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A Review of the Best New Mattress Financing Options

Introduction

If you’re hunting for the best new mattress financing options, we’ve got you covered. Looking for quick answers? Here are the top choices:

  • Retailer Financing: Store credit cards and special promotions.
  • Buy-Now, Pay-Later Apps: Spread costs without upfront payments.
  • 0% APR Intro Credit Cards: Avoid interest for a set period.
  • Paying Cash: No interest, avoids debt.

When it’s time to replace your mattress, the costs can quickly add up. With prices ranging from a few hundred to several thousand dollars, having new mattress financing options can make a significant difference. Financing can ease the financial burden and help you get the restful sleep you need without compromising on quality.

I’m Ben Trapskin, the creator of Yawnder. I’ve navigated the confusing world of mattress financing and learned the ins and outs. Now, I’m here to help you make an informed decision.

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Why Consider Mattress Financing?

Buying a new mattress is a big decision, and it can be a significant expense. Thankfully, new mattress financing options can help you spread out the cost, making it more manageable. Here’s why you should consider financing your next mattress purchase:

Benefits

Financing a mattress offers several key benefits:

  • Immediate Comfort: Instead of waiting to save up enough money, financing allows you to enjoy the comfort and support of a new mattress right away.
  • Flexible Payment Plans: Many financing options let you choose a payment plan that fits your budget, whether it’s monthly installments or bi-weekly payments.
  • Special Offers: Retailers often have special promotions like 0% APR or discounts when you finance through them.

Credit Improvement

Financing a mattress can also have a positive impact on your credit score:

  • Building Credit History: Regular, on-time payments can help build your credit history, showing lenders that you are responsible with credit.
  • Diverse Credit Mix: Having different types of credit accounts, like installment loans or credit cards, can positively affect your credit score.

“No Credit Needed” means that you don’t necessarily need to have a strong credit score to be approved for lease-to-own options. – Progressive Leasing

Affordability

Financing makes a new mattress more affordable by breaking down the cost:

  • Lower Initial Outlay: Instead of paying a lump sum, you can spread the cost over several months or even years.
  • Budget-Friendly: Financing options like buy-now, pay-later apps (e.g., Affirm, Afterpay) allow you to select a payment plan that aligns with your financial situation.

For example, with Affirm, you can get a Helix Sleep Queen mattress for as low as $61/month over 18 months at 0% APR, based on a full purchase price of $1,099.

Real-Life Example

Let’s say you need a new mattress but don’t have the cash upfront. Retailer financing or a 0% APR introductory offer credit card can help you get the mattress now and pay it off over time without accruing interest, as long as you pay within the promotional period.

By considering new mattress financing options, you can make an informed decision that aligns with your financial goals and ensures you get the restful sleep you need.

Next, we’ll dive into the top new mattress financing options available today.

Top New Mattress Financing Options

When it comes to new mattress financing options, there are several ways to spread out the cost without breaking the bank. Let’s take a closer look at some of the top choices available today.

Retailer Financing

Retailer financing can be a great way to take advantage of special offers and promotions. Many brick-and-mortar and online mattress retailers provide financing options that include store credit cards, installment plans, and lease-to-own agreements.

  1. Special Offers: Retailers often run promotions like 0% financing, discounts, or gift cards with a purchase, especially around holidays. For example, Mattress Firm offers the Synchrony HOME Credit Card, which can provide flexible payment plans and even no credit needed options through Progressive Leasing.

  2. Store Credit Cards: These cards can offer perks like deferred interest and exclusive discounts. However, be cautious about high interest rates after the promotional period ends.

  3. Lease-to-Own Plans: Programs like Progressive Leasing allow you to make payments over time without needing perfect credit. Just remember, these plans might not report to credit bureaus, so they won’t help build your credit score.

Buy-Now, Pay-Later Apps

Buy-now, pay-later (BNPL) apps like Affirm, Afterpay, and Klarna have become popular for spreading out payments without interest.

  1. Affirm: Offers flexible financing with terms ranging from 3 to 48 months. Interest rates can be as low as 0% or as high as 36%, depending on your creditworthiness. You can get prequalified without a hard credit check, making it an attractive option for many.

  2. Afterpay: Focuses on the “pay-in-four” model, splitting your purchase into four equal payments due every two weeks. There’s no interest, but late fees apply if you miss a payment.

  3. Klarna: Provides multiple financing options, including pay-in-four and longer-term installment plans. Klarna partners with many retailers, making it easy to use at checkout.

0% APR Introductory Offer Credit Cards

Using a 0% APR introductory offer credit card can help you finance a mattress interest-free for a set period, usually between 6 to 18 months.

  1. Interest-Free Period: Take advantage of the 0% APR period to pay off your mattress without accruing interest. Just make sure to pay off the balance before the promotional period ends to avoid high interest rates.

  2. Credit Card Application: Apply for a card that offers a 0% APR on new purchases. Be mindful of your credit score, as approval chances depend on it.

  3. Repayment Terms: Pay attention to the terms and conditions, including any fees and the interest rate after the introductory period.

Personal Loans

A personal loan can offer more flexibility compared to other financing options.

