At a Glance:
What is Appliance Financing?
What Are the Benefits of Financing Your Purchase?
How Does Financing Work?
What Items Can You Finance?
Additional Ways to Save
FAQ
Why Trust Us
Does your dishwasher keep clogging or shutting off mid-cycle? Does your refrigerator struggle to stay cold – turning your ice cream into a melted mess? While durable appliances can run for years, they aren’t meant to last forever. It might be time to replace old items that cause you more frustration than help.
Buying a new appliance is within your financial reach. At Spencer’s TV & Appliance, we sell quality items at affordable prices. We also work closely with customers to help them save money and secure financing.
If you aren’t familiar with appliance financing, learn more about your options. Here’s how the financing process works, along with a few different ways you can save when buying from our team.
What is Appliance Financing?
Appliance financing allows you to take home your purchased items today while paying for them over a longer period of time. For example, if you find a $1,000 refrigerator that you love but you don’t have that much money to spend, you can finance the purchase and make monthly payments over the course of six months or a year. That refrigerator cost seems much less intimidating when you only have to pay $100 - $200 per month.
Our team at Spencer’s TV & Appliance offers in-house financing, which means you don’t have to secure a loan or line of credit before you visit any of our locations. You simply pick out the appliances you want and meet with one of our financing professionals to lock in a fair payment plan to purchase the item.
Appliance financing takes into account that not everyone has a rainy day fund to cover a broken dishwasher or clothes dryer. You can replace dated or broken appliances in your home without stressing over how you are going to pay for them.
What Are the Benefits of Financing Your Purchase?
There are several benefits of appliance financing to keep in mind – even if you can afford to purchase an item outright. Here are a few reasons you might consider financing as you look for a new oven, cooktop, or washer.
- Don’t use up your savings. Financing allows you to keep money in your bank account to protect you in case of an emergency while making payments over time. This can give you peace of mind knowing you have a little extra cash to cover unexpected costs.
- Build up your credit. If you want to increase your credit score, paying off small purchases over time can prove that you are a safe person to lend to. Even if you can afford the appliance, financing your purchase can build your credit history.
- Use your money elsewhere. Don’t let a broken washing machine derail your Disney vacation or wedding plans. Pay off your appliances over time and use your funds for more exciting or useful purposes.
It might be tempting to use your holiday bonus or tax return to fully pay off an appliance; however, you might want to save that money for other things and use our in-house program to grow your financial health instead.
How Does Financing Work?
If you have never applied for financing before, it helps to understand the process before you visit one of our showrooms. This way you have a clear picture of what our team needs to know for you and the types of offers you will receive.
- Once you pick out your dream appliance (or appliances), meet with one of our financing specialists to create a payment plan.
- Our team members will first look at the total price of the items and then review your financial options. They will consider your credit score, down payment (if any), and ideal monthly payment amount.
- With this information, our team will make an offer for in-house financing. It will cover your day-of costs (if any), monthly payments, and interest rate.
- If you agree with our appliance financing plan, you can make arrangements to have your appliances delivered to your home or pick them up later that day.
Over the period of the financing plan, you will make monthly payments until the appliance is completely paid off. Depending on the terms of the plan, this could be as short as six months or up to two years. If you take on a larger monthly payment, you could pay off your appliance faster and might receive a lower interest rate.
What Items Can You Finance?
The financing options at Spencer’s TV & Appliance are highly flexible. This means you can finance almost any item or appliance you need. Are you tired of waking up with back pain? Consider upgrading your mattress and financing payments through our team. Do you want to surprise your spouse with a new TV and surround sound system? Our financing specialists can help.
If you aren’t sure whether you can secure financing for your purchase, don’t be afraid to ask. We will do everything we can to help you purchase appliances today.
Additional Ways to Save
Most people associate appliance financing with in-house loans; however, there are multiple ways to save on your purchase while taking advantage of our financing options. Here are a few options.
BrandSource Credit Card
A BrandSource credit card allows you to take control of when and how you pay off your appliances. You can make payments when you have the money and keep up with the minimum rates to maintain your credit score. You can even save on qualifying purchases with this card and enjoy special prices that aren’t available to non-cardholders.
Lease-to-Own with Progressive Leasing
Another way to save is to sign up for a least-to-own program. Our team works carefully with Progressive Leasing to secure favorable terms with clients. With this option, you make monthly payments as if you are leasing your appliance; however, each payment helps you pay off the appliance until you fully own it.
Learn more about Progressive Leasing to see if this is a good option for you.
Appliance Packages
If you need to buy multiple items for your home, consider shopping for appliance packages. Brands package relevant items that customers need (like a refrigerator, dishwasher, and range) and offer them as a set for a discount. In some cases, you can save up to 20% off the cost of your appliances by buying a package instead of individual items.
Combing package savings, manufacturer and government rebatesand financing options can make your appliances affordable and easy to buy. Below is one example of a package offered by Spencer’s so you can see how you can save.
Frigidaire® 4 Piece Stainless Steel Kitchen Package
This package is a great example of how you can save money while completely furnishing your kitchen. It comes with a family-size side-by-side refrigerator, a dishwasher, an electric range with an oven, and an over-the-range microwave with a ventilation system. Each appliance is fairly priced and meant to provide value to the customers who choose this package.
The appliances are all stainless steel and match each other in design, which means you can create a unified kitchen design and can focus on other elements of your kitchen renovation.
FAQ
What is interest?
Interest is the fee that lenders charge when they are issuing a loan, in-housing financing, or a credit card. A higher interest rate means the loan is more expensive. When you are shopping around for financing options, compare interest rates to see which lenders offer favorable rates.
What is more important in financing: the APR or the interest rate?
APR stands for annual percentage rate and refers to the total cost of the loan. A company might offer a lower interest rate but have a high APR because of other fees and costs they levy. When comparing loans, keep an eye on the APR to make sure you are getting a good deal on financing.
Why Trust Spencer’s TV & Appliance?
Since 1973, has grown to 10 locations throughout the Phoenix Metropolitan Area. The secret to our longevity is simple: personal service. Customer satisfaction has always been the focus of our business, and throughout the years, we have been able to work hard with our suppliers to bring you the best prices. After all, getting customers the best price and personal attention is how we compete with big-box stores, day in and day out.
Not only do we offer top-rated appliances, name-brand electronics, and the best mattresses on the market but we also provide water treatment solutions and perform kitchen design services. Stop by your nearest Spencer’s and see what you’re missing!
Shop Quality Appliances at Spencer’s
At Spencer’s TV & Appliance, we provide high-quality, name-brand products at great prices — check out our catalog to shop appliances online today. Your friends in the business are always happy to help you secure appliance financing at a favorable rate. Call us, or better yet, stop by at one of our locations in the Phoenix, Scottsdale, and Glendale regions. Visit us today!
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