Loans for Appliances

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Appliance Financing

Appliance Financing for Good or Bad Credit

Appliances, whether it’s a refrigerator, stove, washer, dryer, or dishwasher, make our lives easier. They give us more time to do what we want and save hours of work, but even the most expensive appliance won’t work forever, and we all have to replace them every 5-10 years. While it is exciting to get a new appliance, it can also be costly, and if you don’t have the cash you are going to need finance.

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How can I get a loan for appliance purchases?

It’s pretty easy for most people to get finance for an appliance. It helps if you have a good credit score as that makes the terms and APR on a loan favorable. Finance allows you to spread the cost over the term of the loan rather than having to find it all at once. You just have to choose which option for credit is the one for you

In-house financing

Most big stores selling appliances are able to offer in-house finance for big-ticket items. This is usually in the form of a store credit card, which works like any other card, but is store-specific. This can make a lot of sense, particularly if you shop there often.

Commonly, stores offer incentives for new card holders, sometimes offering a period of 0% APR, which makes this form of borrowing very attractive. However, understand that when that period is over, any outstanding amount will attract the full card interest rate, so you want to check out what that is and that you can’t get a better deal elsewhere.

Personal loan

Some appliances are pretty pricey, particularly if you are looking at top-of-the-range items. In that case, it may be better to take out a personal loan. This is particularly true if you have good credit and a low debt-to-income ratio. You should be able to get a loan with a low interest rate and terms of 2-5 years.

Those with poor credit scores will not find obtaining personal loans so easy. They are likely to find any credit they can get comes at a high cost, which may make finding the monthly repayments difficult. Don’t go for any payday loan or similar – they have frighteningly high interest rates.

Credit card

Having a credit card is a very flexible way to borrow money. Once again, with a good credit score, you may qualify for a 0% credit card which means free finance for that introductory period. Don’t forget that 0% is usually charged for just a few months and that after that the APR may not be as low as some other sorts of finance.

401(k) loan

Borrowing money from your own pension funds is another way to get finance for an appliance. It is certainly a cheap way of borrowing (there is no interest to pay) but you must check whether it will have a negative impact on your retirement plans. Most 401(k) plans that allow you to borrow from yourself will restrict how much you can pay into your retirement fund until the loan is paid off.


A home equity line of credit usually offers high credit limits and low interest but has one drawback. Part of the agreement is that your home is effectively collateral for the loan. As long as you can comfortably afford the repayments all is well, but if you default you could find your house is at risk. For many, this will be too big a risk to purchase an appliance, and taking on a higher interest rate from a personal loan costs more but puts them more at ease knowing their home isn’t at risk.


Another option is to lease your new appliance. Like a car lease, you get the appliance and then make monthly repayments. Often you can decide to stop payments and return the appliance or continue paying until you own it outright – usually in 12 or 24 months. As you don’t have to make a down payment or have a credit check, this may be an option for anyone with a less than perfect credit score.

Make sure you know what the total cost will be as there are usually fees involved making the appliance cost more than if you bought it outright. The extra cost may be a price you are willing to pay in order not to have to spend the whole amount in one go.

Should I finance a new appliance?


  • You get the appliance when you need it rather than having to save and try and get by without it
  • New appliances are often more energy-efficient than the ones they replace so reducing your energy bills
  • Appliance finance allows you to spread the cost over time
  • If you can secure a 0% finance deal and repay the whole amount while the introductory rate applies, you are getting free finance


  • All financing will cost you more than buying the appliance outright
  • The repayments will eat into your monthly budget
  • If you default your credit score will be adversely affected
  • If you have a poor credit score, finance will be hard to get and costly

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What credit score do I need to finance an appliance?

