated by it)
Many people believe that you must have perfect credit in order to qualify for financing. It's not true. Although your credit score may affect your approval or interest rates, many stores offer flexible finance options to suit a variety of credit backgrounds.
Some plans offer promotional periods that are free of interest, particularly if the balance is paid within a specified timeframe. These plans can be game changers, allowing you to spread out your payments over several months and not pay more than the original ticket price.
It is still a good idea to check your credit score in advance. You don't want to panic but you do want to plan. You might need to get a cosigner, or make a smaller purchase at first if your credit rating is not ideal.
Get Store-Specific Financing
Many people are surprised to learn that many furniture retailers provide in house financing, or have partnerships with third party lenders. They're not high-risk loans or payday loans, but are designed for consumers who want to spread out larger purchases.
Customers can apply for finance at Miracle Furniture either in store or online. The process is designed to be straightforward--because shopping for furniture shouldn't feel like applying for a mortgage.
You can schedule a delivery or walk out the door with your items if approved.
Don't be unrealistic about monthly payments
Say you have been approved for $3,000 This doesn't necessarily mean that you should spend $3,000 Consider your monthly comfort, not the maximum.
You can ask yourself: How much money per month can I afford to spend and still be comfortable? This amount might not buy you the most expensive sectional, but you might still find something lovely.
If possible, use automatic payments to finance your furniture. You'll never be surprised by late fees or interest charges just because you got busy.
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(813) 392-1000
Prioritize Essentials First
You may be tempted to overcommit to the project and furnish all rooms at once. Financing can lead you to overcommit. What's the better way? Start by focusing on the most important pieces.
Your sofa. Your sofa. A place to eat. Give priority to what you need for your everyday life. Accent chairs and coffee tables can be purchased later.
We encourage our customers at Miracle Furniture to build their homes over time. It is not how quickly you fill up your home, but how well your furniture fits into your budget and lifestyle.
Even the boring terms can be interesting to discuss.
We get it. We get it. When it comes to finance, the fine print is important. You should know:
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Interest Rates
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Payment schedule
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Late fees or penalties
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Prepayment Options
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Is the plan a revolving-credit or an installment-based?
Some financing plans have a simple structure: the same payment each month, a clear end date. Some financing plans behave like credit cards. It's up to you what works best for you. There is no "better" choice.
If you're unsure? Ask. Good sales representatives will guide you through the process without any pressure. If they don't... well, that could be a warning sign.
Finance Upgrades Wisely
What is a way to use financing that's underrated? Use it to slightly improve your. Say you have a budget that will allow you to buy a basic sofa. A mid-tier model with a better fabric, longer warranty and more support may be out of your price range.
It might be worth financing that small gap for a few more months. It's worth it, especially if you get something durable and long lasting. In the end, buying better means buying less frequently. That's when people save money.
Spending more is not the answer. Spend once and not twice.
As a backup plan, consider financing
You can use financing to protect yourself, even if you intend to pay the full amount. Life happens--cars break down, unexpected costs come up. You can have more flexibility with financing. You could pay half of the amount now and the remainder over a period of a few weeks. You can also spread out the payment to have more money for other expenses.
This flexibility is just as important as the furniture.
Search for seasonal or promotional deals
During key sales periods, many retailers offer special finance promotions. Consider holidays, grand-openings, and end-of-season sales. They often include:
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No interest on 12 or 18-month terms
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Payments deferred
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Discounts when using financing
We regularly offer limited time financing events to help our customers furnish their homes for less. There are no hidden fees, or confusing gimmicks. Waiting for these sales can save you a lot of money if you are not in a hurry.
Keep it simple and know when to say no
This is a final truth. Just because you can get financing doesn't always mean that it's the best option.
Pause if you are unsure of the commitment or if the payment will add stress each time it is due. Wait. Choose something smaller. Finance is an option, not a necessity. You should make the decision that you feel is right.
Building a house piece by piece is not a race. It's an ongoing process. It's a personal process.
Last Thoughts: Your home, your pace
It's not a "one size fits all" solution to furnishing your home. Some people prefer to pay in full. furniture finance is a great way for others to enjoy comfort and beauty while not having to worry about their budget.
What ever your choice, the end goal is to create a space where you feel comfortable.
We at Miracle furniture believe that everyone should have a beautiful house, without sacrificing their peace-of-mind. We offer flexible and transparent financing solutions that are built for everyday life. No stress. No stress. No pressure.
Let's get started!