How To Finance a New Appliance: Loans, Cards and Pay-Later Options

Appliance financing is a way to pay for a refrigerator, washer, dryer, oven or dishwasher over time instead of all at once — using options like a personal loan, a store credit card, buy now pay later (BNPL) or a rent-to-own plan.

Let’s look at the top ways to finance an appliance purchase in 2026.

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Key Takeaways

• How to finance appliances comes down to five main options: Store financing, a personal loan, a 0% APR credit card, buy now pay later or rent-to-own.

• Match the option to the price and your credit: A 0% APR card suits buys you can clear within the promo window, while a personal loan fits larger purchases of $1,500 or more with fixed payments.

• Watch for deferred interest on store financing: If a balance remains when the promo period ends, retroactive interest applies to the full original purchase amount.

• BNPL splits the cost, often at 0%: Short "pay in 4" plans are usually interest-free, though longer plans can run up to 36% annual percentage rate (APR) and late fees apply.

• Personal loan rates track your credit: APRs run roughly 6% to 36%, and the average 24-month loan was 11.86% as of May 2026, per Federal Reserve data.

• Rent-to-own is the last resort: It approves poor credit but can cost two to three times the appliance's actual value.

Summary generated by AI, verified by MoneyLion editors

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).

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

Learn More: Garage Financing: How To Find the Right Option

5 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 and Retailer Credit Cards 

Best for: Shoppers with fair credit who can pay off the balance before the 0% intro APR period ends.

• 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.

Common retailer programs include:

• Best Buy: The My Best Buy® Visa® Card offers deferred interest promos on appliances.

• Home Depot: The Home Depot Consumer Credit Card offers special financing on appliance buys of $299 or more.

• Lowe’s: The MyLowe’s Rewards™ Credit Card offers 5% off every day or special financing on purchases of $299 or more.

Store financing comes with quick approval decisions and may get you the appliance sooner. Borrowers with fair to good credit — typically 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. That means 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 for Appliance Financing

Best for: Smaller appliance buys under $1,000 when you have good credit and a clear payoff plan.

• 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.

Types of cards often used for appliance buys include:

• Cash-back credit cards: Often offer an introductory 0% APR on purchases and earn 1% to 6% cash back on spending, usually with no annual fee.

• Flexible rewards credit cards: May also offer an intro APR and earn points that can be redeemed for cash back, travel, gift cards and more.

• Airline and hotel co-branded card: Introductory offers are less common on these types of cards, but if you’re loyal to a particular travel brand, they could make sense.

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. The average credit card APR as of May 2026 was 22.15%, according to Federal Reserve data. 

Approval for a zero-interest credit card requires a good to excellent credit score (670 or above on FICO’s scale), 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 for Appliance Financing

Best for: Buying a $1,500 or higher appliance when you have a credit score of 660 or above and want a fixed monthly payment.

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

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

Common lenders that fund appliance purchases include:

• SoFi®: Loans from $5,000 to $100,000 for borrowers with a credit score of 680 or above.

• LightStream: Loans from $5,000 to $100,000 with rates that reward strong credit.

• Upgrade: Loans from $1,000 to $50,000 for fair-credit borrowers starting around a 580 credit score.

• Upstart: Loans from $1,000 to $75,000 that also look at income and job history.

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 typically range between 6% and 36%, and lenders usually require borrowers to have a score of 670 or above to qualify for more favorable rates and terms. According to Federal Reserve data, the average APR for a 24-month personal loan was 11.86% as of May 2026.

You’ll also need an acceptable debt-to-income (DTI) ratio; lenders often prefer a DTI of 36% or lower. This demonstrates that you can make monthly payments.

Pros and Cons of Personal Loans

Buy Now, Pay Later for Appliances

Best for: Mid-size buys of $200 to $2,000 when you want short, predictable payments and no hard credit inquiry.

• 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.

