The obvious advantage of buying a mattress on finance is that if you do not have enough money to buy it at the full price, but you need it immediately, then you can pay the price in instalments to the retailer, either on a weekly, monthly, or yearly basis. Buying now and paying later gives you the flexibility of buying your dream mattress without having to pay a huge upfront payment. It’s a sweet deal that puts you in complete control.

Now before buying a mattress on finance, there are a few important things you should consider.

Consider Your Credit Score
When you decide to purchase a mattress on finance, the retailer is entrusting you with this purchase by letting you pay in instalments.
However, the retailer cannot blindly give you the item without a guarantee that you will make the repayments. He will need to know your credit worthiness. This is where your credit score comes in.

The retailer will run a credit check to gauge your creditworthiness. If you have a high credit score, then your chances of getting the mattress on instalment are high. In other words, a high credit score will make you eligible to take your mattress home and pay later. Be sure to obtain your credit report earlier so that in case you have a low credit score, you will be able to sort it out before visiting the retailer.

Interest Rate
Buying a new mattress with a plan to pay instalments entails additional costs, including interest.
In addition to paying the full amount, you will also pay some interest fees. The amount of interest depends on the price of the mattress and the period of repayment. First things first, inquire about the interest rate and decide if it suits your budget or not.

Upfront Payment
The retailer may ask you to make an upfront payment for your purchase. This is usually a small percentage of the total amount. For example, you may be required to make an initial 10% deposit. This means if the total cost of the mattress is 1000 pounds, you will make a £100 initial deposit.

Retention of Ownership
The retailer will continue to own the mattress until you make the full payment. This is due to the fact that you might cease making the repayments along the way, which can be a huge loss to him. It’s advisable to confirm first whether the retailer retains ownership.

Repayment Period
For how long do you want to make the repayments? Six months? One year? Three years?
Well, this decision is dependent on your budget. If your budget allows you to make the full payment in six months, the better. You can as well confirm with your retailer about the maximum repayment period for your mattress.