When we decided to start a kitchen remodel, we knew we would finance our appliances in some capacity.
We could make up many reasons why that was the case, but the simple answer was that the appliances we wanted were expensive (read: ~$25,000 in total) and we didn't want to blow through our cash savings to buy these outright.
So when it came to looking into financing, we considered the spread of options be it putting them on a credit card, taking out a home equity line of credit (HELOC), and 12-month, no-interest financing from the sellers.
Ultimately we went with the zero-interest financing from the retailers because 0% interest sounded pretty good to us. But this comes with one big caveat that is often not discussed but really needs to be addressed- that “12-month term” is disingenuous at best!
- Note: We are not financial planners. This article is more about conveying our experience in taking 12 months same as cash financing and is purely anecdotal. Your mileage may vary. When in doubt talk to a financial planner before making any major purchase decisions.