Purchasing furniture can get expensive, depending on how much is needed, and where it will be placed. Customers will typically spend a bit more on the living room furniture, for example, and cut costs on basement, bedroom, and spare room furniture. Friends and visitors are less likely to be seeing bedroom furniture, so cheaper items will suffice. An entire house or apartment of furniture will cost more than furnishing one room. The problem is that customers are often in need of a lot of furniture at once. Moving to a new home, setting up that first apartment, leaving college dormitories for shared apartments, or relocating for business are all situations that may require a massive furniture purchase.
Large department stores often offer lay-a-way plans to help customers pay for major purchases. Plans break up the total cost into smaller increments, but the furniture is not available until the balance is paid in full. Unless sleeping on the floor in a sleeping bag for two months appeals to you, that is not a feasible option. Putting a large furniture purchase on a credit card will ensure immediate delivery. The interest rates are the issue with this solution. The set of living room furniture that included a corner sofa bed, a coffee table, and a bookcase could end up costing a small fortune by the time high interest is calculated into the total cost.
The best option is to find a store that specializes in affordable furniture. If the store has been in business for a while, it will probably offer easy financing plans. Customers can find the proverbial best of both worlds that include a cheap corner sofa bed, and zero percent financing. In most cases, customers can apply for financing right online, and be approved within a few minutes. Criteria will vary from store to store, but some aspects are standard. There is a minimum age for applying, which typically ranges between eighteen and twenty-one years. A steady income, residency, and a bank account are also common criteria for approval. Short-term financing, between six to eighteen months, is usually at zero, or low percent financing. Longer terms, such as thirty-six to forty-eight months, are available at higher interest rates, but are nowhere near as high as credit card rates.