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Major Appliance Replacement: How to Afford it

Did you know that Energy Star appliances are known to use around 10% to 50% less energy than other standard appliances? However, replacing a major appliance is quite an expense and can become a burden if you have bad credit or no credit at all. Any major appliance from your HVAC system to your water heater and from your stove to your refrigerator can set you back quite a bit.

If you are in need of water heater financing or even HVAC financing, you probably feel like you’re hitting your head against a brick wall. Luckily, there are financing options out there that even include early payment options for you to pay them off in very little time. Read on below for a few of the finance options available to you when it comes to replacing major appliances.

Use Credit Cards

One option for financing your major appliance purchase is using your credit card to make the purchase and then checking into early payment options to pay the card off. Some credit cards even offer an extended warranty after the purchase is paid off. However, if you can’t pay off the appliance purchase by the next billing cycle, it may be best not to use your credit card, because interest fees can drive the price of the appliance even higher than it was in the beginning.

Try Lease to Own Programs

In today’s modern world there are many lease to own programs out there that you can get major appliance replacement through. The great thing about this type of financing for appliances is that you don’t have to have a hefty down payment and they accept bad credit and no credit as well. If you have bad credit, this is the best option for financing your major appliances and being able to get payments that are reasonable at the same time.

Save for It

One of the simplest ways to finance your major appliance purchase is to simply save until you have enough money to go in and pay cash instead of financing the appliance and having monthly payments to make. Of course, if your appliance replacement is an emergency this option might not work for you.

Borrow from Family or Friends

While this is normally the last thing you want to do, sometimes borrowing from family and friends is the best way to ensure you get the major appliance replacement you have to have. After all, you can’t do without a fridge or stove and can’t even do without a HVAC unit for very long. Just make sure that you pay your friends or family back the loan in record time to avoid hard feelings.

These are just a few of the ways that you can pay for any major appliances you might need in the future. From HVAC replacement to replacing your washer and dryer, there are many options out there and many of them have early payment options as well so that you aren’t stuck with payments for years at a time.