Picture this: you walk into a furniture store and you find the perfect brown leather reclining sectional that you’ve been envisioning for your living room. You’re about ready to buy it until you realize it is out of your price range. However, you really want it and if there was a way for you to pay it off over time, like a car or a house, you would do it.
What if there was a way? What if there were easy furniture financing options at furniture stores?
If you are wondering “Can you finance furniture?,” the good news is there are furniture stores in South Texas that offer furniture financing!
Some of you reading may have heard of furniture financing, but aren’t quite sure what it is and what it means. Today we are going to learn more about the ins and outs of furniture financing, which furniture stores offer financing in South Texas, and if financing furniture is worth it.
Purchasing furniture is not just about making a physical purchase. Similar to buying a house, purchasing furniture is an investment.
When you buy a house or a car, more often than not, you will not be able to pay down the full amount at the point of purchase.
However, that does not mean you can’t buy a house or a car. You will have the ability to set up a plan where you pay off the purchase in full over time.
Most furniture stores in the South Texas area offer furniture finance plans so you can defer payment for a period of time or make smaller payments to pay off the furniture in full over a period of time.
Furniture financing is frequently provided to furniture retailers by a third-party financial institution. The way this works is the financing company provides the loan to the retailer and the retailer will pay the fee back to the financing company. In many cases, an administration fee will be charged to the customer to compensate the retailer.
If you pay for furniture by credit card, this is also considered furniture financing. Paying the full amount of the furniture cost at the point of purchase will result in you avoiding fees. In fact, some furniture retailers offer ‘points’ on your purchase if paid in full to help finance a different purchase.
As with everything in life, there are pros and cons to furniture financing. Read on to learn more about the advantages and disadvantages of furniture finance plans!
If you cannot afford to pay the full amount of the furniture at the point of purchase, financing furniture plans will not let you leave the store empty-handed. If you elect to use a furniture finance plan, you can still leave the store with that beautiful black leather reclining sofa you fell in love with.
As we discussed earlier, many furniture retailers work with financial institutions if they offer furniture finance plans to their customers. Since your payment reports are shared with credit bureaus in these instances, as long as you make your payments on time, you have the ability to improve your credit score!
When you finance furniture and do not pay the total cost upfront, you are essentially putting yourself into debt. As is the case with car payments and house payments, you will be charged interest when you finance furniture. If you have a payment plan that spans months to a year, you will likely end up paying more than the original cost of the furniture.
In an earlier section, we discussed how you can improve your credit score by financing furniture. While that is the case, it can also negatively impact your credit score. It is important to note that if you do not pay on time, your credit score will be damaged by furniture financing. If you elect to use furniture financing, it will be best to know beforehand if you can afford to pay on time.
If you are wondering, “Where can I finance furniture?” The good news is there are plenty of different furniture stores in South Texas that offer furniture financing.
When looking for furniture at Living Spaces, you may be pleased to know that they offer furniture financing options. From 6 to 18 months they offer plans that do not include an interest rate, which is a very generous offer to those looking to finance furniture. They also offer a 60-month payment option that requires a fixed monthly payment for 60 months.
Star Furniture also offers finance options for their customers. They have several interest-free options with an easy pre-approval process. Their plans range anywhere from 3 to 36 months with 0% APR.
Bob Mills Furniture also offers furniture financing plans to its customers. Their plans include credit approvals up to $7,500 and can span up to 60 months of fixed payments. Bob Mills Furniture also offers its own credit card that includes benefits to the exclusive cardholder.
In truth, most big-name, well-established furniture retailers offer some form of furniture financing to their customers. This is just a short list of the companies that do in the South Texas area. Smaller, family-owned furniture retailers may not offer furniture financing options, which makes it important to check before you choose where to buy if you are interested in furniture financing.
If you are interested in furniture financing, you will be pleased to know that La-Z-Boy offers financing options to our customers!
We at La-Z-Boy South Texas offer financing plans that include 0% interest for 12 months with equal monthly payments. We also offer a dedicated credit limit to use continuously at different La-Z-Boy Furniture Galleries.
Like Bob Mills, La-Z-Boy also offers customers a La-Z-Boy credit card. If you elect to finance furniture at La-Z-Boy South Texas, you will have access to your own account linked to the Synchrony Bank website, the bank we use for financing. There you will be able to make payments, view your balance, update your account information, and schedule out payments in advance.
Find out more about furniture financing at La-Z-Boy South Texas.
After discussing the pros and cons of financing furniture, you may be wondering if financing furniture is even worth it.
If you have found the ideal piece of furniture for your living room, dining room, or bedroom but cannot afford to pay the full amount at purchase, this is the reason furniture financing plans exist! It gives you the ability to take the furniture home the same day even if you can’t pay it down in full at the point of purchase. If you find yourself in that situation, furniture financing may be a good idea for you.
On the other hand, furniture financing may not be the best idea for somebody who can afford to pay the full amount at the point of purchase. Earlier in this article, we discussed how you may end up paying more for the furniture if you use a financing plan. If you can afford to pay in full right away, finance options are not necessary and are not the best option because paying the full amount upfront will likely be the more cost-friendly approach.
Ultimately, the decision to finance furniture will be up to you. If you are interested in financing options, we at La-Z-Boy recommend that you sit down and identify whether you are in a position financially where you can afford to pay monthly for the furniture you are interested in.
If you'd like to get some in-person guidance, you can schedule an appointment with one of our in-store designers.
Now that you know the ins and outs of furniture financing, it’s time to get to the fun part: deciding which furniture option is right for you!
Buying furniture and deciding where to buy can be an overwhelming process. Since there are so many options available online in seconds after searching “Furniture stores near me,” it is important to note that shopping for furniture online only allows you to experience some fun.
The best part about furniture shopping is trying out the furniture for yourself to see whether it is right for you. This will only be possible if you come into a furniture store yourself. In addition, coming into a furniture store allows you to ask questions in real-time as they come up with features, details, and customization options and get your answers from expert in-store design consultants.
If you are interested in coming into a furniture store, come by one of our La-Z-Boy locations in South Texas. We will be happy to assist you with anything you may need while here!