3 Methods of TV Financing for Bad Credit with No Down Payment

3 Methods of TV Financing for Bad Credit with No Down Payment
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Brittney Mayer
By: Brittney Mayer
Posted: May 15, 2018
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Although frivolous purchases should be at the bottom of the list when you’re dealing with bad credit, having some way to decompress after a long day of work may actually be necessary for good health, and TV is a versatile solution for many consumers.

Regardless of your reason for financing a new television, however, trying to find financing with poor credit may feel like tuning into a station with a bad signal — nothing but static. But that’s not to say there are no options. With potential ways to purchase ranging from credit cards and personal loans to retailer financing plans, you could be watching prime time TV before the first commercial break.

1. Credit Cards | 2. Personal Loans | 3. Retailer Financing

Best Credit Cards for Financing TV Purchases

One of the most frequently used methods of financing retail purchases, like televisions, is the handy-dandy credit card. Credit card options are available for nearly any type of credit, making them a convenient option for many people.

At the same time, those with poor credit will likely be given low credit limits, so your new TV may need to be on the lower end of the expense spectrum. Some of our favorite credit cards for bad credit offer limits of up to $500.

  • Checking account required
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  • All credit types welcome to apply
  • Your First PREMIER Bank credit card activity is reported to the Consumer Reporting Agencies each month. Making your payment on time and keeping your balances low relative to the credit limit will result in positive marks on your credit report
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
6 minutes See issuer website Yes 9.5/10
  • All credit types welcome to apply
  • Monthly reporting to the three major credit bureaus
  • Fast and easy application process; results in seconds
  • Use your card at locations everywhere that Mastercard® is accepted
  • Free online account access 24/7
  • Checking Account Required
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10
  • Checking account required
  • Fast and easy application process; response provided in seconds
  • A genuine VISA card accepted by merchants nationwide across the USA and online
  • Manageable monthly payments
  • If approved, simply pay a processing fee to open your account and access your available credit
  • Reports monthly to all three major credit bureaus
  • Click here for official site, terms, and details.
★★★★★

4.7

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
9 Minutes See terms Yes 8.5/10

+See More Credit Cards for Bad Credit

The most important thing to remember about credit cards — particularly those aimed at consumers with poor credit — is that they often come with very high interest rates, with some cards charging as much as 36% interest on new purchases.

With such high APRs, balances on these cards can grow very quickly, making them a bad idea for long-term financing. In fact, you should really aim to pay off your TV purchase before the end of your credit card grace period to avoid being charged any interest at all.

Even if you need a few months to pay off your credit card balance from a television purchase, be sure to make at least your minimum required payment on time each month. On-time payments can help build a positive payment history and may improve your credit score.

Best Personal Loans for Financing TV Purchases

If you think you’ll need more than a single billing period to pay off a television purchase, then a personal installment loan may be the way to go. Installment loans typically have lower interest rates than credit cards, making them more affordable in the long term.

Most personal installment loans require you to borrow at least $500 or more, though the maximum you can borrow will depend on your credit profile. Loan terms will vary by lender, though some of our top-rated providers offer loan terms as long as 72 months.

   
★★★★★

4.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% - 35.99% 3 to 72 Months

See representative example

+See More Personal Loans for Bad Credit

The monthly payment you’ll be required to make will be based on the amount you borrow, the APR, and how long you take to repay the loan. The longer you take to repay, the more interest you’ll end up paying overall, increasing the total cost of the loan.

Also keep in mind that most personal loans will charge an origination fee, which typically ranges from 3% to 5% of the loan amount. The origination fee will be added to your loan amount at dispersal and may affect how much you can receive.

Best Retailer Financing for TV Purchases

Another popular method of funding retail purchases is through the merchant itself (or its third-party financing partner). A variety of retailers offer no- or low-interest financing deals for transactions above a certain amount.

Due to their limited usability, many retailer financing programs are available to a range of credit types. Most store financing deals are now offered through the merchant’s branded credit card, though some still operate on the more traditional rent-to-own model.

  • Holiday gifts they'll like, payments you'll love! Use your line of credit to shop over 550,000 items from great brands like Samsung, KitchenAid, and DeWalt
  • Take advantage of low monthly payments if you apply and are accepted for a Fingerhut Credit Account issued by WebBank, who determines eligibility and qualifications for the terms of credit
  • Fast, easy online application process and a quick decision
  • Not an access card
  • Click here for official site, terms, and details.
 
★★★★★

4.8

Overall Rating

Application Length Interest Rate Reports Monthly Reputation Score
5 Minutes See issuer website Yes 9.0/10

Fingerhut started as a mail-order company, but now is fully digital, with its website offering thousands of items from popular brands like Samsung, Bissell, and Keurig. Applicants will receive either a revolving WebBank/Fingerhut Advantage Credit Account or a WebBank/Fingerhut FreshStart Installment Loan, depending on their credit.

FlexShopper

FlexShopper is an online retailer with over 85,000 products from hundreds of popular brands. Users can apply for FlexShopper’s lease-to-own program and make small weekly payments toward their purchases.

FlexShopper Logo

  • Lease-to-Own: make regular weekly payments for one year — then it’s yours
  • Receive a spending limit of up to $2,500
  • Over 85,000 products available

Qualified applicants can receive a spending limit of up to $2,500 ($113 a week). You’ll need to earn at least $1,000 a month and have a bank account that is at least 90 days old to qualify for a FlexShopper lease-to-own agreement.

Amazon.com Store Card

The Amazon.com Store Card only offers purchase rewards to Amazon Prime customers, but it does provide special financing to all cardholders. Orders must be at least $149 to qualify.

Amazon.com Store Card

  • Receive special financing on eligible Amazon.com orders of $149 or more made with your card
  • Amazon Prime members earn 5% back on Amazon purchases
  • Pay no annual card fee (Prime fee may apply)

The biggest downside to Amazon’s financing deal — and similar deals offered by other retailers — is that it operates with deferred interest.

Essentially, if you don’t pay off the entire amount you financed before the end of the promotional period, you’ll be charged interest for the entire balance, not just the remaining amount.

And you’ll be charged the default interest rate, which is usually at least 20% (and often more). So, if you’re going to use a low- or no-interest retailer deal, be sure you can pay off the whole purchase before your deal expires.

Get a New TV with No Down Payment

For millions of Americans, the television is more than a simple piece of electronics. For many, it’s the main source of entertainment, a family bonding tool, a way to de-stress after a long day, and a key lifeline to the outside world.

Given its important role in many American households, few people want to go without one for long. And, thanks to a wide range of financing options, most consumers don’t have to. Even without the means to make a down payment, TV-lovers of all credit types can often find a way to stay tuned in.

But don’t let your desire for a little tube time get you into even more credit trouble. If you choose to finance your television purchase, be sure you make any and all payments on time, whether they’re monthly credit card or loan balances or weekly lease-to-own payments, to avoid further credit damage from missed or late payments.