Buying appliances with poor credit may be challenging, but it is not impossible. Poor credit scores affect how much an individual may borrow and how much interest they will pay. However, poor credit does not automatically mean that a person cannot borrow money. Two options available to buy appliances with poor credit including getting a store credit card and renting to own.
Store Credit Cards
Visit the store you would like to buy an appliance from.
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Approach a sales associate for the store and tell them you would like to apply for a store credit card to purchase the appliance.
Fill out the application at the store. The sales associate will process your application on-the-spot and tell you if you have been approved. You will find out how much you have been approved for, what your interest rate is and how much you will be expected to pay on a monthly basis if you decide to purchase an appliance with your store credit.
Rent to Own
Visit a rent-to-own store such as Rent-A-Center. Visit either in person or online.
Choose the appliance you would like to buy.
Fill out an application for credit with a store associate or complete the online application.
Learn if your application has been accepted and what the terms are. If you are approved you will learn how much your monthly payments are and how long you will have to pay them before you own your appliances.
Apply for store credit at two or three different stores and compare offers before deciding which ones to use. The lower the interest rate you can get the better. Store credit cards are better than buying rent-to-own appliances. Rent-to-own stores charge very high interest making appliances cost a lot more than if they were purchased without using credit.
When you have poor credit, the interest rates on any loans or credit cards you get are likely to be high. This is to be expected. You will pay a lot more than the original cost of an appliance if you purchase it on credit. However, getting any type of credit is the first step to rebuilding your credit and improving your credit score. The key is to make all payments on-time. You may pay more than your monthly minimum but you do not want to pay off the debt too quickly. Rebuilding credit takes time and creditors want to know that you are able to reliably make monthly payments.