Is it a Good Idea to Take Out a Loan for Buying Furniture?

Loans are often taken out for furniture, but is it really worth it? Is there any benefit to borrowing money for furniture purchases? It does save you the time of having to save up for furniture, but is that all that furniture loans are good for?

There are definitely some benefits to taking out a furniture loan and some disadvantages. We'll take a look at both sides of the argument and recommend whether or not you should use this method of furniture shopping.

Should I Get a Furniture Loan?

On one hand, using a loan gets rid of the need to wait and saves money in interest. You also can get furniture you couldn't normally afford with this loan.

On the other hand, furniture loans are not recommended if you plan to buy furniture for yourself on a regular basis. If you have furniture debt it can take years to pay off.

At the end of the day furniture loans are up to personal preference and your particular situation. Whether or not taking out a furniture loan is right for you is something only you will be able to decide. Consider your options carefully before making any final decisions on furniture loans.

When considering whether furniture loans are good for your circumstances it's helpful to know some facts about furniture financing that could help sway your opinion one way or another, here are some interesting furniture finance facts:

• The furniture industry is worth over £80 billion in the United Kingdom alone.

• Around 80% of furniture is purchased with a loan.

This means that furniture loans are used by at least three quarters of furniture shoppers, which makes them very popular indeed.

If you're wondering whether taking out furniture loans is good for your circumstances there are some pros and cons to consider when deciding whether or not they are right for you. This will help you make an informed decision on whether or not furniture loans are for you.

Pros to Getting Furniture Loans:

No waiting - You get what you want immediately, no long wait times involved while saving up.

Get furniture you couldn't normally afford - furniture loans allow you to purchase furniture that is out of your price range.

Cons to Furniture Loans:

Interest rates are high - Interest on furniture loans can be very high, sometimes up to 39%. It's important to keep this in mind when looking at furniture loans and whether or not they'll save money in the long run. For example, if you took out a £500 furniture loan with an interest rate of 24% (typical range for furniture loans), it would take around 6 months before the loan was equal to the value of the furniture. This means you'd be paying back double what you originally borrowed within 6 months!

With pros like furniture loans being quick to get furniture you can't normally afford and furniture finance deals having flexible repayments it's easy to see why furniture loans are so popular. However, if you're after furniture that is within your price range without the high cost of furniture financing then it might be better for you to save up or buy furniture through other means.

If you've decided to use a furniture loan in order to get furniture quickly and enjoy the perks like borrowing money with an interest rate much lower than traditional furniture stores offer, then that's great! There are also some factors when taking out a furniture loan that could help make this situation even more beneficial. For example, by opting for online shopping for your furniture loan deal, not only will you be able to get furniture at a lower price you can also avoid furniture finance fees. This is because furniture stores in the UK charge their customers extra fees on top of furniture loans, which are typically around £20-35 per furniture item being paid for with a loan. While this might not seem like much, if you're buying furniture at £500 it ends up being an extra £50 added onto your bill!

Conclusion:

So, is it a good idea to take out a loan for buying furniture? It depends on your personal financial situation. The best thing to do is contact us and we can help you figure out the best way to finance your furniture purchase. We have a variety of financing options available, so you can get the furniture you want without breaking the bank.