Common buy now, pay later providers include:

• Affirm: Plans from six weeks to 60 months, some at 0% APR.

• Klarna: A “Pay in 4” plan split across six weeks with no interest.

• Afterpay: Four payments across six weeks with no interest.

• PayPal Pay Later: “Pay in 4” for small buys and monthly plans for buys of $199 to $10,000.

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 typically 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

Rent-to-Own Appliance Plans

Best for: Buyers with no credit or bad credit who need an appliance now and can’t qualify anywhere else.

• 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.

Common rent-to-own stores include:

• Aaron’s: Weekly or monthly payments on new appliances with no credit needed.

• Rent-A-Center: Same-day delivery and flexible payment schedules.

• Acima: A lease-to-own option offered inside many local appliance stores.

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 Appliance Financing

Match your credit score and the appliance price to the option that fits.

• If your credit score is 720 or above and the appliance costs $1,500 or more, a personal loan from SoFi® or LightStream will likely give you the lowest fixed rate.

• If your credit score is 670 or higher and the appliance costs $500 to $1,500, a 0% intro APR credit card works if you can pay it off inside the intro window.

• If your credit score is 600 to 669 and the appliance costs $299 or more, consider store financing from brands such as Home Depot or Lowe’s — but pay the full balance before the promo ends to avoid deferred interest.

• If your credit score is below 600 and the appliance costs $200 to $2,000, Affirm or Klarna buy now, pay later gives you short, fixed payments.

• If you have no credit or a past bankruptcy, rent-to-own from Aaron’s or Rent-A-Center is the fallback — but expect to pay two to three times the sticker price.

Learn More: 7 Pet Financing Options for Your Furry Friends

Appliance Financing FAQs

What credit score do you need to finance an appliance?

Most personal loans need a credit score of 660 or above to get a fair rate, and the best rates go to borrowers with scores of 720 or higher. Store cards often approve scores as low as 620. Buy now pay later plans from Affirm and Klarna often use a soft credit check and can approve scores under 600. Rent-to-own from Aaron’s and Rent-A-Center runs no credit check at all.

What is the average interest rate for appliance financing? 

Personal loan APRs typically run from around 7% to 36% based on your credit. Store cards for appliances often carry a standard APR of 26% to 32% once any 0% intro period ends. General-purpose credit cards average about 21% APR based on 2025 Federal Reserve data. Buy now pay later short plans are often 0% APR, while longer BNPL plans from Affirm can run 10% to 36% APR.

How fast can you get appliance financing?

Store financing and buy now pay later approvals happen at checkout in a few minutes. Personal loans from lenders like SoFi and LightStream can fund the same day or next business day after approval. A new credit card can take seven to 10 business days to arrive, though some issuers give you a digital card number right away.

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 or loan. 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.

Key Terms

• Appliance financing: Paying for a major appliance over time using a loan, credit card, BNPL or rent-to-own plan instead of all at once.

• Deferred interest: A store-financing feature that charges retroactive interest on the full balance if it isn't paid off within the promo period.

• 0% intro APR: A promotional period, often 12 to 21 months, during which a card charges no interest on purchases.

• Personal loan: A lump sum repaid in fixed monthly payments, best for larger appliance purchases.

• Buy now pay later (BNPL): A checkout option splitting a purchase into installments, often interest-free on short plans.

• Rent-to-own: A rental contract that leads to ownership, available with poor credit but at a high total cost.

• Debt-to-income ratio (DTI): The share of monthly income going to debt; lenders often want 36% or lower.

Sources

• Federal Reserve: Consumer Credit (G.19) 

• CFPB: What is a deferred interest promotion?

• CFPB: What is a debt-to-income ratio? 

• CFPB: What's the difference between a hard and soft credit inquiry? 

Summary generated by AI, verified by MoneyLion editors

Elizabeth Constantineau, CFHC™, contributed to editing this article

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

Photo credit: hedgehog94 / Getty Images / iStockphoto