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October 14, 2022 5 min read

Mattress Financing 101 - Everything You Need To Know


Mattress Financing 101

Can mattresses be financed? If so, how does mattress financing work? Is it easy to find mattress stores with financing? And how do I know if the buy now, pay later mattress model is right for me?

If you are looking for answers to any of the questions listed above, then you’re in luck - we’ve prepared a Mattress Financing 101 crash course to help you understand everything you need to know about financing your next mattress.

In this article, we break down the basics of mattress financing, where to find mattress stores with financing, the ideal customers for the buy now, pay later mattress model, and some tips to help you avoid falling into high-interest financing traps.

Enjoy :)

How mattress financing works

If this is your first time looking into mattress financing, don’t worry - it’s typically a simple and straightforward process. Similar to getting a home mortgage or car loan, financing a mattress allows you to spread out your payments over a number of months or years. 

Not every mattress retailer offers financing; if you decide that financing your next mattress is right for you, then you will want to verify that your preferred retailer offers financing before you begin seriously considering mattresses at their store. Once you find a mattress store that offers financing and are ready to make your purchase, you can expect to go through the following process:

  • Complete a credit check: Your credit score will determine how low of an interest rate you are eligible to receive. If you purchase a mattress with a partner, you can often run a “soft check” on each of your credit histories to make sure you are locking in the best possible rate.
  • Choose a payment plan: Mattress payment plans give you the ability to determine how long of a payment period you would like to choose. Keep in mind that unless you are eligible to receive a 0% interest rate, having a longer payment period will result in more interest being accrued over time, thus raising the overall cost of the purchase.
  • Make your down payment: After completing a credit check and selecting a payment plan, the last step of the financing process is to make your down payment on the mattress. The exact amount of your down payment will vary based on the terms of the financing agreement and the sticker cost of the mattress.

Now that you understand how mattress financing works, let’s dive into finding mattress stores with financing.

Where to find mattress stores with financing?

It’s not always easy to find mattress stores with financing. Some mattress stores prefer customers to pay in-full at the time of purchase, while other retailers may not have the credibility to attract financial lending partners. The good news is that there are plenty of mattress stores with financing available to customers who qualify for financing based on their credit score.

When approaching a financing agreement, it’s important to read the fine print and understand the long-term implications of the interest rate you've been quoted. For example, some financial lenders will offer 12 months interest-free financing, which is a great deal - as long as you make your payments on time. Remember that people missing their payments is how lenders make their money. While interest rates vary, a general rule of thumb is that missed payments will result in high interest rates and potential late fees.

Because of the possible consequences of making an ill-advised purchase, it’s important that you are honest with yourself about how expensive of a mattress you are able to afford.

The buy now, pay later mattress model - is it right for you?

Mattress financing gives customers the ability to purchase their preferred mattress without needing to pay in-full at the time of purchase. This is beneficial for two primary groups:

The first group consists of people who do not currently own a mattress (such as someone moving to a new location) and need to purchase one as soon as possible, but do not have the funds to do so. Mattress financing gives members of this group the ability to purchase a mattress when they need it and make smaller payments over a longer period of time.

The second group of prospective mattress buyers are people who have enough money in savings to pay for a new mattress, but would prefer to buy a premium mattress and pay it off in installments. This type of customer will sometimes bundle other items, such as adjustable bases and cooling pillows, to give them their ideal sleeping experience without a massive upfront cost. It also allows them to have more of their personal funds available to spend on other necessities.

Mattress Financing — Weighing The Pros & Cons 

If you are in need of a new mattress but don’t have the money to pay in full, then mattress financing is a great option. But you always want to weigh the pros and cons before making your decision. One benefit of financing a mattress is that it gives you an opportunity to build credit. This is especially helpful if you don’t currently have established or good credit. 

As we mentioned earlier in the article, financing can have downsides as well. It’s important to understand that if you aren’t responsible about making payments on time, then it may be best for you to hold off on purchasing a new mattress until you have enough saved up to pay it off in a single payment. Late fees and interest rates can compound quickly and raise the cost of the mattress above what it would have cost if you paid in-full. If you are committed to making payments on time, you still need to be aware of interest rates. Look for a mattress retailer that offers options with low interest rates or interest-free financing.

Financing Built For Kings

If you’re currently looking for a new mattress and are interested in financing, MattressKing offers as low as 0% APR financing with three options to give you the flexibility you need to get the best deal available. We even offer 12 months interest-free financing for qualified buyers!

Stop by your nearest MattressKing or prequalify online today.

Written by Ryan Farris Founder