How To Buy Appliances Without Cash

Then keep reading, as we’ll show you multiple ways to finance an appliance purchase without cash.

It seems like the cost of everything is up nowadays, and appliances are no different. Statistics show that appliance prices have increased 13 percent due to inflation, making expensive items even costlier.Such price increases could keep many households from getting the appliances they need, but thanks to different forms of financing, you may not have to wait to get that new washer and dryer, television, or refrigerator.

Ways To Purchase Appliances Without Cash

What’s the advantage of buying appliances with cash? It keeps you from going into debt and lets you avoid interest charges and other fees.But if you don’t have cash on hand, you’ll need to take the financing route to buy your essentials. Here are the most popular forms of financing for appliance purchases.

Use a Credit Card During Its 0% APR Introductory Period

This financing option isn’t for everyone, but if you have good credit, applying for a credit card with zero interest during its introductory period (usually 12-21 months) may be your best bet.

Make your payments on time, and you can use such a credit card to get the appliance you need without incurring any interest fees. There is one issue with this method, though: Timing. Sure, you can apply for a 0% APR credit card and get approved within minutes, but it may take a week or two to get the card in the mail. If you need to purchase an appliance today, such as a refrigerator because yours broke, this may not be the quickest option.

Ask the Store if They Offer In-House Financing

Many stores offer in-house financing for expensive purchases like televisions, stoves, refrigerators, and the like since it helps them snag non-cash customers before they visit their competitors. With this form of financing, you usually get a store credit card that can be used for that purchase and others in the future. Unlike your standard credit card, the in-house one can only be used in the store.

You may choose this option if you want quick approval to make a purchase on the spot. And it may be a good choice if you know you’ll be making other purchases in that store later on. Pay off the appliance by a certain date, and you could avoid any interest fees.

Get an Unsecured Personal Loan

Some lenders offer unsecured personal loans that can be used to make appliance purchases. Such loans offer quick approval after checking your credit and income, but they may come with high interest rates that could make the cost of borrowing quite expensive. Add on possible origination, late, and insufficient funds fees, and you may decide on a less costly form of financing.

Take the Rent-To-Own Route

If you want financing that won’t check your credit and doesn’t require any down payment, visiting a rent-to-own store may be your top choice. It lets you make small weekly or monthly payments and rent appliances. Keep making those payments for a year or two, and you could end up owning the appliance.

What’s the problem with rent-to-own appliances? They can cost a lot more in the long run, but they could suffice for emergencies where you have no other options.