At a Glance:
Appliance Financing, Explained
What to Know Before You Finance
Two Options for Financing at Aztec Appliance
There are many reasons to update the appliances in your home, whether you are replacing old and broken appliances or achieving a cohesive look with a set of matching appliances. You may be looking for more eco-friendly, energy-efficient appliances or desire to add resale value with luxury appliances. Whatever the case, investing in new appliances can be expensive, and financing can help to ease that burden.
Whether you are in the market to finance a washer and dryer, or appliances for every room in your home, you can find appliances from quality brands at Aztec Appliance. In this article, we will explain Aztec Appliance’s convenient financing options and answer commonly asked questions about financing.
Explore Financing Options
See all financing options at Aztec Appliance. Apply online and get financing for your next big-ticket appliance today!
See FinancingAppliance Financing, Explained
Appliance financing is a helpful option whether you are looking for a quick solution to replace an unexpectedly broken appliance or invest in high-quality appliances that you need to pay off over time.
Appliance financing is an appliance loan that enables you to purchase a household appliance with borrowed funds that you repay over time, usually in monthly increments. There are several routes to securing an appliance loan. You can seek out a personal loan, in-house financing at a store, rent-to-own financing, or a traditional credit card. Aztec Appliance offers two in-house financing options that we will detail in this article.
Financing applies to all home appliances from washers to wall ovens. Yes, you can get a loan for a refrigerator - whether you want a french door or counter depth refrigerator.
→ Learn More: Aztec Appliance Reviews: San Diego
What to Know Before You Finance
What do you need to know before you finance? It is important to consider the length of your loan repayment, interest rates, and the difference between financing, buy now/pay later, and layaway options. We will also explain the potential positive and negative effects financing could have on your credit score.
Loan Lengths
With a longer loan term, your monthly payments are less, but you will pay more interest over the life of the loan. If you can afford higher monthly payments, you can pay off your loan more quickly and pay less in interest costs.
Interest Rates
An interest rate is the percentage of the principal (total amount of money borrowed) that lenders charge you to borrow money from them. It is important to look not only at the interest rate but also at the annual percentage rate (APR), which will give you a more holistic look at the total cost of borrowing money over the entire life of the loan. APR considers one-time fees, origination fees, and other costs.
Difference between In-House Financing, Buy Now/Pay Later, and Layaway
In-house financing, buy now/pay later, and layaway are three options for buying a big-ticket item like a dryer when you cannot pay in full upfront.
- In-House Financing: In-house financing allows you to make purchases from a specific retailer. It enables buyers to purchase big-ticket items, like appliances. It is typically easier to qualify for a loan directly through your favorite retailer.
- Buy Now/Pay Later (BNPL): BNPL is a short-term financing option where purchasers can buy an item immediately and pay it back over time, often free of interest. It is fairly easy to get approved for BNPL, but it will affect your credit score if you make late payments or default on the loan. This is often a way to finance appliances with no credit check.
- Layaway: Layaway is another way to pay for an item in installments, but you do not receive the item until you have paid in full. The store holds the item for you until you have finished making payments. This option is less risky because if you default on a layaway plan, it will not impact your credit score.
→ Learn More: Clearance vs Sale Appliances: What’s the Bigger Savings
Credit Scores
Your credit score can be a significant factor when trying to secure a loan.
What credit score is needed for appliance financing? In-house financing at stores like Aztec Appliance typically requires “fair credit,” or a credit score between 580-669.
Does financing bring your credit down? Financing can bring your credit down because a lender typically performs a hard credit inquiry to assess your credit history, and this may temporarily decrease your credit score by up to five points.
Can financing appliances ever affect credit scores for the better? Yes! Making on-time payments and having a mix of credit both have the potential to increase your credit score.
Two Options for Financing at Aztec Appliance
Aztec Appliance offers two options for in-house financing. Stop searching online for “appliance financing near me,” and visit us in person to find the best appliance financing in San Diego. Let’s explore the differences between a BrandSource credit card and Snap Finance.
BrandSource Credit Card
With a BrandSource credit card, you can access a dedicated line of credit for your home needs. Spread out payments over time while enjoying your appliances from day one. With the BrandSource card, you can receive promotional rebate savings offers and $0 liability on unauthorized purchases. You can manage your account online with ease.
