Places That Finance Mattresses

Buying a new mattress is a significant investment. A good night’s sleep is crucial for overall health, but quality mattresses can be expensive, often putting them out of reach for individuals and families on a tight budget. Fortunately, several financing options exist to help spread the cost of a mattress over time.

Retail Mattress Stores

Many major mattress retailers, like Mattress Firm, Sleep Number, and local furniture stores, offer in-house financing programs. These programs often feature promotional offers, such as 0% APR for a specific period or deferred interest options. However, it’s crucial to read the fine print. Deferred interest plans can be risky, as you’ll be charged all the accrued interest if the balance isn’t paid in full before the promotional period ends. Qualification typically depends on your credit score and income.

Third-Party Financing Companies

Companies specializing in consumer financing, such as Affirm, Klarna, and Synchrony Bank, have partnered with numerous online and brick-and-mortar mattress retailers. These companies offer installment loans with fixed monthly payments and interest rates. You’ll usually undergo a credit check to determine eligibility and interest rate. The advantage is that these plans provide clear repayment schedules and predictable costs, making budgeting easier. However, interest rates can vary significantly depending on your creditworthiness. Comparing rates from different financing companies is essential before committing.

Credit Cards

Using a credit card to purchase a mattress is another option, particularly if you have a credit card with a low interest rate or rewards program. Some credit cards even offer 0% introductory APR periods on purchases, which can be a cost-effective way to finance a mattress. However, carrying a balance on a credit card can quickly lead to high interest charges, so it’s best to pay off the balance as quickly as possible. Furthermore, using a significant portion of your credit limit can negatively impact your credit score.

Rent-to-Own Stores

Rent-to-own stores, such as Rent-A-Center and Aaron’s, offer mattress financing with no credit check. While this may seem appealing to those with poor credit, the total cost of the mattress can be significantly higher than purchasing it outright or using other financing options. These stores typically charge high interest rates and fees, making them the most expensive way to finance a mattress. They are often considered a last resort for individuals with extremely limited credit options.

Personal Loans

Applying for a personal loan from a bank or credit union can be a good option if you have a decent credit score. Personal loans generally offer lower interest rates than credit cards and rent-to-own agreements. You’ll receive the loan amount upfront and repay it in fixed monthly installments. This provides predictability and control over your budget. Consider comparing rates from multiple lenders to secure the best possible terms.

Ultimately, the best way to finance a mattress depends on your individual financial situation and credit history. Carefully consider your budget, credit score, and repayment ability before choosing a financing option. Research different lenders, compare interest rates and fees, and read the terms and conditions carefully to avoid any surprises.