Should You Finance Your Mattress? What You Need To Consider

Financing used to be an option reserved for only the largest purchases, such as a house or car. Now, more and more businesses, including Grand Furniture, offer financing for more expensive items such as mattresses. But should you finance your mattress? Here’s what you need to consider before accepting or declining a financing offer.

Terms and Conditions

Before immediately accepting or declining a financing offer, you should consider the terms and conditions of the offer. The salesperson helping you select your mattress should be able to answer most of your questions about the store’s specific terms and conditions, but many financing offers are similar across stores.

The process often starts with a credit check, although Grand Furniture offers mattress financing for no credit. They will then establish an interest rate. You’ll then look at the payment plans that the store offers and select the best one for your circumstances.

Building vs. Hurting Credit

Any time you finance a purchase, you’re given an opportunity to either build or hurt your credit. By making timely monthly payments and fully paying off your purchase in the allotted time, you can build your credit score. This can be easier with smaller purchases such as a mattress in comparison to larger credit purchases such as a house or car, so it can be good to take advantage of financing opportunities.

However, if you fail to make your monthly payments on time and take longer than allotted to pay off your purchase, you can end up hurting your credit. If you allow this to become a habit, you can permanently damage your credit and may not be allowed to make larger purchases that require financing in the future.

Want vs. Need

Whenever you’re faced with an expensive purchase, you should always ask yourself if you want it or need it. If you only want a new mattress because you want the next trend in sleep or you’re comparing your belongings to what other people have, it may not be a good time to purchase and finance a new mattress. Making a rash decision to purchase something you want without considering the long-term commitment of financing could mean that you wake up one day without the desire to continue paying on your impulse purchase. This could negatively affect your credit.

If you need a new mattress because you’re moving or have a medical need, financing may be your only option, especially if you want to keep your savings for other purchases. Needing the mattress will help motivate you to keep up with your monthly payments and follow through with the payment plan in a certain amount of time.

So, should you finance your mattress? What you need to consider are the terms and conditions, the possibility of either building or hurting your credit, and whether you want or need a new mattress at this time. If the terms and conditions are right for your circumstances, you have the discipline to build your credit, and a new mattress is something your truly need, then financing is the right choice. If you have questions about buying a mattress on credit and want to learn about your options, reach out to Grand Furniture. We are always happy to assist you.