Even at a budget mattress store like Ben’s, a new bed can be outside of the financial means of a family that doesn’t necessarily have a large amount of money on-hand to spend on an improved night’s sleep. For this reason, Ben’s offers financing for customers to help spread out the cost of the mattress over time.
Five Tips for Buying a Mattress with Bad Credit
Of course, anybody that ever has bought anything on credit knows that the better the credit score, the more desirable the terms, and people with bad credit may even have had experiences where they were not offered financing at all because their scores were so low. Lenders see bad credit scores as a liability in terms of recouping a loan, so it can be hard to finance an item if you have an undesirable score.
The good news is that Ben’s offers financing to all types of buyers. If you are considering purchasing a mattress and you have bad credit, consider the following tips before delving into financing a new mattress or bedroom set:
Clean Up Your Credit
If you know the time is coming to purchase a new bed, perhaps consider delaying the purchase by a few months to clean up your score a bit. This might mean paying off past-due accounts, disputing credit report errors, and adding any positive information you can to your credit report. This could potentially boost your score enough to make financing a little easier and more cost effective.
Don’t Make It Worse
Even if you can’t do much to clean up your score, you can ensure that you don’t make it worse in the meantime. Pay everything on time and avoid starting any new credit cards or taking on any other new financing obligations. If you can steer clear of tax liens, debt collections, and late payments, you’ll have a better chance at getting desirable financing terms for your mattress.
Expect Slightly Higher Interest Rates
It is no secret that the best interest rates typically are reserved for those with better credit. While you may still be able to get a loan with a less-than-desirable credit score, you should expect to have a higher rate than the best advertised deals.
Read the Fine Print
Beyond that, sometimes financing can come with penalties if the financing isn’t paid off in the agreed-upon time frame. Knowing those types of items, as well as the exact terms of the loan itself, are important in ensuring you get the financing you need without further burdening yourself or worsening your credit somewhere down the line.
Understand Your Budget
The bottom line in all of this is that it’s important to understand just how much more you can afford in terms of a monthly payment. A new mattress or bedroom set is worth some cost, but more than anything it is essential that buyers consider that cost in the context of their monthly bills. If you are able to accept the terms of financing despite a poor credit score, it is our hope that you use this financing opportunity to improve that score moving forward. Here at Ben’s in Atlanta, GA, we want you to sleep well, regardless of what your credit score might be!