At a Glance:
Different Ways to Finance Furniture
Benefits of Furniture Financing
Types of Products that Can Be Financed
Why Trust Bob Mills Furniture?
Furniture can hugely impact a living space- for better or for worse. The furniture pieces you choose for a room can create the entire mood of a room, and give a space an incredible, homey feeling if you can find the right pieces that perfectly fit. However, sometimes the furniture items we dream of are not our dream prices. In fact, many people put off buying new furniture, or avoid it altogether due to the high cost of the furniture that they want. Or, they compromise and purchase furniture that they can afford up front, but that is not the quality or look that they truly want.
This is where furniture financing comes to the rescue. Furniture financing provides the buyer with more options when shopping for furniture, as it allows you to take home the couch, hutch, chair, or mattress of your dreams without paying thousands of dollars upfront and breaking the bank. Below is some information about furniture financing, as well as answers to some of the questions you may have about this option.
Learn More About Furniture Financing
Furniture FinancingWhat is Furniture Financing?
Furniture financing is the act of purchasing a piece of furniture without paying the total cost upfront. Rather, you pay a percentage of the total cost, then take the furniture piece home as if you own it. Then, you follow a payment plan, paying a set payment each month toward the total cost of the item you purchased. This allows you to buy a furniture item that you want even if you do not have all the money upfront to pay for it. Rather, you can pay for the item little by little each month at a rate that is more financially feasible for you. Once you have paid the amount in full, the item is fully owned by you.
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Different Ways to Finance Furniture
There are a few different ways to finance furniture. Some of this is dependent on the retailer you are purchasing from and what they offer as far as financing goes. Below are a few of the furniture financing options that Bob Mills Furniture offers to its customers:
Bob Mills Credit Card
Bob Mills has a few specific credit cards created especially for customers who want to finance a furniture item. The Bob Mills Furniture Credit Card offers a 60-month financing plan, allowing you up to five years to pay off any furniture items you purchase with the card. This card also includes exclusive benefits only offered to cardholders, a unique perk of choosing this option. Another credit card Bob Mills offers is the Bob Mills LITE card which was created for those who do not have a strong credit history. Oftentimes, a less-than-excellent credit score keeps people from being able to qualify for financing. However, with this card, those with a less-than-perfect credit history can qualify for up to $7,500 of credit to purchase the furniture pieces they want.
Flexible Finance Plans
Bob Mills Furniture also offers financing plans that allow the buyer to pay for their furniture items over an extended period. Bob Mills partners with a U.S.-based bank that loans you the money for your furniture item initially. Then, you are responsible for paying back the amount to the bank, typically with interest. Some of Bob Mills’ financing plans will waive the interest if you pay the full amount in a certain window of time that they determine at the beginning. This is a nice incentive if you wish to pay off your item quickly without paying interest on it.
Lease-to-Own and Progressive Leasing Financing
This type of financing is especially helpful for those who have low credit or need to build their credit, as well as those who cannot afford to pay a large sum of money upfront when purchasing a furniture piece. With lease-to-own and progressive financing options, a financing company, which, in Bob Mills Furniture’s case is Koalafi or Progressive Leasing, purchases the furniture piece for you from the retailer. Then, you can take the furniture item home and pay a fixed amount to the financier each month.
A credit check will still be run before you finance, but this option is great for those who have trouble getting approved for loans or credit cards due to low credit, as they specifically market their services to those who need to build their credit. Unlike a typical loan, when you lease-to-own, you do not officially own the item until you have made the final payment to the financing company.
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Benefits of Furniture Financing
There are several benefits when it comes to financing furniture. First off, if you have a tight budget yet need to shop for furniture, the higher prices of luxury, well-made furniture items may keep you from purchasing the pieces that you really want, as well as make you compromise on the quality of what you are buying. Financing allows you to buy the quality, stylish-looking furniture you really want even when you may not have the total amount of cash on hand to purchase it immediately.
Another benefit of furniture financing is that it allows those who have poor credit the opportunity to take home the furniture they love. Since bad credit can often prohibit people from taking out loans or credit cards for furniture purchases, financing is a great option for people in this predicament. And, it can help build your credit as you pay your furniture off.
Lastly, financing is beneficial because it allows you to keep the hard-earned cash that you have on hand for other bills or necessities, rather than having to spend it all at once on one furniture piece. Instead, you can spread out the large amount over time, which is easier for many people. Since financing allows you to pay overtime, it is much more financially feasible for many people.
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Types of Products that Can Be Financed
Retailers know that furniture financing is ideal for many customers. Because of this, many furniture items can be financed, including, but not limited to:
- Couches
- Armchairs
- Hutches
- Recliners
- Coffee Tables
- Tables
- Dining chairs
- Sideboards & Buffets
- Dressers
- Bed Frames
- Mattresses
- Bedroom Sets
- Bed Frames
- Bunk Beds
- Mattresses
- Desks
- Armchairs
- Bookshelves
FAQs: Furniture Financing
How to finance my furniture?
To begin the financing process, you must first decide what method is the best option for you and your financial situation. Whether that is a financing credit card, a finance plan, or a lease-to-own agreement, figuring out what options fit your needs best is key. Once you have determined which option to pursue, you simply apply on the Bob Mills Furniture website under the option you have selected. Once you fill out your application in its entirety, you will be contacted by the company for your next steps in financing your furniture item.
Does financing purchases hurt credit?
Financing your furniture only hurts your credit if you let it. Since financing is considered a form of debt, you must be very careful in ensuring your payments are on time. If you are late or miss a payment, this will negatively impact your credit score. However, if you are timely with your payments and pay them in full each month, this will only positively impact your credit. If you are responsible for your financing, it will benefit you and your credit in the long run rather than hurt it.
Which is the best financing method to purchase furniture?
The best financing method when purchasing furniture is whichever option is the most financially feasible for you! Ideally, it is best to choose a plan that you are able to make timely payments on each month, with the lowest rate of interest possible. This way, your credit score is not negatively impacted since you would be able to make your payments in full each month, which is beneficial to your credit.
Along with this, you would not be paying a significant extra amount on the total cost of your item in interest if you are able to get a low-interest or no-interest plan. Of course, the best financing method will differ from person to person depending on your personal financial situation. It is important to research your options to determine what will work best for you overall.
What credit score do I need to finance furniture?
The benefit of financing options is that there are multiple options to choose from, with different options regarding your credit status. For some of the options, you need a mid to high-range credit score to qualify, such as a credit card or finance plan. However, there are other options that allow you to finance furniture even if you have a very low credit score, such as lease-to-own and progressive leasing. Depending on your personal credit situation, you can choose a plan that works with your credit score, no matter how high or low.
Why Trust Bob Mills Furniture?
At Bob Mills Furniture, we believe that everyone is family. Since 1971, we have delivered beautiful furniture for 50 years (and counting), with ten sprawling locations in the U.S. — from our flagship store in Oklahoma City to San Antonio in Texas to Wichita in Kansas. Our friendly staff aims to offer the greatest comfort and value, with elegant styles to match your taste, décor, and design. In addition to coziness and style, we also stock furniture and mattress brands with strong reputations and track records of durability so that you can enjoy your investment for years to come.
Shop Home Furniture at Bob Mills
Start reveling in endless comfort and shop home furniture online for unbeatable prices at Bob Mills. Our friendly experts are always happy to help you find furniture financing — whether you call the Bob Mills Furniture store nearest you or use our online chat feature. Better yet, stop by one our showrooms throughout Oklahoma, Texas, and Kansas to discover why we are everyone’s favorite local furniture store. Visit us today!
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