How to Finance Mattresses

A mattress is a major purchase; after all it is one of the most used pieces of furniture in a home. You spend an average of 1/3 of your life sleeping, so it is important to choose a quality mattress that will last years. Mattresses cost hundreds to thousands of dollars, and that doesn't include frames, box springs and sheets. You may not have the cash up front to purchase a new mattress when you need it, but options are available to finance the purchase. With financing, you can pay for a new mattress over time.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Good credit.
• Credit card or store credit.

1. Use a credit card to finance a new mattress. If you already have a credit card, you can put the purchase on the card. If you plan it properly, purchase the mattress at the beginning of your billing cycle, and pay it off in full before interest kicks in. If the interest rate is low, you may extend the payoff over a few months.

2. Use financing at the store selling the mattress. Many furniture and bedding stores offer financing to allow customers to buy today and pay later. These options can range from store credit cards to store- backed accounts. Ask about financing options when you first enter the store to see if it is available and if you are eligible.

3. Read the fine print, and carefully look over the financing terms. Some stores may offer financing with no payments for X amount of time but may charge interest right away. Other stores may require a payoff in a certain amount of time. Also the interest rate on store cards may be higher than your credit card, so compare rates before signing up for financing.

4. Be sure to make at least the minimum monthly payments on time each and every month. Ask about payment options; some stores may require you to pay in store while others have a credit company handling their financing.

Tips & Warnings

• If possible make a down payment on the new mattress to reduce the amount that you are financing.
• Defaulting on a mattress financing payment is the same as defaulting on credit card debt and other loans.

References

• Information About Time Spent Sleeping