Dreaming of an OLED? How (and where) to finance your next TV

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The best TVs are amazing, but they’re not exactly cheap. Even when you factor in the many, many TV deals that pop up on a daily basis, it’s still tough for most of us to be able to easily spend a hefty chunk of change in one go on the latest technology. One solution is to use financing to pay for your next TV. Not sure where to begin? Let’s take a quick look at everything you need to know about using finance to buy your new TV, as well as picking out the best retailers to use.

What is financing?

Financing splits the cost of your new purchase across a number of months with the length of the contract lasting from anywhere between a few payments to monthly payments over a few years. Like with any agreement, you end up fully owning the TV once you’ve paid it all off.

It’s important to be able to afford those payments. While it can be tempting to buy one of the best 8K TVs around and figure out paying for it at a later date, it’s not wise. Instead, you should figure out what you’re able to afford each month and buy a TV that matches that budget. Being able to spread the cost is ideal if you don’t have savings to spend on a TV. Many people can afford to pay a certain amount each month while it’s harder to be able to splash out on one big purchase. It’s important to remember that in some cases, you’ll be paying a little extra by spreading the cost with interest added onto your purchase so make sure you check the details before you commit. Sometimes, it’s cheaper to pay in one lump sum (if you can afford to)

You’ll also need to have a reasonable credit score to have a lot of financing approved. We’re not financial experts but we recommend — again — not spending beyond your means as no one wants their credit score to take a dive, especially for the sake of a new TV. Some TV financing doesn’t require a credit check but you still need to be able to keep up the payments if you want to keep your TV!

Retailers that offer TV financing

Figuring out the best place to buy a TV is an important part of the purchasing process however you plan on paying. We’ve picked out the best retailers to consider below and explained what’s involved in each retailer’s financing deals.

Crutchfield

Established back in 1974, Crutchfield has kept up with modern trends admirably with an extensive range of different TVs including many of the best TV brands. Its financing plan is very straightforward. You simply make three easy payments. At the checkout, you choose to pay for your TV in instalments. From there, about every 30 days, your debit or credit card is billed for a third of the payment due. There’s no interest added for doing so, however, a $10 non-refundable processing fee is added to your total purchase price.

A minimum purchase of $300 must be made excluding tax and shipping, and the program is subject to credit approval. Other than that, it’s super straightforward.

Samsung

If you know you want a Samsung TV, going direct can be worthwhile. Most TVs are available with either the option to pay monthly or in instalments via Samsung Financing. Depending on the TV, there’s often no interest to pay and you’re simply told what you need to pay each month (and for how long). If you choose to pay in instalments, payments are typically taken out every two weeks but it’s interest-free and there’s no impact to your credit score for pursuing the method. As Samsung TVs can be pretty expensive because they’re such high quality, it can be a great way of spreading the cost in a convenient way.

Best Buy

A popular retailer for any TV purchase, Best Buy allows you to spread out the cost via its My Best Buy Credit Card. Whatever TV you’re looking at, next to the main price is how much it will cost per month via financing. Most TV deals run for 12 months on finance while some of the more expensive models can include 24 months financing. The idea is that you’re given a suggested payment to follow each month during that time period. If you pay in full within the 0% period of time (usually either 12 or 24 months depending on the price of the TV), there’s no interest to pay on your purchase. However, if you don’t pay in time, interest will be charged to your account from the purchase date.

As with all financing, credit approval is required and the interest rate is pretty high if you don’t pay in time. Be consistent though and you’re effectively stretching out the cost without paying an extra cent.

Walmart

Walmart is another popular TV retailer with a straightforward financing deal. Via Affirm, you can make easy monthly payments over 3 to 24 months. Interest is between 10 and 30% APR so it’s an expensive option overall, but if you can’t afford to pay in one sum, it’s a viable method. You can also check if you’re eligible without it affecting your credit score so it’s convenient if you’re worried about how stable your credit is.

Amazon

Amazon might not seem like an obvious place to consider for financing but it has a similar arrangement to Walmart. It uses Affirm but in this case, there are varying offers. Some TVs are available for 0% interest with equal monthly payments simply paying things off, while others have the same rate of 10-30% APR. It’s worth checking depending on the TV you’re considering buying with plans ranging from 3 to up to 48 months depending on the price of the TV.

Target

Target may not be the first place you consider for buying a new TV any more but it still has some great options. Like many other retailers, it uses Affirm for its financing. Checking your eligibility won’t affect your credit score, and it’s fairly clearly laid out. Click on the information icon next to the financing info and Target breaks down how much you’ll pay each month and the APR involved. It offers options for three, six, and twelve months so you can see how cheap repayments get but also what it does to the overall cost at the end of the agreement. Because interest is added, it’ll always cost more using Affirm financing at Target but it can make something more achievable if you can’t pay one lump sum.