TV Financing For Good & Bad Credit

Are there any hidden fees with a TV loan?

Loans can have fees associated - and you guessed it - the lender may not make them as obvious as you’d like. When shopping for a TV loan it’s helpful to review the fine print, ask questions, and understand the details of your loan. From origination fees to possible early prepayment penalties, understand any fees you may encounter during the life of the loan. 

Can I finance a TV with bad credit?

While some lenders may have less strict requirements to help bad credit borrowers, your options may be limited. With that being said, the internet can help you access more lenders nationwide, thus increasing your chance of approval. In addition, online lenders may have less strict requirements as they face more competition. There’s also the chance that the lender just wants to do more bad credit loans. While they can equal more risk, there can also be more reward, so some lenders may like bad credit loans. If you have bad credit, the best way to boost your chance of approval is boosting your credit score or applying with a co-signer with good credit. 

What credit score will I need to get a TV loan?

While credit score requirements can vary by lender, and some lenders may forgo a credit score requirement, the better your credit score the better your chance of approval. Offers are more likely to be returned to borrowers with fair, good, or very good credit. To put this into perspective, according to the FICO® score scale a fair credit score is between 580-669, good between 670-739, and very good between 740-799. Whether the lender has a credit score requirement or not, they typically will also evaluate requirements such as credit history, debt-to-income ratio, income, and more. Requirements are intended to help the lender determine the risk of the loan. Since personal loans are not backed by collateral, lender’s base lending decisions on creditworthiness (the likelihood that a borrower will repay the loan). 

What types of TVs can I finance?

Personal loans offer flexibility for TV financing. As long as you qualify for enough money, you can finance one or multiple TVs of any type. This includes plasma TV, LED TV, OLED TV, QLED TV, movie theatre TV screens, projectors, and more. Shopping for your new TV can help you determine how much the TV costs, which in turn can help you determine how much you need to borrow. During the application process, you’ll typically be asked how much you wish to borrow. 

Do you offer TV loans with no credit check?

Some options for TV payment plans or financing with no credit check may be available, but there are some elements to consider. No credit check TV loans can be costly, restrictive, and likely won’t work to build your credit. Examples of no credit check TV loans/payment plan options can include payday loans, pawn shop loans, rent to own, and more. If you have bad credit which is detouring you from a credit check, a no credit check TV loan may be appealing. Keep in mind though that if you can qualify for a traditional loan that requires a credit check it will likely be reported to the major credit bureaus. With on-time payments, the loan can help build your credit, which can add value to the loan even if the APR is high. 

Can I pay off my TV loan early?

Most personal loans do not have prepayment penalties, so you can pay the loan off early without penalty. Doing so can potentially help save on interest. Some may pay more than the installment and some may pay the loan off as a lump sum. If you don’t have the means to pay a loan off early - you don’t have to! The option to do so can benefit borrowers in some situations though. For example, if you’re purchasing a home you may need to lower debt utilization, therefore requiring you to pay off loans. 

See Also:

• MacBook Financing
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• Appliance Financing
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