Are you tired of waking up with a sore back because your mattress is old and it’s past time to get a new one? Do you want to buy a new mattress but don’t have hundreds or thousands of dollars to spend upfront on one? Or maybe you have the money, but you’d rather space out payments over time.
If you have answered yes to either of these questions, then you might want to consider financing a mattress. Having done this myself, I found it much easier than expected. And I like that I can set up auto payments and pay online so I don’t forget and accidentally to pay.
Mattress financing lets you purchase a high-quality mattress today and pay for it using affordable monthly payments. The loans are provided by America’s leading lenders, including Affirm, Klarna, Setpay, Amazon, Satisfi, and Fortiva.
It is an affordable way to purchase a quality mattress because there are usually no upfront costs, low or no fees, and generous interest-free periods. Loan applications happen online, on the mattress website, and they tell you if you’re approved within a few minutes. The entire process is convenient, fast, and simple.
Mattress finance is ideal for anyone who doesn’t have sufficient funds available to purchase a mattress or is reluctant to make a large upfront payment on a new mattress.
Of course, there are also some disadvantages to using mattress financing. The main one is the expense of interest payments if you do not manage to repay the loan during the interest-free period.
In this guide, we’ll share all of the advantages and disadvantages of mattress financing to help you decide if it is right for you. We’ll also share some answers to common questions about mattress financing. This is general information, be sure to check out links or individual websites for complete terms.
Mattress Financing Listed by Brand
If you’re looking at a specific mattress and want to see the terms and rates, be sure to click on these popular mattress brands:
- airweave Mattress Financing
- Amerisleep Mattress Financing
- Avocado Mattress Financing
- Bed in a Box Mattress Financing
- Casper Mattress Financing
- Dreamcloud Financing
- Helix Mattress Financing
- Idle Sleep Mattress Financing (as low as $9/month!)
- Luma Sleep Mattress Financing
- Nectar Mattress Financing
- Nolah Mattress Financing
- Puffy Mattress Financing
- Purple Mattress Financing
- Spindle Mattress Financing
Advantages Of Mattress Financing
There are several great advantages to using finance to buy a new mattress, including:
Buy Now, Pay Later Mattress
Get A New Mattress Immediately
The main advantage of financing is that you can get a brand-new mattress immediately, even if you don’t have enough money to purchase one upfront. This is very useful if your current mattress has been damaged or reached the point where it is so uncomfortable that you cannot enjoy a good night’s sleep. Or if you want a mattress but don’t want to pay for it all at once.
Keep Your Savings Intact
Purchasing a mattress on finance means you won’t have to delve into your savings to pay for it. By keeping your savings intact, you will remain well-prepared for financial emergencies and unexpected bills.
Affordable Loan Terms
When financing a mattress, you will pay the loan with monthly payments. The size of the payments will be based on how much you are lending and how long the term of the loan is.
If you purchase a single mattress, you can expect to pay as little as $50 a month with a very short loan duration. If you buy a more expensive mattress with accessories, repayments will be slightly larger, but you may also have a longer loan duration.
If you have a good credit score, most loan agreements will include a generous interest-free period of between 2 to 4 years. This gives you plenty of time to repay the loan without incurring any interest expenses. Mattress loans usually won’t have an establishment fee and have very low management fees. Mattress companies aren’t trying to make money off financing, it simply helps them sell more mattresses because more people can afford one.
Get More Accessories With Your Bed
When you use mattress financing, you can spend a little more on your initial purchase. This means you can afford some fantastic optional extras, like a high-quality bed base, mattress protector, pillows, sheets, and comforters.
A Great Way To Establish or Improve Your Credit
Whenever you take out a loan with a financial institution, they will record how reliable you were in making repayments. These details are reported to credit agencies, which use it to formulate your credit score.
If you make your repayments on time and manage to pay off the entire loan in the allotted time, it can boost your credit score. This will make it easier to get loans in the future with lower interest rates and more favorable terms.
Disadvantages Of Mattress Financing
There are only a handful of disadvantages associated with financing a mattress, including:
There may be interest charges
If you don’t have a credit score, or your credit score is poor, you may not be offered an interest-free period on your loan. The interest rate you are charged could be anywhere between 10 to 25%.
Other fees can also increase the cost
Some loan providers will charge monthly handling fees. Although they are typically very small, they will add to the cost of your new mattress. There may also be late repayment fees if you miss a repayment.
It can affect your credit score negatively.
Your credit score may be negatively affected if you miss several repayments or fail to repay the loan.
Common Mattress Financing Questions
How much money do mattress companies make from financing?
Mattress companies don’t make any extra money by offering mattress financing. They offer it to encourage more people to buy a new mattress. The company providing the loan will make money from any interest or fees charged associated with the loan.
Will it hurt your credit?
When applying for a loan, the finance company will perform a soft credit check to determine your eligibility. This check will not affect your credit score in any way.
The only way mattress financing can negatively impact your credit score is if you miss several repayments, prompting the lender to perform a hard credit check to assess if you will manage to pay off the loan. This type of credit check can impact your credit score. If you fail to pay off the loan, it will also negatively impact your credit score.
How does it work?
After visiting a mattress company’s website and adding the items you wish to purchase to the shopping cart, you will be given the option of paying using finance. When you select this option, you will be asked to share some basic information, including your name, phone number, email address, and so on.
The loan provider uses this information to perform a soft credit check, which is used to assess your ability to repay the loan. In most cases, you will be notified if your application has been successful within a minute or two. You can then complete the purchase.
How fast is it?
The loan application process is very fast, with most applicants receiving a response within a minute. Once approved, the mattress company will immediately process your purchase and prepare it for delivery.
Does it affect your ability to return a mattress, or what happens if you do?
No, using finance does not affect your ability to return your mattress. You will still have access to the same trial periods and warranties as you would if paying with cash.
Do you have to wait to get your mattress?
No, once your loan has been approved, the mattress company will immediately begin processing your purchase.
What other things should you add to finance?
In addition to purchasing a mattress, you can use finance for anything else the mattress company offers, including mattress protectors, pillows, sheets, bed bases, bed frames, comforters, and so on.
What will my monthly payment be?
Monthly repayments are based on the total cost of your purchase and the duration of the loan. Repayment costs start as low as $50 a month for a single mattress. Idle Sleep has some of the best terms of any mattress company.
Can I pay online?
Yes, most mattress financing companies will let you make payments online. They usually send reminders and are very honest and transparent about the process. Remember, they’re not making money off your financing, and they sincerely want to help you purchase a mattress.