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Furnishing a new home can be one of the most expensive aspects of moving. Even replacing a sofa or getting more clothing storage can be costly. Fortunately, there are several options for furniture financing in Canada that make it easier to get the items you want.
Depending on what you’re buying and your financial circumstances, there are different ways to finance furniture in Canada.
Many furniture stores offer in-store financing, partnering with a lending company to finance your loan. If approved, you can get a low or zero-interest rate for a set number of months. Popular stores that offer online or in-store furniture financing include: The Brick, Leon’s, Wayfair, Furniture Depot, Urban Barn and Stoney Creek Furniture.
A popular alternative to in-store financing, personal loans are offered by banks, credit unions and online lenders. Online lenders have faster turnaround times and more flexible lending requirements. Banks and credit unions tend to have more competitive interest rates.
Apply for a specific amount, and get an offer that includes your interest rate and term length. The best rates and terms are offered to borrowers with strong credit scores and low debt-to-income ratios. Some lenders offer bad credit loans, but you’ll pay high interest rates.
|Loan type||Loan amount & term||Min. credit score||Interest rate||Apply online|
|Loans Canada Personal Loan||300||6.99% - 46.96%|
|Spring Financial Personal Loan||500||9.99% - 46.96%|
|LoanConnect Personal Loan||300||6.99% - 46.96%|
|SkyCap Financial Personal Loan||600||19.99% - 39.99%|
|Mogo Personal Loan||500||9.90% - 46.96%|
|Fairstone Secured Personal Loan||560||19.99% - 24.49%|
Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.
Not offered by every furniture retailer, layaway lets you make a deposit on the items you want and have the store set it aside for future pick-up. Make small payments until you’ve paid off the entire balance. Once your furniture is paid for, you can take it home.
Credit cards are useful when you’re making small purchases. Borrow up to your credit limit by paying with your card, and pay zero interest during the grace period — usually 21 days.
|Annual fee||$0 intro annual fee for the first year ($29 thereafter)|
|Balance transfer APR||12.99%|
|Balance transfer fee||$3.50|
|Rewards||Get an on-going low interest rate of 12.99% on eligible purchases.|
Not sure if you’re ready to buy new furniture? Some stores let you rent furniture and return it any time with no fees.
Home owners can borrow using their home as collateral. If you do this instead if getting an unsecured loan, lenders will likely offer more favourable rates and terms. A home equity loan comes in fixed amounts. A HELOC lets you borrow as much as you want up to a limit.
If you have bad credit and need furniture financing in Canada, personal loans from online lenders are an option worth considering. Some online lenders specialize in bad credit loans, although you’ll pay high interest rates since lenders are taking on more risk.
Usually, you can fill out an application and find out if you’re preapproved in around 10 minutes.
Martha wants to replace her master bedroom furniture with a new king-sized bed frame, mattress, dresser, wardrobe and 2 bedside tables. The set will cost $19,000 in total. Her husband wants to go on vacation, so they don't want to use up all of their savings on the new furniture. They decide to use $9,000 in savings and get a loan for the remaining $10,000. In-store financing is expensive, so they compare other lenders and settle on a personal loan with a competitive APR from their local bank.
Cost of furniture: $19,000
Loan type: Personal loan
Loan amount: $10,000
Interest rate: 5%
Loan term: 2 years
Additional fees: Origination fee of 3% ($300)
Monthly payment: $438.71
Total loan cost: $10,729.13
The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
* This is a fictional, but realistic, example.
Getting a loan with a 0% promotional period might seem logical, but there are some drawbacks to keep in mind.
Knowing how much furniture may cost can help you decide on the right furniture financing option for you. The cost depends on the type and quality of furniture that you want. While you can get a dining room set for as little as $100 at IKEA and similar stores, you can easily spend 20 times that amount at a high-end retailer. Here are some common prices for various pieces of furniture from Wayfair Canada.
In-store financing is easier than taking out a personal loan and could be a good deal if you’re able to make repayments on time and before the financing period is up. However, personal loans come with less risk and could end up saving you money if you have good or excellent credit. Compare personal loans.
From personal and payday loans to lines of credit, compare loans for bad credit in Edmonton.
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