How To Finance Appliances: 6 Best Ways To Pay for Big Purchases

Appliances are an important part of any home, and when one breaks, replacing it quickly can be expensive. Appliance financing can help make the purchase more manageable by spreading the cost over monthly payments through options such as store financing, payment plans or personal loans, depending on your credit and financial situation.

Best Appliance Financing by Situation

• Can you pay within 12 months? You might consider a 0% APR credit card or in-store promotional financing.

• Need $1,500 or more with fixed payments? Apply for a personal loan.

• Prefer a layaway-type arrangement? Buy now, pay later (BNPL) lets you split the cost over several payments with a 0% annual percentage rate (APR).

• Need a small amount fast? A cash advance app can provide several hundred dollars quickly, with minimal hassle.

• Damaged credit? Rent-to-own might be an option, but it usually costs more than an outright purchase.

The 6 Best Ways To Finance Appliances

Here’s a side-by-side look at some of the top ways you can finance household appliances.

What Do Appliance Financing Options Cost?

To get an idea of what different types of appliance financing will cost per month and overall, here are some examples based on purchases at various price points.

Store Financing

• Good fit if: You can pay off the balance while the promotional APR is in effect.

• Avoid if: You’ll owe retroactive interest if some balance remains when the promotional rate period ends.

Store financing comes with quick approval decisions and may get you the appliance sooner. Borrowers with fair to good credit — 600 and above — can qualify for these types of offers.

Keep in mind, however, that store credit cards tend to have higher APRs than regular credit cards and may apply retroactive interest.

Here’s an example:

• Best Buy’s store card has a 30.74% APR and offers an 18-month, no-interest promotional rate for purchases over $599.

• If you don’t pay off the balance within the promotional period, interest will be applied to the full balance at the purchase date.

Pros and Cons of Store Financing

0% APR Credit Cards

• Good fit if: You have good-to-excellent credit.

• Avoid if: You won’t be able to pay the balance in full before the promotional period ends.

A 0% APR credit card charges zero interest for a set period, such as 12 or 18 months, and then changes to a standard APR. Standard APRs are typically around 22%.

Approval for a zero-interest credit card requires a good to excellent credit score — 670 or above — and can happen within moments of applying. Some cards provide a virtual version you can use right away. However, it can take seven to 10 days to get the actual card in the mail.

Pros and Cons of 0% APR Credit Cards

Personal Loans

• Good fit if: You’re purchasing an expensive major appliance.

• Avoid if: Your credit score is too low to qualify for a competitive APR.

A personal loan is a popular financial product for covering large purchases. You'll receive a lump sum to cover the expense and make fixed monthly payments toward the loan.

Rates can range between 6% and 36%. Lenders typically require borrowers to have a score of 670 or above to qualify for more favorable rates and terms.

You’ll also need a sufficient debt-to-income (DTI) ratio. This demonstrates that you can make monthly payments.

Pros and Cons of Personal Loans

BNPL Options

• Good fit if: You’re buying an appliance you can pay off in a few bi-weekly payments.

• Avoid if: You’ll need six months or more to repay.

BNPL is a short-term payment option that splits purchases into several equal bi-weekly payments or lets you make monthly payments over a longer time, such as 12 or 24 months.

BNPL providers require a soft credit check, but some may require a hard inquiry.

Most BNPL options are typically 0% interest when you make bi-weekly payments, but some can charge up to 36% interest for longer-term financing. Approval is usually instant during checkout.

Pros and Cons of BNPL

Cash Advance Apps

• Good fit if: You have an urgent need for an inexpensive appliance you can pay off with your next paycheck.

• Avoid if: The app charges a hefty subscription fee.

Cash advance apps typically don’t charge interest or require a credit check. Instead, providers review your banking history to determine how much you can access.

Many apps offer advances of $100 to $200, though services like MoneyLion’s Instacash® may allow up to $500. The only potential cost is optional expedited delivery within minutes for a fee*.

You may need to build up to the maximum limit over time, as most apps review your deposits and account activity. Because of these limits, cash advance apps are best for smaller, urgent purchases — such as helping you replace an appliance that costs under $1,000.

Pros and Cons of Cash Advances

Rent-to-Own

• Good fit if: The appliance is a must-have, and you lack the credit needed to finance a purchase.

• Avoid if: You have another option, such as buying used.

Rent-to-own stores can help consumers with poor credit make smaller monthly payments on appliances. While the store may run a soft credit check, you won’t need to take out a traditional loan or line of credit. Instead, you’ll sign a rental contract.

You can usually pay off the contract early to own the appliance sooner and stop the monthly payments. However, rent-to-own purchases can cost several times more than the appliance’s market value. The main advantages are flexibility and the ability to obtain an appliance even with bad credit.

Pros and Cons of Rent-to-Own

How To Choose the Right Option

• Inexpensive purchase you can pay off within a couple of weeks? Try a cash advance app.

• Want to break a small purchase into a few payments? Select BNPL with bi-weekly payments.

• Larger purchase you need more time to pay? Use in-store financing.

• Have solid credit and the ability to pay off the purchase within a year? Apply for a 0% APR credit card.

• Need an expensive major appliance and several years to pay? Consider a personal loan.

• Poor credit and limited options? Use rent-to-own, but be aware of the higher cost.

Alternatives To Financing Appliances

Financing a new model is just one way to deal with a broken appliance. Here are some more:

• Repair the existing appliance

• Buy secondhand

• Pay cash

Common Mistakes To Avoid

These common mistakes can make the purchase more expensive in the long run.

• Not comparing multiple financing options to find the best one

• Focusing on monthly payment amounts instead of total cost

• Not fully understanding deferred interest terms

• Draining emergency savings to avoid financing

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Key Takeaways

• Appliance financing can make expensive replacements more manageable, but it’s important to find the best solution.

• 0% options can be the cheapest option if paid off before the promo period expires.

• Personal loans offer fixed payments and interest, but not all borrowers will qualify for the most favorable rates and terms.

• BNPL options may limit financed amounts and charge high interest.

• Cash advance apps won’t cover the total cost of an expensive appliance.

• Rent-to-own options should only be used if you can’t qualify for other options because the total cost can exceed the appliance’s value.

FAQs

Here’s more information to help you find the best way to pay for your appliance purchase.

What credit score do I need?

You might need a 670 or higher for a 0% APR credit card or personal loan. Store financing usually requires a 600 or higher. Other options typically have low or no credit requirements.

How fast can I get financing?

A 0% APR credit card could take a week or so if you have to wait for the physical card to arrive. Other options might be available within a day, if not immediately.

Does BNPL build credit?

BNPL can build credit if the provider reports your account to a credit bureau, and you pay on time.

Can I finance used or refurbished appliances?

Yes, with a credit card, loan or cash advance app. Other options may vary by retailer.

What’s the cheapest option?

No-fee, 0% APR options are the cheapest. Just be sure to pay off a credit card or store financing before the promotional period ends.

Marc Guberti and Cynthia Measom contributed to the reporting for this article.

Sources

• LendingTree. 2026. "Average Credit Card Interest Rate in US Today."

• Credible. 2026. "Personal Loan Interest Rates in 2026 (Weekly Updates)."