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Mattress Financing: Putting You to Sleep

 


Are you planning on financing a new mattress? On average, a person spends one-third of their lives in bed.

If that is the case, then financing for mattress should probably be a rational decision to ensure that your one-third of life is spent in comfort and ease. In today's world, there are many financing options available for mattresses. However, not all financing options are created equal and some may actually cause more harm than good if they carry hidden fees or high monthly payments.

While financing can add another monthly payment to take out of your budget (a list of important articles on saving money ), it could be beneficial to finance if done correctly. The best way to decide which financing option is right for you is to do your research and compare financing options available. The financing option that works for one person may not work for another, but at least knowledge of financing options gives you the power to make an informed decision that could potentially save you money in the long-run.

Mattress financing options are widely available with most large retail players offering financing plans after a simple credit check. Mattress financing should not have any impact on your credit score as it isn't actually being reported as a loan because it's treated as if it were cash advances. However, these cash advances are free from interest payments so you should never be charged or penalized interest unless you don't repay within the allotted time frame.

Financing options are available for most mattresses with financing typically lasting anywhere from six to 48 months. The length of financing you are offered will depend on the quality of credit you have established over time, but financing up to 60% of your mattress purchase is typical. This means that if a mattress is $2,000, financing could be offered up to $1,200 for a total repayment amount of about $3,400.

Some financing plans may require you to pay interest at an APR rate starting as low as 0%, however this special financing option only lasts for the first 3-6 billing cycles. If it's not paid off within that time frame then financing charges are applied retroactively and added onto the total balance. If you have a promotional financing offer, be sure to read the fine print as it's important to understand all the terms and conditions before signing up.

After financing is complete, some retail players like Mattress Firm may offer additional discounts for being a loyalty customer.

There are also other financing options such as using a personal loan or home equity line of credit (HELOC). A personal loan is an unsecured loan from a bank or credit union and can be used for any purpose, including financing a mattress. Personal loans typically have interest rates that are lower than credit cards and can be repaid over a period of 2-7 years.

Home equity lines of credit are loans secured by a piece of property you own such as your home. Home equity lines of credit have lower interest rates than personal loans and financing can last anywhere from 2-20 years depending on the financial institution providing the financing.

There are also financing options available for specific types of mattresses, such as financing a latex mattress or financing an airbed .

If you opt into financing, be sure to understand all terms and conditions before signing up. Read through the contract thoroughly and make sure all contact information like phone number and email address is correct in case there is any issue with payments along the way. Also be prepared to submit identification (i.e., driver's license) and proof of income (i.e., pay stub, W2, etc.).

Mattress financing options are widely available with financing typically lasting anywhere from six to 48 months. For financing up to 60% of your mattress purchase, financing could be offered for terms ranging from 6-48 months depending on the quality of credit you have established over time. If financing is not paid off within that time frame, financing charges are applied retroactively and added onto the total balance.

Conclusion: 

If you've been looking for a way to make your next mattress purchase less expensive, we have the perfect solution! We offer financing options directly through our company. With this option, there's no need to go see a bank and get additional loans or credit cards. It also means that if you want to upgrade later on down the road, all of those monthly payments will transfer right over. You can even finance purchases from other brands too! So don't wait any longer; contact us today for more information about how we help people sleep better at night with our affordable financing program!
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