Home appliances – they’re indispensable parts of our daily home life. Can you just imagine going home after a long day and not have your LED TV on the living room for entertainment, your juicer in the kitchen for a fresh and cold healthy treat, or your AC unit in your bedroom on a hot summer night? Yes, our appliances have become an integral part of our lives and living without them may be just unbearable for most of us. But what do we exactly do when we need to purchase a home appliance and we don’t have enough money for it? Whether you may need to purchase a new one for a new home or need to replace old units, it’s the same – major home appliances are very pricey! If you can’t postpone your purchase and need borrow money for your home appliance, there are a number of options available for you to go about getting a loan. home appliances marathahalli
When you already know the appliance that you need (or want in most cases) before anything else, the best thing to do at first is to of course shop around from different appliance dealers. This helps you figure out how much money you need to borrow to make your purchase. Another advantage of shopping around at first is that you’ll know more or less which appliance dear can give you the best deal for the particular appliance unit you’re looking into. You should consider the price, any rebates if available, warranty period and coverage, and of course the quality of the appliance that you’re purchasing. Shopping around first also helps you assess your financial situation and where you are exactly, near or far, from completing your purchase. This also helps determine which borrowing method will be best for you and your particular needs. Different loans offer different deals so one size doesn’t fit all when it comes to loans.
If available, option number one is borrowing against your home equity. You can do this through line of credit on home equity. When you apply for one, you can use the money however way you want – for home appliance in this case – and the interest can even be deducted from tax.
Your home can also be refinanced with a cash-out mortgage and you can request your lender for an extra amount and then add the additional amount needed for your home appliance. Upon closing of the deal, you get the cash straight out for your home appliance.
Many people don’t even want to consider this but it still is an option – you can borrow money from a friend or a relative. It is important in such case that you set proper expectation about when you plan to pay back the money and as a sign of appreciation, you can add a little interest.
Also, your credit card is another option. If your credit limit is high enough and can accommodate the amount needed for your purchase, then by all means charge your purchase on your credit card. Just make sure that you have a decent rate on your credit card.