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How Does Appliance Financing Work?

by Spencer’s TV & Appliance

Piggy Bank on Table

At a Glance:

What Are Your Financing Options

How Does Appliance Financing Work?

What Items Can You Finance?

Save Even More With Appliance Packages


Why Trust Us

There are two ways to buy an appliance. You can scrimp and save over the next several months in order to buy your appliance with cash (which hoping your old model doesn’t completely break down) or you can finance your purchase today. Financing gives you immediate access to your appliance, which is essential when you currently live with a broken refrigerator or a flooding dishwasher.

There is no one-size-fits-all approach to appliance financing. You have multiple options available and we can help you develop a financing plan that meets your needs.

Don’t live with a broken appliance because you can’t afford to buy a new one immediately. Let us help you restore your kitchen to its best capacity with different financing options.

What Are Your Financing Options?

There are multiple ways to finance appliances based on your budget, comfort level, and credit score. Our team will review each option, the payment models, and what the different choices mean for you. This can help you make informed decisions on the best choice to buy your items. Here are three options for appliance financing:

  • Payment plans: this is one of the most common choices when researching financing for appliances. With this model, you will purchase the appliance and pay for it over a set period (anywhere from six months to two years). You will make a flat payment each month until the appliance is completely paid off.
  • Credit cards: if you are looking for a more flexible way to finance your appliance, consider applying for a BrandSource credit card through Spencer’s TV & Appliance. Like a traditional credit card, you will need to make a minimum monthly payment on your appliance. However, the rest is up to you to pay it off. Depending on the cash you have in the bank, you could pay off your credit card in a few months and fully own your unit.
  • Lease-to-Own: this is a form of special financing through Progressive Leasing where you lease an appliance and make payments until you own it. The standard timeline is 12 months until you own your units. This option comes with auto-lease payments and early purchase options so you can buy your appliances on your schedule.

Each of these choices allows you to pay later with financing. You can take home your new refrigerator, washer, or range and enjoy it immediately while paying for the unit on a schedule that works for you. 

 Appliance Financing Approved

How Does Appliance Financing Work?

If you have never financed an appliance before, there is nothing to worry about. The process is designed to be fast and easy on your end. Our team of customer service professionals helps customers finance appliances every day, which means they can effectively walk you through the process. Here’s what it looks like:

  • Start with your new appliance. Our team will review the total cost of the appliance with you and discuss any down payment you want to put down today. Down payments usually aren’t required, especially if you are taking out a credit card.
  • Review your finances. Our team will look at your credit score and other financial information to identify the types of payments you can handle.
  • Consider your financing proposals. With all of the information in place, our customer service team will review a few different proposals for financing. You can choose the best model that works for you.
  • Enjoy your appliance! You are free to take your appliance home with you that day. Your financing payments should start within a few weeks of making your purchase. 

You might be surprised at how quickly the appliance financing process works at Spencer’s TV & Appliance. Our goal is to help you find the best appliance options for your home, not to bog you down with financial paperwork.

What Items Can You Finance?

You can apply for appliance financing for almost any product you want to buy today. You aren’t limited by the size of the purchase, your shopping budget, or even the brands you are interested in. If you want to buy a specific item but need help with the cost, we are here to help.

Our team members help customers finance purchases both big and small. Some customers apply for financing for luxury, commercial-grade units while other buyers want to finance smaller purchases for kitchen essentials. Choose what works best for you. 

Save Even More With Appliance Packages

There are multiple ways to reduce the cost of the appliances you buy. Along with shopping for clearance models and waiting for holiday sales, you can also save up to 20% on appliances bought in packages. This occurs when you buy two to five appliances at a time (usually to remodel a kitchen). Here are three appliance package options you might love.

GE 2 Piece Stainless Steel Kitchen Package

GE 2 Piece Kitchen Package

GE 2 Piece Kitchen PAckage

Saving on kitchen appliances can be as easy as buying a microwave to install above your range. This pair comes with a gas range (with room for a griddle) and an oven. The second piece is an above-the-range microwave that comes with a ventilation system. As you prepare delicious meals and try out new culinary challenges on the range, the vent will clean the air by removing smoke, grease, and other unwanted odors.

This package highlights how it would be natural to buy two appliances at once. By purchasing them as a pair, you can save money and only have to go through one round of financing. 

GE® 3 Piece Kitchen Package

GE 3 Piece Kitchen Package

GE 3 Piece Kitchen Package

If you want to add another element to your kitchen package, consider opting for this three-piece set by GE. It comes with the two appliances from the first option (except with an electric range) and a French-door refrigerator that was designed to accommodate families. This refrigerator comes with more than 25 cubic feet of storage and an external water and ice dispenser. Your family will no longer have to open the fridge in order to get a cool glass of water, which saves on your overall electricity bills.

This is a great option if your kitchen is starting to look dated and you want to remodel your space.  

Frigidaire Gallery® 4 Piece Stainless Steel Kitchen Package

Frigidaire Gallery 4 Piece Kitchen Package

Frigidaire Gallery 4 Piece Kitchen Package

Consider this four-piece package by Frigidaire if you really want to save on kitchen appliances. It comes with a range, microwave, French-door refrigerator, and dishwasher. This is the ideal package for a full kitchen remodel when you need completely new appliances.

This package comes with one of the best French-door refrigerators offered by Frigidaire. It comes with a bonus third compartment that is isolated from the main refrigeration section. You can place party trays in this area or set specific temperatures for wine bottles, vegetables, or cheeses. You will love the added flexibility it provides.  


Is there a minimum credit score for appliance financing?

Some lenders set minimum credit scores for certain types of financing. They might want your credit score to at least be in the 500s before approving you for specific loans. However, there might be other options if you have a low credit score. 

How will appliance financing impact my credit?

In the short run, you might notice a small dip in your credit score because your lender needs to run a hard credit check before approving the financing plan. However, as you pay off your appliance over a period of time, your credit score might grow. Making regular payments on appliances is one way to establish a healthy credit history.

How can you lower your loan interest rate?

There are multiple ways to receive a lower interest rate on a loan for appliance financing. You can agree to a higher monthly payment which means you pay off your financing faster. You can also submit a down payment on an appliance so the loan is smaller. Finally, having a higher credit score can lead to lower interest rates.

Why Trust Spencer’s TV & Appliance?

Since 1973, Spencer’s TV & Appliance has grown to 10 locations throughout the Phoenix Metropolitan Area. The secret to our longevity is simple: personal service. Customer satisfaction has always been the focus of our business, and throughout the years, we have been able to work hard with our suppliers to bring you the best prices. After all, getting customers the best price and personal attention is how we compete with big-box stores, day in and day out.

Not only do we offer top-rated appliances, name-brand electronics, and the best mattresses on the market but we also provide water treatment solutions and perform kitchen design services. Stop by your nearest Spencer’s and see what you’re missing!

Shop Appliances at Spencer’s

At Spencer’s TV & Appliance, we provide high-quality, name-brand products at great prices — check out our catalog to shop appliances online today. Your friends in the business are always happy to help you understand your appliance financing options. Call us, or better yet, stop by at one of our locations in the Phoenix, Scottsdale, and Glendale regions. Visit us today!

Learn More: Spencer's Guide to High-End Appliances