Snap Finance
Snap Finance offers lease-to-own financing for credit-challenged shoppers. Do you want financing that is accessible, affordable, and completely transparent? Do you want to buy appliances on finance with bad credit?
Snap is dedicated to providing an easy application process so that you don’t have to wait to find out if you qualify. Click here for more details or to fill out an application. You could qualify for purchases up to $5,000 with Snap.
Financing makes appliance shopping attainable for all kinds of shoppers. At Aztec Appliance, we are passionate about helping shoppers like you find appliances that fit their needs and styles, so that you can make the most of your home. It’s where life happens and you make memories with your family. Investing in quality appliances can make your home a better place to live, work, and play. Visit us in person to learn more about financing options today.
FAQ
If you're considering appliance financing, here are some frequently asked questions (FAQ) that can help you better understand the process.
- What is appliance financing? Appliance financing is a type of loan or credit arrangement specifically designed for purchasing appliances. It allows consumers to buy appliances and pay for them in installments over an agreed-upon period, typically ranging from 12 to 60 months. The financing is provided by a financial institution, such as a bank or a specialized appliance financing company.
- What appliances can I finance? Most major appliances are eligible for financing, including refrigerators, washing machines, dryers, dishwashers, ovens, and televisions. However, the availability of financing options may vary depending on the lender and the specific store or retailer you're purchasing from.
- How does appliance financing work? When you choose appliance financing, you typically apply for a loan or credit line. The lender will evaluate your creditworthiness and financial situation to determine whether you qualify for financing. If approved, you'll receive a specific credit limit that you can use to purchase the appliances. You'll then make regular monthly payments, including interest and any applicable fees, until the loan is paid off.
- What are the benefits of appliance financing? One of the primary benefits of appliance financing is the ability to acquire necessary appliances without having to pay the full amount upfront. It allows you to spread out the cost over time, making it more manageable within your budget. Additionally, some financing options may offer promotional periods with low or zero interest rates, making it even more affordable. Appliance financing can also help build your credit history if you make timely payments.
- Is appliance financing the same as store credit? While appliance financing is often offered by stores or retailers, it is not the same as store credit. Store credit requires you to purchase items only from a specific retailer, whereas appliance financing can be used at various stores or online platforms, giving you more flexibility in choosing appliances from different brands and retailers.
- What factors should I consider before choosing appliance financing? Before opting for appliance financing, it's important to consider the interest rates and fees associated with the loan. Carefully review the terms and conditions, including any potential penalties for late payments or early repayment. Evaluate your own financial situation to ensure that the monthly payments fit comfortably within your budget. It's also crucial to compare different financing options from multiple lenders to find the best terms and rates available.
- What happens if I can't make the payments? If you find yourself unable to make the monthly payments, it's essential to contact your lender immediately. They may be able to offer solutions such as adjusting the payment schedule or deferring payments. Ignoring the issue can result in penalties, damage to your credit score, and even potential legal action, so it's crucial to communicate and seek assistance when facing financial difficulties.
Appliance financing provides a practical solution for consumers who need to purchase appliances but prefer to pay over time. By understanding the basics of appliance financing and considering the important factors involved, you can make an informed decision that aligns with your financial goals and needs. Remember to research different lenders, compare offers, and choose the option that best suits your requirements.
Why Trust Aztec Appliance?
Since 1972, Aztec Appliance has been offering quality sales and service for name-brand appliances. Our mission is to not only help you achieve all your appliance dreams, but we also want to bring value to your home beyond materialistic amenities. Our team is an authentic group of people dedicated to our work, and we share the same undeniable passion for people and serving them the best we can. Suffice it to say, we know appliances.
Whether it's a first birthday, a backyard wedding, or a retirement celebration, our hope is to give you the opportunity to enjoy life's little moments. After all, memories are not consigned to the big moments — they exist within the little ones. And you can rest assured our inventory of top-performing kitchen, laundry, and outdoor appliances will help you spend less time keeping the home and more time with the people who make it home.
Shop Appliances at Aztec
Don't put off until tomorrow what you can do today, and shop appliances online for the guaranteed lowest price at Aztec. Check out Aztec Appliance reviews, and if you have questions, our friendly product experts are always happy to help you learn more about clearance vs sale, and which is better — whether you call us at 858-987-5777 or use our online chat feature. Better yet, stop by our Aztec Appliance San Diego showroom located at the heart of downtown. Visit us today!
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