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Furniture Financing

Choosing and shopping to renovate your furniture can be fun; however, you may find financial obstacles that can limit your choices and restrain your wishes. Can you finance furniture? Certainly, in this article we will explore all the options and steps on how you can finance your furniture.

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What is a furniture loan?

A furniture loan, also known as a furniture financing or furniture installment loan, is a type of loan specifically designed to help individuals finance the purchase of furniture. It provides borrowers with the funds needed to purchase furniture, which can include items such as sofas, beds, tables, chairs, and other home furnishings.

How do I get a furniture loan?

To get a furniture loan, you can follow these general steps:

  1. Determine your budget: Assess your finances and determine how much you can comfortably afford to borrow for your furniture purchase. Consider your income, expenses, and any other financial obligations.
  2. Research lenders: Explore different lenders that offer furniture loans. Look for reputable financial institutions, online lenders, or furniture retailers that provide financing options. Compare interest rates, repayment terms, fees, and customer reviews to find a lender that suits your needs.
  3. Check your credit: Before applying for a furniture loan, check your credit score and review your credit report. A higher credit score generally improves your chances of obtaining better loan terms and interest rates. If your credit score is lower, consider taking steps to improve it before applying.
  4. Gather necessary documents: Prepare the required documents for the loan application. This may include identification documents, proof of income (such as pay stubs or tax returns), and bank statements. The specific documents needed may vary depending on the lender.
  5. Apply for the loan: Complete the loan application form provided by the lender. Provide accurate and complete information about yourself, the furniture you plan to purchase, and your financial situation. Double-check the application to ensure accuracy.
  6. Wait for approval: The lender will review your application, creditworthiness, and supporting documents. This process may take some time, so be patient and prepared to wait for a decision.
  7. Review loan terms: If approved, carefully review the loan terms provided by the lender. Pay attention to the interest rate, repayment period, monthly payments, any associated fees, and the total cost of the loan.
  8. Accept the loan offer: If you are satisfied with the loan terms, accept the offer by signing the loan agreement and following any additional instructions provided by the lender.
  9. Purchase the furniture: Once you have secured the financing, proceed with selecting and purchasing the furniture from the retailer or supplier. Follow any instructions provided by the lender regarding disbursing the loan funds for the furniture purchase.

What are the different types of furniture you can finance?

The following are possible type of furniture that you may be thinking on renovating. Prices of each item may vary depending on multiple factors such as the brand, quality, design, material, size, location, and store of the purchase. The prices shared above are rough estimates, the actual prices will depend on specific features and characteristics.

