How To Finance a Refrigerator: 6 Ways to Finance Your New Fridge

You can finance a new fridge with a credit card, in-store financing, cash advance apps, buy now, pay later, rent-to-own options and even with a personal loan. Refrigerators range in cost from lower, budget options around $300 and up to $4,000 and higher.

Are you in the market for a new refrigerator after it's kicked the bucket? Or just looking for an upgrade and want that shiny new model?

Here's a closer look at six different options that can give your kitchen the upgrade it badly needs.

Key Takeaways

• Six ways to finance a refrigerator: Personal loans, credit cards, in-store financing, cash advance apps, rent-to-own and buy now, pay later.

• Budget before you borrow: Refrigerator prices commonly run about $300 to $4,000 or more, so match the financing term to what you can pay each month.

• Your credit score shapes your rate: FICO scores run 300 to 850, and a good-to-excellent score of 670 or higher can help you qualify for lower rates, though approval isn't guaranteed.

• No-credit-check options exist: Rent-to-own, cash advance apps and some buy now, pay later plans may skip a credit check but can ask for proof of income.

• 0% APR isn't always free: Deferred-interest promotions can charge interest back to the original purchase date if a balance remains when the promo ends.

Summary generated by AI, verified by MoneyLion editors

Make sure to check out MoneyLion for personal loan offers for refrigerator financing. You can get matched with offers for up to $100,000 from our top providers. Compare rates, terms, and fees from different lenders and choose the best offer for you!

6 Options for Financing a Refrigerator

If you notice your fridge isn’t cooling quickly or maintaining the proper temperature, it’s important to take action. Cold temperatures help keep food safe and prevent you from getting sick. But big kitchen appliances can be pricey and not everyone is prepared to drop that much money on an unexpected expense.

Explore top refrigerator financing options and what to do if you have poor credit. 

1. Personal Loans

Getting a personal loan is one option for many people looking to finance a refrigerator. They have fixed monthly payments so you know what to expect, but can also be paid off quickly if you have the money.

Not all lenders will require a credit check, but those that don’t often come with higher interest rates or have to be repaid relatively quickly. If you have to undergo a credit check, you’ll likely need a score of 580 or higher. 

Use MoneyLion to explore personal loan offers for refrigerator financing! Compare rates, terms, and fees from different lenders and choose the best offer for you.

2. In-Store Financing

You may be able to sign up for a financing plan directly through the seller. Store credit cards associated directly with different businesses are an example of this. 

3. Credit Cards

If you need to open a new credit card or line of credit, you can often do so the same day you start the process. Although you can get a credit card even if your score is very poor, such as 500 or so, you may face a higher interest rate than someone with a better credit score. Approval depends on the lender and approval isn't guaranteed. Some companies may qualify you for credit card with a lower score.

MoneyLion can help you explore a wide variety of credit card options tailored to different needs and preferences.

4. Cash Advance Apps

Cash advance apps let you access a certain amount of money from your future pay, sometimes with no credit check. For example, MoneyLion's Instacash^SM lets you access up to $500 with 0% interest and no hidden fees. If you are looking for cash within minutes, there is a Turbo delivery that can send funds within minutes*. It’s not a loan product and you’re essentially getting a portion of your paycheck early. 

5. Rent-to-Own 

Renting to own means you’ll make payments weekly or monthly on an appliance. Your options are either to keep it for a short length of time or pay it off entirely and own the appliance.

Rent-to-own is different from leasing, which usually requires a credit check and is for new items that you may or may not intend to purchase outright by the end of the contract. 

You'll need to apply, prove you have steady income and can make at least the first payment.

6. Buy Now, Pay Later

Buy now, pay later is an installment loan. You get to take home the item right away, but you break up the payments instead of putting all the money down at once. You’ll usually be able to apply for this right at checkout with a down payment, and then defer the rest to pay off later on down the line.

This type of financing is offered by another provider like Affirm, which offers buy now, pay later services. Promotional deals may also offer an especially low annual percentage rate (APR) for the first year.

