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Zero-Percent Furniture Financing Offers

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Zero-Percent Furniture Financing Offers

Zero percent furniture financing offers can be one of the smartest and easiest ways to make a new furniture purchase. These offers can also cost you a lot of money if you aren't careful. First of all, many of these furniture financing programs have an annual percentage rate of 25% (or more) if not paid off within the special-terms period. Furthermore, this rate normally begins at the point of sale or when you receive your furniture. All of which is fine, so long as you meet your minimum payment requirements and pay off the furniture financing within the special-terms period.

Many people misunderstand the agreement terms of these offers as being paid in full on the final billing. Well, guess again. By the final 12th billing statement on a one-year no-interest furniture financing program for example, you're usually late and you owe interest from day one. But how can this be? Simple, the terms in a case like this are that you must pay off the financing before the end of the one-year term. However, you normally won't receive your first statement until about 45 days after the program has begun. Therefore, by the 12th billing you are already at least 15 days late. Meaning you may owe as much, if not more, than $500 in interest on a $2,000 purchase.

Also, watch for furniture financing insurance charges on your billing, even if you didn't sign for the insurance option. Some consumers have reported finding insurance charges (they didn't sign for) as high as 30% of the purchase price. However, if you sign for the insurance option forget about canceling it - you owe it. In many cases these insurance programs can be a good value, but make sure you understand the terms before signing.

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