  1. Loan Application: You can apply for a personal loan from a bank or online lender. The application process usually involves a credit check and verification of your income.

  2. Interest Rates: Interest rates on personal loans vary widely based on your credit score and the lender. Rates can range from 5% to 36%.

  3. Repayment Flexibility: Personal loans offer fixed monthly payments over a term that can range from 12 months to several years. This can help you manage your budget more effectively.

Paying Cash

Paying cash is the simplest way to avoid debt and interest charges.

  1. Budgeting: Save up for your mattress purchase by setting aside money each month. This method requires patience but ensures you won’t incur any debt.

  2. Saving Up: Look for seasonal sales and discounts to get the best deal. Buying during holidays like Black Friday or Memorial Day can save you a significant amount.

  3. Avoiding Debt: By paying in cash, you avoid the pitfalls of interest rates and potential late fees, giving you peace of mind.

By exploring these new mattress financing options, you can find a solution that fits your financial situation and helps you get the quality sleep you deserve.

Next, let’s delve into some of the best retailer financing options available.

Best Retailer Financing Options

When it comes to buying a new mattress, retailer financing can offer some of the best deals and flexible payment plans. Here’s a closer look at some top options:

Mattress Firm

Mattress Firm provides several financing choices to make your mattress purchase more affordable.

  1. Synchrony HOME Credit Card: This card offers special financing options, including 0% interest for 24, 36, or even 48 months, depending on your purchase amount. For instance, you need to spend at least $999 to qualify for 24 months of interest-free payments. This card allows you to spread out your payments without accumulating interest, as long as you pay within the promotional period.

  2. Progressive Leasing: This is a lease-to-own option that doesn’t require a strong credit history. Progressive Leasing evaluates various data points to determine eligibility, making it accessible for those with less-than-perfect credit. Payments are automatically deducted from your bank account, making it a hassle-free option.

  3. No Credit Needed: Mattress Firm’s lease-to-own plans are designed for everyone, even those without a credit history. This makes it easier for more people to get the mattress they need without worrying about credit scores.

Mattress Warehouse

Mattress Warehouse also offers flexible financing options through Synchrony.

  1. Synchrony Financing: Similar to Mattress Firm, Mattress Warehouse offers the Synchrony HOME Credit Card with 0% interest for 24, 36, or 48 months. They also have a 60-month plan with a 5.99% interest rate for larger purchases. This can be a great way to manage your budget while getting a high-quality mattress.

  2. Flexible Payment Plans: With options to pay online, over the phone, via check, or bank transfer, Mattress Warehouse makes it easy to manage your payments. They provide a calculator to estimate your monthly payments, helping you plan your finances better.

  3. Special Promotions: Mattress Warehouse often has special promotions, especially around holidays. Look out for deals like discounts, gift cards, or additional savings when using their financing options.

Other Notable Retailers

  1. Tempur-Pedic: Tempur-Pedic offers a financing option with 0% APR for 36 months through their credit card. This can make the higher cost of their mattresses more manageable. They also provide various firmness levels and sizes, catering to different sleep preferences.

  2. Purple: Known for their innovative mattress technology, Purple also offers financing through partners like Affirm. With Affirm, you can choose loan terms of 3, 6, or 12 months, with interest rates ranging from 0% to 36% APR based on your creditworthiness. This flexibility allows you to pick a plan that suits your budget.

Both Tempur-Pedic and Purple often have special promotions, so keep an eye out for deals that can further reduce your costs.

By exploring these new mattress financing options, you can find a solution that fits your financial situation and helps you get the quality sleep you deserve.

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Next, let’s delve into some of the best buy-now, pay-later apps available.

Buy-Now, Pay-Later Apps: A Closer Look

Buy-Now, Pay-Later (BNPL) apps have become a popular way to finance a new mattress without breaking the bank. These apps split the cost into manageable payments, often without any interest. Let’s explore three of the top BNPL apps: Affirm, Afterpay, and Klarna.

Affirm

Affirm stands out for its flexible financing options and transparent terms. It offers loan options ranging from 3 to 36 months, with interest rates from 0% to 36% APR, depending on your creditworthiness.

Affirm Financing - new mattress financing options

Key Features:
Flexible Terms: Choose from multiple repayment periods to fit your budget.
No Hidden Fees: What you see is what you pay. No hidden fees or late charges.
Credit Building: Affirm performs a soft credit check, so your credit score won’t be affected. On-time payments can help build your credit score.

Retailer Partnerships: Affirm is partnered with many mattress retailers like Helix and Tuft & Needle, making it easy to use at checkout.

User Experience: Simply select Affirm at checkout, enter some basic information, and get a real-time decision. Payments can be managed through the Affirm app or website.

Afterpay

Afterpay is another popular BNPL app, known for its payment flexibility and zero interest. It splits your purchase into four equal payments, due every two weeks.

Afterpay Payments - new mattress financing options

Key Features:
Interest-Free Payments: No interest as long as you make your payments on time.
No Credit Impact: Afterpay does not perform a credit check, making it accessible for those with less-than-perfect credit.
Payment Flexibility: Pay 25% upfront and the rest over six weeks.

