How to Qualify for Rooms to Go Financing: Step-by-Step Guide

Introduction

Furnishing a home can be an expensive endeavor, but financing through Rooms to Go can help make it more manageable. With financing options from top lenders, Rooms to Go makes it easier to purchase the furniture and decor you need. This article will provide a step-by-step guide on how to qualify for Rooms to Go financing.

Overview of Rooms to Go Financing

Rooms to Go offers various financing options for customers who want to purchase furniture and accessories. From 0% interest plans to traditional financing with competitive rates, there are several options available. Customers can apply for financing online or in store, and they can choose from 6, 12, 18, 24, 36, 48 and 60 month payment plans.

Purpose of Article

The purpose of this article is to provide an overview of the steps necessary to qualify for financing through Rooms to Go. By understanding the eligibility requirements, checking your credit score, applying for financing, and taking advantage of special offers, you can get the furniture and decor you need without breaking the bank.

Understand the Eligibility Requirements

Before applying for financing, it’s important to understand all the eligibility requirements. There are two main types of financing available: traditional financing and deferred interest plans. Traditional financing requires a down payment, while deferred interest plans do not.

Types of Financing Available

Traditional financing is offered by Rooms to Go’s financing partner, Synchrony Bank. This type of financing requires a minimum purchase of $599 and a down payment of at least 10%. Traditional financing also requires a good credit score, as determined by Synchrony Bank.

Deferred interest plans are offered by Rooms to Go’s other financing partner, Wells Fargo. These plans do not require a down payment and have no interest if paid in full within the promotional period. However, if the balance is not paid in full, interest will be applied retroactively to the entire purchase amount.

Qualifying Credit Score

In order to qualify for either type of financing, applicants must have a good credit score. For traditional financing, this means a credit score of 700 or higher. For deferred interest plans, a credit score of 620 or higher is required. If your credit score does not meet these requirements, you may still be able to qualify for financing, but you may need to make a larger down payment or pay a higher interest rate.

Down Payment Requirements

If you opt for traditional financing, you will need to make a down payment of at least 10% of the purchase price. This can be done in cash, by check, or with a major credit card. If you are using a credit card, the total amount of the purchase including the down payment should not exceed your available credit limit.

Check Your Credit Score

Once you know the eligibility requirements, it’s time to check your credit score. This will give you an idea of whether or not you qualify for financing. You can obtain a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once per year.

How to Obtain Your Credit Score

You can obtain a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once per year. You can also purchase your credit score from each bureau or use a third-party service such as Credit Karma or FICO. When obtaining your credit score, make sure to use the model used by the lender offering financing.

Understanding Your Credit Score

Your credit score is a three-digit number that reflects your creditworthiness. Generally speaking, the higher your credit score, the better your chances of being approved for financing. A score of 700 or above is considered good, and a score of 750 or above is excellent. You can improve your credit score by paying bills on time, keeping balances low on credit cards, and avoiding opening too many new accounts.

Apply for Financing

Once you have checked your credit score, you can begin the application process. You can apply for financing online or in store. The online application process is simple and only takes a few minutes. If you choose to apply in store, you will need to provide proof of income and fill out the application form.

Applying Online

To apply for financing online, you will need to provide your personal information, including name, address, Social Security number, and date of birth. You will also need to enter your income information and employment status. Once you have filled out the application form, you will receive a response within minutes.

Applying in Person

If you choose to apply for financing in person, you will need to provide proof of income and fill out the application form. You will then need to wait for a response, which could take up to two business days. The approval process may also involve a phone call from the lender to verify the information provided.

Provide Documents for Verification

Once you have been approved for financing, you will need to provide documents for verification. This includes proof of income, such as pay stubs or tax returns, and proof of identity, such as a driver’s license or passport. You can submit these documents online or in store.

What Documents are Needed

The documents you will need to provide for verification depend on the type of financing you are applying for. If you are applying for traditional financing, you will need to provide proof of income and proof of identity. If you are applying for a deferred interest plan, you may only need to provide proof of identity.

How to Submit Documents

You can submit documents online or in store. If you are submitting documents online, you will need to upload them to the secure website provided by the lender. If you are submitting documents in store, you will need to bring them with you when you go to pick up your furniture.

Review Financing Terms

Once you have been approved for financing, it’s important to review the financing terms before signing any contracts. This will ensure that you understand all the details of the agreement, including the payment terms, interest rates, and fees.

Payment Terms

It’s important to understand the payment terms of your financing agreement. This includes the length of the loan, the amount of the monthly payments, and the due date for each payment. Make sure to note any late fees or penalties for missed payments.

Interest Rates

It’s also important to understand the interest rate associated with your financing agreement. Traditional financing typically has a fixed interest rate, while deferred interest plans have variable interest rates. Be sure to read the fine print and ask questions if you don’t understand something.

Make Payments on Time

Making payments on time is essential to maintaining a good credit score and avoiding late fees and penalties. To ensure that you make your payments on time, you can set up automatic payments through your bank or credit card. This will ensure that your payments are made on time every month.

Setting Up Automatic Payments

Most banks and credit cards offer the option to set up automatic payments. This allows you to link your bank account or credit card to your financing account, so that payments are automatically deducted from your account each month. This is a convenient way to ensure that your payments are made on time.

Penalties for Late Payments

If you fail to make a payment on time, you may incur late fees and other penalties. These can add up quickly, so it’s important to make sure that you make your payments on time. Many lenders also offer the option to make early payments, which can help reduce the amount of interest you pay over the life of the loan.

Take Advantage of Special Offers

Rooms to Go often offers special offers and discounts for customers who finance their purchases. These can include cash back rewards, discounts on future purchases, and even free shipping. Be sure to take advantage of these offers to save money on your furniture and decor.

Cash Back Rewards

Some financing partners offer cash back rewards for customers who finance their purchases. This can include a one-time cash bonus or ongoing rewards for making payments on time. Be sure to check the terms and conditions of your financing agreement to see if you are eligible for cash back rewards.

Discounts and Deals

Rooms to Go also offers discounts and deals for customers who finance their purchases. These can include discounts on future purchases, free shipping, and exclusive sales and promotions. Be sure to keep an eye out for these offers to save even more money on your furniture and decor.

Conclusion

Financing through Rooms to Go can make furnishing your home more manageable. By understanding the eligibility requirements, checking your credit score, applying for financing, and taking advantage of special offers, you can get the furniture and decor you need without breaking the bank.

Summary of Steps

To qualify for Rooms to Go financing, you will need to understand the eligibility requirements, check your credit score, apply for financing, provide documents for verification, review financing terms, make payments on time, and take advantage of special offers.

Benefits of Financing Through Rooms to Go

Financing through Rooms to Go offers a variety of benefits, including flexible payment plans, competitive interest rates, cash back rewards, and discounts and deals. By taking advantage of these offers, you can save money on your furniture and decor purchases.