The credit score required to finance an appliance can vary depending on the financing provider and the specific financing option you choose. While there is no definitive minimum credit score requirement, here's a general guideline:

  1. Good to Excellent Credit (670 and above): Having a good to excellent credit score can increase your chances of qualifying for appliance financing with more favorable terms, such as lower interest rates and flexible repayment options.
  2. Fair Credit (580 to 669): With a fair credit score, you may still be eligible for appliance financing, although you may encounter higher interest rates or stricter qualification criteria. Some financing providers specialize in working with individuals with fair credit.
  3. Poor Credit (below 580): Financing options may be limited for individuals with poor credit. Traditional financing routes might be challenging to obtain, but alternative financing options, such as rent-to-own or in-store financing, may be available. However, these options may come with higher interest rates or less favorable terms.

Can I finance a refrigerator with bad credit?

Yes, it is possible to finance a refrigerator with bad credit. While traditional financing options may be more challenging to obtain with poor credit, there are alternative financing options available. Here are a few options to consider:

  1. In-Store Financing: Some appliance retailers offer their own financing programs or work with financing companies that cater specifically to their customers. These programs may have more flexible credit requirements, making it possible to finance a refrigerator with bad credit. However, these options may come with higher interest rates or less favorable terms, so it's important to carefully review the terms and conditions before proceeding.
  2. Rent-to-Own: Rent-to-own programs allow you to lease the refrigerator with an option to purchase it later. These programs typically don't require a credit check and can be a viable option for those with bad credit. However, it's important to note that the overall cost may be higher due to higher interest rates or fees associated with rent-to-own agreements.
  3. Secured Financing: If you have valuable assets or collateral, you may be able to secure financing for a refrigerator. This could involve using a high-value item as collateral or obtaining a secured credit card to make the purchase. Secured financing options can be more accessible for individuals with bad credit, but defaulting on payments could result in the loss of the collateral.
  4. Co-signer: Another option is to have a co-signer with good credit. A co-signer agrees to take on the responsibility of the loan if the primary borrower fails to make payments. Having a co-signer with good credit can improve your chances of getting approved for financing and may lead to more favorable terms.

Can I finance an appliance without a credit check?

Yes, it is possible to finance an appliance without a credit check. There are alternative financing options available that do not require a credit check, making them accessible for individuals with no credit history or poor credit

How to apply for a loan to cover appliance purchases

To apply for a loan to cover appliance purchases, you can follow these general steps:

  1. Determine Your Appliance Needs: Assess your appliance needs and establish a budget. Determine the specific appliances you require and estimate the total cost, including taxes and any additional fees.
  2. Research Lenders and Loan Options: Explore different lenders and loan options available for appliance purchases. Look for reputable lenders that offer loans with favorable terms, such as competitive interest rates, flexible repayment options, and reasonable fees.
  3. Check Eligibility Requirements: Review the eligibility criteria for each lender and loan product. Take note of factors such as minimum credit score requirements, income qualifications, and any specific documentation they may require for the application process.
  4. Gather Required Documents: Collect the necessary documents to support your loan application. Common documents may include proof of income (such as pay stubs or tax returns), identification, and potentially proof of address. Some lenders may require additional information specific to the loan application.
  5. Complete the Loan Application: Fill out the loan application provided by the chosen lender. Provide accurate and thorough information about your personal and financial details, including the loan amount required and the purpose of the loan (in this case, appliance purchases).
  6. Submit Supporting Documents: Along with the application, submit the required supporting documents. Ensure that all documents are complete, accurate, and up to date.
  7. Await Loan Approval and Review Terms: After submitting your application, wait for the lender's decision. If approved, carefully review the loan terms, including the interest rate, repayment period, monthly payment amount, and any associated fees. Make sure you understand the terms before proceeding.
  8. Accept the Loan Offer and Close the Loan: If satisfied with the loan terms, accept the offer by signing the loan agreement. The lender may require additional documentation or information during this stage. After completing any necessary paperwork, the loan will be finalized, and the funds will be disbursed.
  9. Purchase the Appliances: Once the loan is disbursed, use the funds to purchase the appliances you need. Ensure that you stay within your budget and make informed choices based on your needs and preferences.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.