Retailer Partnerships: Afterpay is accepted at numerous retailers, including Bed Bath & Beyond and Old Navy, giving you plenty of options.

User Experience: Afterpay’s app is user-friendly, allowing you to manage payments easily. You’ll receive reminders before each installment is due.

Klarna

Klarna offers a variety of financing terms, making it a versatile choice for mattress financing. You can choose to pay in four installments, pay within 30 days, or finance for up to 36 months.

Klarna Financing - new mattress financing options

Key Features:
Multiple Financing Options: Whether you want short-term or long-term financing, Klarna has options.
Soft Credit Check: Like Affirm, Klarna performs a soft credit check for its pay-in-four service.
Interest-Free Options: Pay in four installments without any interest.

Retailer Partnerships: Klarna is widely accepted, with partnerships at over twice as many retailers as Afterpay, including big names like Macy’s and Nike.

User Experience: Klarna offers a seamless checkout experience. You can also create virtual card numbers to use anywhere Visa is accepted, adding to its versatility.

By understanding the features and benefits of these BNPL apps, you can choose the one that best fits your needs and financial situation. Whether you prioritize interest-free payments, flexible terms, or credit-building opportunities, there’s a BNPL app that can help you finance your new mattress without added stress.

Next, let’s address some frequently asked questions about new mattress financing options.

Frequently Asked Questions about New Mattress Financing Options

Can you make payments on a new mattress?

Yes, you can make payments on a new mattress. There are several financing options available to help you spread out the cost. Here are a few popular options:

  • Retailer Financing: Many mattress retailers offer financing plans through store credit cards or lease-to-own agreements. For example, Mattress Firm offers the Synchrony HOME Credit Card, which allows for flexible payment plans and sometimes even no credit needed options. Learn more.

  • Buy-Now, Pay-Later (BNPL) Apps: Apps like Affirm, Afterpay, and Klarna let you split the cost into smaller, manageable installments. Affirm, for instance, offers loan options ranging from 3 to 12 months with interest rates from 0% to 36% APR based on your creditworthiness. Read more.

  • 0% APR Introductory Offer Credit Cards: Some credit cards offer a 0% APR introductory period. This means you can finance your mattress interest-free if you pay off the balance within the specified time frame. Be cautious of the high-interest rates that kick in after the intro period ends.

  • Personal Loans: If you need more flexibility, a personal loan from a bank or online lender might be a good option. These loans usually come with fixed interest rates and repayment terms.

What credit score do you need for mattress financing?

The credit score requirements for mattress financing can vary based on the financing option you choose:

  • Retailer Financing: Store credit cards and lease-to-own plans may have more lenient credit requirements. For instance, Progressive Leasing’s “No Credit Needed” option often approves customers with less-than-perfect credit or limited credit history. However, they do check credit bureau reports as part of their decision-making process. Source.

  • BNPL Apps: Apps like Klarna and Afterpay perform soft credit checks, which don’t affect your credit score. They are generally easier to get approved for, even with a lower credit score. However, Klarna may perform a hard inquiry for longer-term loans, which can temporarily reduce your score by a few points. Read more.

  • Credit Cards with 0% APR Offers: These typically require a good to excellent credit score (usually 670 and above). Approval chances increase with a higher credit score and a solid credit history.

  • Personal Loans: The credit score needed can vary widely among lenders. Generally, a score of 640 or higher improves your chances of approval, but some lenders specialize in loans for those with lower scores.

Is financing a mattress good for credit?

Financing a mattress can be good for your credit if managed responsibly. Here’s how:

  • Timely Payments: Making timely payments on your financing plan can positively impact your credit score. It shows lenders that you are reliable and capable of managing debt.

  • Credit Improvement: Successfully handling a financing plan can improve your credit history and score over time. For example, using a BNPL app like Affirm, which reports to credit bureaus, can help build your credit if you make all payments on time. Learn more.

  • Credit History: Diversifying your credit types (credit cards, personal loans, BNPL plans) can enhance your credit profile. However, it’s crucial to keep balances low and pay off debts promptly to avoid negative impacts.

By understanding these new mattress financing options and their requirements, you can make an informed decision that fits your financial situation and potentially benefits your credit score.

Conclusion

In summary, choosing the right mattress financing option can make a significant difference in managing your budget and improving your sleep quality. From retailer financing with special offers to buy-now, pay-later apps and 0% APR introductory credit cards, there are several ways to afford a new mattress without straining your finances.

When considering new mattress financing options, think about your financial situation, credit score, and repayment capabilities. Retailer financing might be perfect if you want special promotions or lease-to-own plans. Buy-now, pay-later apps offer flexibility with installment payments and sometimes even 0% interest. If you can repay within the interest-free period, a 0% APR introductory offer credit card can be a great choice. And if you prefer to avoid debt altogether, saving up and paying cash is always a solid option.

At Yawnder, we aim to provide expert advice to help you make the best financial decisions. For more details on financing options and to explore the best fit for your needs, visit our financing page.

Choosing the right financing can help you get a good night’s sleep without breaking the bank. Happy mattress shopping!

Have Questions?

Text us at 858-232-5760 for assistance. We’re happy to help!

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