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It's common to finance big-ticket items. Most individuals can't pay for a new home, car, or college education out of their pockets. However, sometimes even more affordable things may be out of reach. If there's something out of your price range that you're looking to purchase, you may be in luck. Some surprising items offer the option to finance.
Your car is probably an essential part of your life, and tires are a crucial part of your car. Driving on old, worn-out tires can put you at risk of blowouts, hydroplaning, and accidents. It's recommended to replace all four at once, which costs an average of $637. You can expect to pay even more if you drive a large vehicle or require specialty tires. Thankfully, you can finance new tires even with a low credit score.
An engagement ring is something that will don your loved one's finger for the rest of your spouse's life. Some may argue that you should only purchase what you can pay cash for then upgrade later in your marriage. While that is an option, engagement rings hold a tremendous amount of sentimental value. If you want something timeless, jewelry stores do offer payment plans.
People upgrade their large home appliances for several reasons. Whether the appliance has stopped working, you're going through a remodel, or you're looking for something more energy-efficient, there is no shame in buying new. Energy-efficient models may even help you save money in the long run. Refrigerators, dishwashers, stoves, washers, and dryers can quickly at up to $1,000 or more. You can shop around for stores that offer a 0% financing rate.
Sometimes purchasing used furniture works out well. Other times, you end up with pieces that are already wearing out, mismatched, or dirty. If you're upgrading your interior, a sharp, new couch, coffee table, or television stand may be just the thing you need. It is also a much better idea to purchase mattresses new for health reasons. You can get financing and excellent warranties at most furniture stores.
Ideally, you should have medical insurance. Your insurance helps reasonably cover routine healthcare and medications. When severe accidents or illnesses strike, your bills can become out of hand. Over half of the people living in the United States have $1,000 or more in medical debt. If you fall into that majority, you should research consolidating and financing your medical bills.
It's common knowledge that you can get a mortgage to purchase a home. Did you know you can also get financing to fund home renovations? Since your home is likely your most valuable asset, it's essential to take care of it. Some projects, such as replacing the roof, may be necessary to preserve the integrity of your home, while others improve the aesthetics. Either way, renovating can be a great investment and improve resale value.
These items and more are all available to finance. If you elect to finance, be mindful of the terms.
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