Published on July 8th, 2021 | by Day Trader
Proceed With Caution When Financing Appliances
In this video, you will learn about appliance financing. The video goes through the precautions you should take when financing appliances. Generally, it is a bad idea to finance furniture and appliances.
There is a high APR. The way they trap you is by promising you a time frame to pay it off. They are banking on you not paying it off in time. Once you miss a payment or don’t pay on time, they hit you with a high APR which is generally 25-30%. You should be careful when appliance stores say they will give you an extra percentage or monetary dollar amount off. Finance companies know what they are doing when they are allowing you to finance. If you think you can pay something off in time, you probably wouldn’t need to finance it. If this is the case, look at third-party selling parts and try to buy them there. You can get appliances for much cheaper on sites like Craigslist. Don’t be afraid to do that, because financing can be a huge issue. Buying well used pieces of furniture and appliances. It is good to have fewer payments. The goal is to have less debt.