How To Choose the Right Refrigerator Financing Option

Not everyone’s financial situation or even day-to-day life is the same. Reflect on your own finances and research the different financing options available before committing to purchasing your refrigerator. 

1. Find Your Budget for Buying a Refrigerator

The first thing you should do is figure out what your budget is. Determine how much you can pay upfront and how much you can afford month-to-month without stretching yourself thin and risk missing payments. 

2. Consider Your Credit Score

You should also take a look at your credit score. If it's good, you may be able to get a reasonably low interest rate. If it's bad, however, you could be pressured to turn to a lender that will look past your poor score if you simply pay them a much higher APR. If you’re in that boat, you may want to seek out something that offers a deal or promotion for first-time users.

3. Compare Interest Rates

Even within the same type of loans or credit options, you’ll find some variance in interest rates offered by different companies. Shop around between banks and sellers to see who can offer you the best rate.

4. Check the Repayment Terms

The terms of repayment will affect how much is coming out of your pocket each month. Some loans have to be repaid extremely quickly, which can be difficult for some families. Some require collateral that you might not be willing to risk. Assess repayment terms with different financing options before committing to one.

How To Choose the Right Way To Finance Your Next Refrigerator

When it's time to buy a new refrigerator, you’ll find plenty of ways to help you get it into your home without having to pay for everything upfront. Research and decide which refrigerator financing option would work best for you before making a big purchase.

And remember to always inquire and compare important terms, conditions, rates, repayment periods and more. The more prepared you are when it comes to how to finance a refrigerator, the better position you’ll find yourself financially.

FAQs

How much does it typically cost to finance a refrigerator?

The cost to finance a refrigerator depends on how much the fridge costs, your financing option and if any promotional offers are available. Refrigerator prices can range between $300 to $4,000 or more.

Can I finance a refrigerator with no credit check?

Yes, but you might be limiting your financing options. Rent-to-own, cash advance apps, and some buy now, pay later options don't require a credit check, though might ask you to provide proof of income, show your bank statements or generally prove your ability to pay down the cost of a refrigerator.

Is 0% APR refrigerator financing actually free?

Getting 0% APR on refrigerator financing isn't always free, but it can be if you pay it off before the promo period is over. Some promotional offers have deferred interest, which means that you'll pay interest based on the original purchase date if there's still a balance.

What credit score do I need to qualify for a personal loan?

Generally, a good-to-excellent score is considered 670 and above, according to FICO, though lenders can accept fair and even poor credit, if you meet other requirements in your application. Keep in mind that lower credit scores could also mean you're only eligible for higher APR rates.

Key Terms

• APR (annual percentage rate): The yearly cost of borrowing, including interest and certain fees, expressed as a percentage.

• Personal loan: An installment loan repaid in fixed monthly payments over a set term, often used for large or unexpected purchases.

• In-store financing: A payment plan or store credit card offered by a retailer, sometimes with a promotional APR that can rise after the promo period.

• Cash advance app: A service that lets you access a portion of your earned pay early — such as MoneyLion Instacash — typically with no credit check and no mandatory fees.

• Rent-to-own: An arrangement where you make weekly or monthly payments on an appliance and can own it once it's paid off, usually without a hard credit check.

• Buy now, pay later (BNPL): A short-term installment plan, often through a third party, that splits a purchase into scheduled payments at checkout.

• Deferred interest: A promotional structure where interest is charged retroactively from the purchase date if the balance isn't paid in full before the promo ends.

• Soft vs. hard credit inquiry: A soft inquiry (such as prequalification) doesn't affect your score, while a hard inquiry from a full application can.

Sources

• FICO. Understanding credit scores.

• Consumer Financial Protection Bureau.

• Federal Trade Commission (FTC). Consumer advice.

• Federal Reserve. Consumer Credit (G.19).

• USDA. Refrigeration & Food Safety.

• Home Depot. Refrigerators.

Summary generated by AI, verified by MoneyLion editors