How Can You Finance a Mattress?

Lauren WardUpdated December 14, 2022

Share this article:

Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

A new mattress is an important purchase since it can help you get a good night’s sleep. And while a mattress can be costly, it can also last for about 10 years. Fortunately, you can finance a mattress if you don’t have the money on hand to pay for it. Read on to learn about the mattress financing options available, and the pros and cons of each.

What Is Mattress Financing?

Mattress financing is when you borrow money to pay for a new mattress, such as with a personal loan. You repay what you borrow over time, typically with interest. And in the meantime, you get to take your mattress home and start using it.

Is It a Good Idea to Finance a Mattress?

As long as you can comfortably afford the monthly payments, mattress financing may be a good idea. The important thing to keep in mind is the total cost. How much will the mattress be when you add on the interest and any fees? Once you determine the amount, make sure you have a plan in place to pay it off.Mattress financing might even help improve your credit by contributing to your payment history and credit mix.

How Does Mattress Financing Work?

Financing a mattress is a way of borrowing money. Once you have received the funds, via a personal loan, for instance, you pay it back in monthly installments with interest until it’s fully repaid.

Average Cost of a Mattress

While the average price of a queen mattress is around $1,200, you can find mattresses well above and below this amount. For instance, you might pay $1,800 to more than $3,000 for a luxury mattress.There are multiple factors that influence the cost of a mattress, some of which may include:

Mattress size: whether it’s a twin, double, queen, king, or California king
Density or thickness
Type: foam, spring, latex, hybrid
Shipping or delivery cost
Haul away or removal cost of your old mattress

It’s worth noting that many companies offer trial periods during which you can try out a mattress risk-free. If you don’t like it, you may return or exchange it.

Ways to Finance a Mattress

These are some common options for mattress financing:

1. Buy Now, Pay Later

Some mattress companies work with third-party lenders, and you can finance your mattress through that lender. This method is quick and convenient since you do it at the point of purchase. However, it’s important to check the interest rate. You may pay higher interest with buy now, pay later than with some other payment options.

2. Personal Loan

You may be able to get a small personal loan that’s between $500 and $5,000 to buy a new mattress. The definition of a personal loan is a lump sum of money you take out from a bank, credit union, or online lender. You repay the money in monthly installments over time with interest. The higher your credit score, the lower the interest rate you might qualify for.One of the reasons to get a personal loan is that once you’re approved, you’ll typically get your funds quickly, within one to five days. Personal loans may also have lower interest rates than other mattress finance options. The requirements for getting a personal loan can vary, so be sure to review a lender’s specific eligibility requirements before you submit an application.

3. Credit Card

You can put your mattress purchase on a credit card, which is fast and easy. You may even be able to use a rewards credit card and earn points and miles you can redeem later. However, credit cards often have high interest rates. If you can pay off your mattress quickly, that can help you avoid paying a lot of interest on it. But if you can’t, you’ll pay interest on the balance until your mattress is repaid in full.

4. In-Store Financing

With in-store financing, the retailer provides you with a financing method directly as you buy your mattress. They might even offer a promotional 0% APR for an introductory period. In that case, if you can pay back what you owe before the introductory period ends, you won't owe interest. After that, however, a high interest rate might kick in. Check the terms carefully.

5. Rent to Own

With rent-to-own financing, you make regular monthly payments on your new mattress until it’s paid off. Typically, you’ll choose between making lower payments for a long time or higher payments for a short time. However, you could end up paying quite a bit more for the mattress, especially if you make lower payments over a long term. In addition, there may be fees involved. Review the details and make sure you understand the total cost.

What Are the Benefits of Financing a Mattress?

There are benefits to financing a new mattress. First, you’re not using your savings to pay for it. It’s typically wise to keep money in your savings account in case of an emergency. Financing a mattress may also help build your credit. Making regular monthly payments in full and on time might help you improve your credit history.

Things to Consider When Financing a Mattress

Before you finance a mattress, there are factors you’ll want to check into, including:

Fees

For any financing option you’re thinking about, find out if there are fees involved. Are there fees for late payments or repaying the money early? Are additional fees added on to the purchase price of the mattress? Read the fine print.

Loan Terms

Each financing method comes with its own loan terms. Those terms include the APR or interest rate on the amount you’re borrowing, how long you have to repay what you owe, and any fees or penalties you may be charged. It’s important to read over the loan terms to ensure you understand all the details.

Overall Expense

Find out the total cost of the mattress, including interest and all fees. And make sure you shop around and compare rates for the best option.

Mattress Financing Requirements

Most lenders will typically look at your income, credit history, credit score, as well as your debt-to-income ratio, which compares your gross monthly income to your monthly debt. Lenders may do a hard credit pull, which can temporarily lower your credit score. You may also be required to submit paperwork and documentation proving the information you gave them is accurate.

Explore Personal Loans With Lantern

If you’re interested in mattress financing and considering a personal loan, Lantern by SoFi can help. By filling out one simple form, you can compare interest on a personal loan and terms from multiple lenders in our marketplace. It’s an easy and convenient way to help find the best option for your lending needs. Check your rate today with Lantern.

Frequently Asked Questions

What is the meaning of mattress financing?

What are the requirements to finance a mattress?

Is using a personal loan a good option to finance a mattress?

iStock/Prostock-Studio

LCPL0722017

About the Author

Lauren Ward

Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.

Share this article: