Got Layaway? Breaking Down Payment Options for Buying New Furniture

Want to go on a shopping spree but your bank account is in the red? Don't worry, there are still plenty of ways that you can responsibly finance your new furniture. Here are several options that will help you overcome any financial hurdles you might have when it comes to affording that new sofa or sectional.

How should you pay for furniture?

The heart wants what the heart wants. So if you spy a sofa bed sale and you just can't pass it up, you might find yourself in need of some financial help in order to seal the deal. Here are a variety of different ways that you can finance that velvet sofa of your dreams.

• Personal loans: Harness the potential of personal loans for flexible funding, often sporting lower interest rates compared to credit cards. You can even get access to fixed installments so that you can set yourself up for success with a predictable payment schedule.
• Retailer financing: Dive into the realm of in-house financing options from furniture retailers. Most retailers offer in-store financing with competitive terms. In some cases you can even put zero dollars down! Big online retail industry players like Affirm, Bread, Klarna and SplitPay have made it even easier! However, you should thoroughly scrutinize interest rates, terms, and potential fees before making a financial commitment you might regret.
• Online lenders' oasis: Embrace the convenience of online lending platforms, providing you with an array of personalized loan choices. Pursue competitive rates and terms that align seamlessly with your unique financial aspirations. You'll be amazed how many options are readily available to help you finance that new living room couch.
• Furniture subscription services: Embrace the modern concept of leasing furniture through subscription services, which is a particularly valuable option for those seeking temporary solutions. This route offers the flexibility needed for short-term living arrangements.

It's important to make a responsible budget when looking at securing a big ticket item. That L-shaped sofa isn't cheap, after all. If you're smart and you choose financing and loan options that you can stomach, then you won't have to feel green around the gills when that new green sofa gets delivered.

So next time you see sectional sofas for sale, you'll be armed with all the necessary financing information you need to confidently make your purchase.