The best TVs are amazing, but they’re not exactly cheap. Even when you factor in the many, many TV deals that come up on a daily basis, it’s still hard for most of us to easily be able to spend a good chunk of change all at once on the latest technology. One solution is to use the financing to pay for your next TV. Not sure where to start? Let’s take a quick look at everything you need to know about using financing to buy your new TV, as well as choosing the best retailers to use.
What is financing?
The financing splits the cost of your new purchase across a number of months over the length of the contract that lasts anywhere from a few to monthly payments over a few years. As with any agreement, you end up owning the entire TV once it’s paid off in full.
It is important to be able to afford these payments. While it may be tempting to buy one of the best 8K TVs around and find out paying for it later, it’s not wise. Instead, you should figure out what you can afford each month and buy a TV that matches that budget. Being able to spread the cost is ideal if you don’t have savings to spend on TV. Many people can afford to pay a certain amount each month while it is hard to be able to spend on one big purchase. It’s important to remember that in some cases, you’ll pay a little extra by spreading the cost with interest added on your purchase, so be sure to check the details before committing. Sometimes it’s cheaper to pay all at once (if you can afford it)
You will also need to have a reasonable credit score in order to be approved for a lot of financing. We’re not financial experts but we recommend – again – that you don’t spend beyond your means because no one wants to sink their credit score, especially for a new TV. Some TV financing does not require a credit check but you still need to be able to keep track of payments if you want to keep your TV!
Retailers that offer TV financing
Knowing where is the best place to buy a TV is an important part of the buying process, however you plan on paying. We’ve selected the top retailers to look at below and explained what’s involved in each retailer’s financing deals.
Established in 1974, Crutchfield impressively keeps up with modern trends with a wide range of different TVs including many of the top TV brands. Its financing plan is very clear. You simply make three easy payments. At checkout, you choose to pay for the TV in installments. From there, about every 30 days, your debit or credit card is billed for one-third of the payment due. There is no additional benefit to doing so, however, a non-refundable $10 processing fee is added to the total purchase price.
Minimum purchase of $300 required excluding tax and shipping, program subject to credit approval. Other than that, it’s very easy.
If you know you want a Samsung TV, Go Direct might come in handy. Most TVs are available with the option to pay monthly or in installments via Samsung Financing. Depending on the TV, there is often no interest for paying and you are simply told what you need to pay each month (and for how long). If you choose to pay in installments, payments are usually made every two weeks but it is interest free and there is no impact on your credit score to follow this method. Since Samsung TVs can be quite expensive for how high they are, it can be a great way to spread the cost in a convenient way.
Best Buy, a popular retailer for any TV purchase, allows you to spread the cost via the My Best Buy credit card. Whatever TV you watch, next to the prime price is the monthly cost through financing. Most TV deals last 12 months on financing while some more expensive models can include 24 months financing. The idea is that you get a suggested payment to follow each month during that time period. If you pay in full within a 0% period of time (usually either 12 or 24 months depending on the price of the TV), there is no interest to pay on your purchase. However, if you do not pay on time, interest will be charged to your account from the date of purchase.
As with all types of financing, credit approval is required and the interest rate is very high if you don’t pay in time. Be consistent even though you are maximizing cost effectively without paying an extra cent.
Walmart is another popular TV retailer that has a direct financing deal. Via Affirm, you can make easy monthly payments over a period of 3 to 24 months. The interest ranges between 10 and 30% APR, so it’s generally an expensive option, but if you can’t afford to pay in one amount, it’s a viable method. You can also check if you qualify without it affecting your credit score, so it’s convenient if you’re worried about how stable your credit is.
Amazon may not seem like an obvious place to look for financing, but it has a similar arrangement to Walmart. Affirm is used but in this case, there are different offers. Some TVs are available at 0% interest with equal monthly payments that simply pay off things, while others have the same rate of 10-30% APR. It’s worth checking depending on the TV you’re considering buying with plans ranging from 3 to 48 months depending on the price of the TV.
Target may not be the first place you think of to buy a new TV anymore, but it still has some great options. Like many other retailers, it uses Affirm for its financing. Checking your eligibility will not affect your credit score, which is fairly clearly defined. Click the information icon next to the financing information and the goal breaks down the amount you will pay each month and the annual interest rate involved. It offers three, six and twelve month options so you can see how you get cheap payments but also what it does to the total cost at the end of the agreement. Since interest is added, it will always cost more when using sure financing at Target but it can make something more achievable if you can’t afford a single lump sum.