  • Sofas and Couches: Commonly, a small-sized sofa could cost around $300 to $500, a bigger size and high-quality sofa could range from $1,000 to $5,000 or even more. There are custom-made sofas that may cost higher than usual commercial prices.
  • Armchairs and Recliners: You can find basic recliners in the early hundreds. However, more luxurious models with higher-quality materials, additional features such as heating, massage, and power recline and from fancy stores can cost $1,000 or more.
  • Beds and Mattresses: A simple or basic twin or full-sized bed may cost about $200 to $500; however, larger size such as queen or king and high-quality made materials can cost $1,000 or more. Beds made from solid wood, metal or leather can also be more expensive, approx. from $1,500 to $5,000 or more. Furthermore, beds with special features such as built-in storage or adjustable frames can also alter and increase the price.
  • Ottomans and Footstools: Basic ottomans may cost approx. $50 to $100, larger ones and more luxurious models with high-quality materials, and additional features such as storage or built-in trays can cost mid hundreds or more. Specialty ottomans, such as those designed for outdoor use or made from premium materials like leather, can also be more expensive, with prices ranging from $300 to $1,000 or more.
  • Coffee and End Tables: A basic coffee tables may cost about $100 to $200, a larger, more ornate models made from high-quality materials can cost $500 or more. Some coffee tables come with additional features such as built-in storage or lift tops, which can also affect the price. Specialty coffee tables made from premium materials like solid wood or marble can also be more expensive, with prices ranging from $1,000 to $5,000 or even more.
  • TV Stands and Entertainment Centers: $200 to $500 is the average price of a basic TV stand, but larger, more complex models with additional features like built-in lighting or extra storage can cost $1,000 or more. Entertainment centers made from high-quality materials such as solid wood or metal can also be more expensive, with prices ranging from $1,500 to $5,000 or more. Additionally, the price may also depend on whether the entertainment center is sold as a standalone item or as part of a larger furniture set.
  • Bookcases and Shelving Units: You can find basic bookshelves for around $50 to $150, while larger, more ornate models made from high-quality materials can cost $500 or more. Shelving units made from premium materials: solid wood or metal may be more expensive, price ranges from $500 to $2,000 or more. Also, bookshelves with built-in lighting, other special features, or custom made can also affect the price.
  • Desks and Office Chairs: Basic desks and office chairs can be found for around $100 to $300 per piece, larger ones and more elaborate models made from high-quality materials can cost $500 or more. Desks and office chairs made from premium materials such as solid wood or metal or with special features can also be more expensive, with prices ranging from $1,000 to $5,000 or more.
  • Dining Tables and Chairs: Simple dining table may cost $200 to $500, but bigger and more ornate models made from high-quality or premium materials such as solid wood or marble can cost $1,000 to $5,000 or even more.
  • Sideboards and Buffets: Simple and basic sideboard may be found in the early hundreds, but more sophisticated size and high-quality material may cost from $1,000 to $5,000 or more.
  • Dressers and Nightstands: On the lower end, you can find basic dressers made of particleboard or laminate for around $100 to $200. Mid-range dressers made of solid wood or a combination of wood and composite materials can range from $300 to $800. High-end dressers made of premium woods or with intricate designs can cost $1000 or more.
  • Wardrobes and Armoires: The lowest possible price of a wardrobe can be in the early hundreds, but wardrobes made of solid and premium wood, and with custom-design can cost $1,000 or more.
  • Benches and Stools: Benches that are made of simple material and basic design may cost $50 to $100. Nevertheless, a more refined and elaborated piece, made of premium or high-quality material may cost $1,000 or more.
  • Outdoor Furniture: Furniture to bring outdoors can include the following items and therefore prices will vary greatly: Patio sets, Adirondack chairs, hammocks, sun loungers, outdoor benches, porch swings, umbrellas, outdoor sofas and loveseats, sectional seating, dining sets- outdoor tables and chairs, rocking chairs, outdoor bar sets, fire pits, outdoor stove, outdoor grill, outdoor rugs and cushions, outdoor storage solutions such as deck boxes, storage shed, greenhouse.
  • Children's Furniture: The following are common furniture used for children: children's beds- bunk beds, loft beds, and trundle beds, cribs and bassinets, changing tables and dressers, desks and chairs for homework and activities, bookcases and storage units for toys and books, play tables and chairs, rocking chairs and gliders for nursing and bedtime stories, toy boxes and chests, step stools and small chairs for reaching high surfaces, bean bags and floor pillows for lounging and relaxing, high chairs and booster seats for mealtime.

Is new furniture a good investment?

Whether new furniture is a good investment depends on several factors, including your specific circumstances, financial goals, and personal preferences. Here are some factors to consider when determining if new furniture is a good investment for you:

  1. Functionality and Need: Consider whether the new furniture fulfills a functional need in your home. If your current furniture is worn out, uncomfortable, or no longer serves its purpose, investing in new furniture can improve your living space and enhance your daily life.
  2. Quality and Durability: Assess the quality and durability of the furniture you intend to purchase. Investing in well-made, durable furniture can ensure that it lasts longer and withstands wear and tear, providing better value for your money over time.
  3. Budget and Affordability: Evaluate your budget and affordability. It's important to make a purchase that aligns with your financial situation and doesn't put unnecessary strain on your finances. Consider whether you can comfortably afford the new furniture without sacrificing other essential financial obligations or goals.
  4. Longevity and Style: Consider the longevity and timeless appeal of the furniture's design and style. Opting for classic and versatile pieces can ensure that they remain stylish and adaptable even as trends change, potentially increasing their longevity and resale value.
  5. Resale Value: If you anticipate selling or replacing the furniture in the future, consider the potential resale value. High-quality furniture with good brand reputation and timeless design may have better resale value compared to cheaper or trend-focused pieces.
  6. Personal Enjoyment: Ultimately, the value of new furniture goes beyond monetary considerations. If the new furniture brings you joy, comfort, and improves your overall well-being, it can be a worthwhile investment in your personal satisfaction and quality of life.

