A new house doesn’t really feel like home until you have the perfect furniture decorating the space. In many other cases, you may need to replace broken or old furniture with new pieces. But what if you don’t have the budget to go out and buy new furniture from a store?

Before you take out a loan or open a new credit card, consider furniture financing. Furniture financing and leasing through Becca’s Home is a more convenient and credit-healthy alternative. Let’s break down how to secure furniture financing in 2023 and beyond. 

What Is Furniture Financing?

In a nutshell, furniture financing allows you to purchase the furniture you need to decorate your home, entertain your guests, and be comfortable, all while staying within your budget. When you finance your furniture, you don’t get ownership of the furniture until you pay for the pieces’ full amounts. Ownership is retained by the organization that provided the furniture, like Becca’s Home.

However, you still get to bring the furniture home. Then you make convenient monthly payments that work for your budget and your payment schedule over time. When you eventually pay for the full asking price, you then own the furniture.

Note that this isn’t the same as taking out a loan. No credit is involved and you don’t borrow money from anyone. The only money involved from start to finish is yours.

Through financing with Becca’s Home, you:

  • Get the furniture you want/need
  • Make regular payments until you pay for the furniture’s full amount OR purchase your furniture early at any point
  • Never have to take out credit or a traditional loan

Furniture financing allows you to rent-to-own your furniture, in essence. In this way, your credit score doesn’t take a hit but you can still get the furniture your home needs to look and feel complete without having to save up a lot of cash beforehand.

How Furniture Financing Can Help You Furnish Your Home

Furniture financing may help you furnish your home by:

  • Allowing you to get the furniture you need ASAP without having to save up for pricier pieces
  • Pick and choose the right furniture for your preferences without being hamstrung by your budget

Since furniture financing doesn’t require you to borrow money, your credit score isn’t hurt. You never run the risk of going into default with a loan, either, since you don’t take one out in the first place.

Is There Interest in Furniture Financing?

No. Becca’s Home doesn’t charge interest for any furniture you purchase/lease from us. Furthermore, the majority of financed furniture deals from other organizations don’t come with interest rates. A few do, but you should stay away from those at all costs anyway.

What Is APR?

APR, or annual percentage rate, is a measurement of the yearly interest a borrower pays on a loan. Fortunately, you don’t have to worry about APR when leasing furniture through Becca’s Home. We don’t charge interest or assign your furniture and APR.

Again, you don’t borrow money in the first place — you technically borrow furniture, which you purchase over time through regular payments that work for your budget.

How To Get Furniture Financing

Getting furniture financing through Becca’s Home is quick and easy. Just follow the step-by-step process below:

  • Visit our site and click “Get Approved”
  • Answer questions about your financial status and some basic personal information. This information will help us determine how much furniture you can purchase and when your regular payments should be
  • Pick out the furniture you want to purchase
  • Pick up the furniture or have it delivered to your door
  • Then make regular payments to Becca’s Home based on your pay schedule, your budget, and more. Our leasing contracts are usually timed for 17 months, meaning you will fully own your furniture after 17 months of regular payments
  • However, you can also purchase your furniture early at any point!

Which Financing Terms Are Right for You?

You’ll want to read all the details of a financing arrangement at the time of purchase. 

Generally, the best terms are those that work for your payment schedule and budget. For example, if you are paid every two weeks, you can set up a lease contract with Becca’s Home and make an automatic payment toward your furniture lease every two weeks or month.

Consider the lease term for your financed furniture, as well. We start with a 17-month lease, but you can pay it off early if you want. Then check for other details on the purchase agreement, such as:

  • Penalties for late payments
  • Whether larger payments are allowed
  • What the billing cycle is
  • If payments are automatic
  • Are you charged interest? Is there deferred interest?
  • What the current purchase balance is

What Do You Need To Qualify for Furniture Financing?

At Becca’s Home, we don’t require a high credit score for you to qualify for furniture financing. Instead, we take a look at a variety of financial factors, such as credit bureau reports, payment history, and total salary when determining who we lease furniture to. We also look at the purchase date, prior purchases, and more.

To get furniture financing from most lenders, you need a regular paycheck and enough cash leftover that you can make consistent payments toward your leased furniture. Some organizations have limitations on financing purchases for new accounts, such as:

  • Required minimum purchase amount
  • Purchase APR and minimum interest charge
  • Minimum monthly payments
  • Restrictions on the number of months for applicable terms

Generally, lending partners are more likely to offer financing promotions, promotional purchases, and other limited-time offers for those in good standing with them. Already read the standard account terms and special terms carefully to ensure you aren’t taking out a loan by accident. Some purchase agreements may sign you up for a loan for the remaining balance. 

Can Furniture Financing Help You Build Credit?

Yes! Making regular, on-time payments toward your leased furniture totals will boost your credit score over time.

That’s because each payment gets reported to the big three credit bureaus. When the bureaus see that you can make consistent payments toward a lease contract, they’ll boost your score accordingly.

The Bottom Line

As you can see, getting the furniture you need to complete your home and enjoy the decor of your dreams is easier than ever. You don’t have to save up thousands of dollars or open up a new credit card account — instead, contact Becca’s Home and lease the furniture you want in no time. We’ll work with you based on your budget, pay schedule, and other factors. Contact us today for more information!

Sources:

Credit Reports and Scores | USAGov

Annual percentage rate (APR) | Investopedia

Lease Definition | Investopedia

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