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Types of furniture financing options

There are various options available to fund the purchase of new furniture

Savings: If the expense is not high and you need only a few items, you may be able to use your wallet savings and buy new furniture for your needs.

Personal loan: If you need a greater upgrade and much more furniture items, in which your personal savings cannot afford, or you simple desire to borrow a lump sum from a lender and pay it back with interest over a set term, a personal loan is the most common option.

Credit card: Credit cards are typically used by people with good credit scores. It allows the cardholder to borrow funds for buying goods and services. The cardholder can use the credit card to make purchases up to a certain credit limit, which is the maximum amount that they can borrow. Afterwards, the cardholder has to pay back the borrowed amount, as well as any fees or interest charged by the card issuer.

A Home Equity Line of Credit (HELOC): A HELOC is a loan that permits you to borrow funds up to a predetermined limit, similar to a credit card. You can use the money as and when you need it. This loan is collateralized by your home's equity, which means you may be eligible for higher borrowing limits and lower interest rates. Nevertheless, if you are unable to repay the loan, your home may be in jeopardy.

What are the pros and cons of furniture loans?

Furniture loans, also known as personal loans for furniture, are loans taken out specifically to purchase furniture. Here are some potential pros and cons to consider:


  • Furniture loans can help you purchase furniture that you may not be able to afford upfront, allowing you to spread out the cost over a period of time.
  • If you have good credit, you may be able to obtain a furniture loan with a low interest rate and favorable terms.
  • Furniture loans may offer fixed interest rates, which can make budgeting and repayment more predictable.


  • Taking out a furniture loan means you will be taking on debt, which can be a burden on your finances.
  • Furniture loans can be tempting, but you should ensure that you are able to make the monthly payments on time and in full to avoid defaulting on the loan, which can have negative consequences for your credit score and overall financial health.

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Can you get furniture financing with no credit check?

Yes, it is possible to find furniture financing options that do not require a credit check. Some furniture retailers or lenders may offer financing options specifically tailored for individuals with limited credit history or poor credit scores.

What credit score do you need to finance furniture?

The credit score requirements to finance furniture can vary depending on the lender or financing program you choose. Generally, to qualify for financing with favorable terms, a good credit score is beneficial. A credit score of 670 or above is typically considered good, while scores above 700 are considered very good or excellent.

However, it's important to note that different lenders may have different credit score requirements. Some lenders may offer financing options for individuals with lower credit scores or limited credit history, but these options might come with higher interest rates or less favorable terms.

Can you get a furniture loan with bad credit?

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

  1. In-House Financing: Some furniture retailers offer in-house financing options that may be more lenient with credit requirements. They may have their own financing programs or partnerships with lenders that specialize in working with individuals with lower credit scores.
  2. Subprime Lenders: There are lenders who specialize in providing financing to individuals with bad credit. These lenders may be more willing to approve loans for furniture purchases, but they often come with higher interest rates and less favorable terms. It's important to carefully review and compare the terms and ensure that the loan is affordable for you.
  3. Secured Loans: If you have valuable assets such as a vehicle or savings, you may be able to use them as collateral to secure a loan for furniture financing. Secured loans reduce the lender's risk, making it easier to obtain financing even with bad credit. However, it's important to consider the potential consequences of using collateral and ensure you can repay the loan to avoid losing the asset.
  4. Co-Signer: If you have a trusted friend or family member with good credit, you may consider asking them to co-sign the loan with you. A co-signer with a strong credit history can improve your chances of getting approved for furniture financing and may help you secure more favorable terms.

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