Can You Finance a Mattress? Everything You Need to Know

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Mattress financing gives you the ability to make monthly payments on your purchase rather than paying the full price up front. Most online mattress retailers have financing options available on the checkout page before you place your order. The benefit of financing your mattress purchase is that it allows you to spread the payments out over time. The downsides are that financing may affect your credit and that you may have to pay interest.

What is mattress financing?

Financing gives you the ability to buy a mattress by making monthly payments. This is a great option for people who don’t have the money to pay the full purchase price upfront and for people who want more flexibility in how they pay.

Rather than using a credit card to finance a mattress, you may decide to take advantage of one of the financing offers that are presented to you when you buy a new mattress online. Mattress retailers usually operate their financing through buy now, pay later lending partners like Afterpay, Klarna, or Affirm who handle the credit approval and ensure that the customer makes the monthly payments.

The reason why retailers choose to offer financing is because it helps them make more of a profit. Mattress financing allows customers to buy a mattress that they normally wouldn’t be able to afford. It also encourages them to spend more on their mattress since they can pay over time instead of shelling out the entire purchase amount at once.

A mattress can cost well over a thousand dollars, which may scare many potential customers away. But the promise of making a low monthly payment of less than one-hundred dollars per month can persuade some people to go through with their mattress purchase.

How mattress financing works

When considering a financing option, there are a few key factors that you’ll need to take into consideration: interest rate, credit check, the amount of the down payment (if required), the estimated payment per month, hidden fees, and plan length.

Interest rates

The interest rate is the most important factor that you need to pay attention to, since it determines exactly how much money you’ll ultimately end up spending on your new mattress. Many companies advertise 0% APR, but that only applies to people who have a great credit score. If your credit check reveals that your credit score is less than stellar, you could end up paying a much higher interest rate. The payment plan that seemed like a great deal at 0% APR could end up being a terrible decision if you have to pay 10% APR or higher.

Credit check

When you apply for mattress financing, the lending partner will run a credit check. This is another important factor to consider, since it can affect your credit score. You typically lose a couple points on your credit score every time a company inquires with the credit bureaus.

Monthly payment amount

Next, it’s important to determine the length of the loan and how much the monthly payments are going to be. The financing options are presented differently on different websites. Some retailers give you the option of choosing a specific number of months that you’ll be required to make payments. Others let you choose the monthly payment amount and you keep making that exact same payment until the mattress is fully paid off. The latter option is something that you should be wary of, since you may end up paying more in interest than you would expect.

Hidden fees

Make sure you read the fine print before taking advantage of a financing option. Even a 0% APR financing option could end up costing you more than you would pay if you paid the entire purchase amount up front.

Risks of financing your mattress purchase

Even though financing might seem like a great choice at the time of purchase, there are a few key risks that you need to be aware of.

Financing can affect your credit score

When the company runs a credit check with the credit bureaus, this typically dings your score a few points whether you are approved or not.

Additionally, the amount of debt you have compared to the amount of credit you have access to is an important component of your credit score. By taking advantage of the financing options that retailers offer, you are increasing the amount of debt you have which could lower your score depending on how much credit you have access to.

It could make your mattress more expensive

Even though the low monthly payments may seem appealing, financing options can make your new bed significantly more expensive over the long run. Unless you have a 0% APR offer, you’re going to be making interest payments every single month. The interest can add up to a considerable sum over time, and it may be more than what you’re willing to pay for your mattress.

It can cause problems with returns

Since the mattress companies themselves don’t directly handle their financing options, returning your mattress for a refund can be more difficult. When you make flexible monthly payments, the money isn’t going to the manufacturer, it’s going to one of the financing companies that they partner with.

Companies like Saatva and Amerisleep partner with Klarna. Extend is another popular financing company used by brands like Bear. Companies like Puffy use SplitIt. Affirm is the lending partner of choice for Avocado, Casper, Layla, and many others.

Do you really need to finance a mattress?

Considering how much mattresses cost these days, financing your purchase can seem like a no-brainer. Why spend thousands of dollars up front on an Eight Sleep or Dreamcloud when you can break the cost up into simple monthly payments?

For starters, you don’t necessarily need to spend a ton of money to get a high-quality mattress. Companies like Sweet Night sell their mattresses for around $500 or less, which is more than enough to get a good night of sleep. Many people claim that they can’t even tell the different between a $500 mattress and a high-end brand that costs over $1500.

If you’re really particular about your mattress or have a special circumstance that requires you to sleep on a high-quality bed, then financing could be a good choice. Make sure you consider all of your options before you splurge on an expensive brand just because it has great financing options. The best mattress for you might be much cheaper than you think. Why spend the cash if you don’t have to?

You should also try to time your purchase with holiday deals. Memorial Day, Black Friday, and July 4th are all great times to buy a new mattress.

Why financing a mattress might be a good decision

If you have a medical condition such as fibromyalgia or arthritis that requires you sleep on a specific type of mattress, then making monthly payments may be a good solution for you rather than buying an expensive mattress directly or substituting it for a cheaper option.

If you’re moving into a new place and need to buy a lot of furniture, then paying the full price up front may be out of reach. In that case, a payment plan on your purchase may make sense for you. It’s important to make sure that you’re confident in your financial situation over the long-term. The payment options that mattress companies present to you require you to make payments over an extended amount of time. If you aren’t sure that you’ll have a steady source of income for the duration of your loan term, then you may lose sleep over those flexible payments that seemed so appealing when you initially decided to purchase your mattress.

Conclusion

Buy now pay later mattress financing can be a great tool to help you spread your payments out over time when you need a new bed but can’t afford to pay the full price up front. The terms are usually much better than what you would get if you simply placed your purchase on a credit card, with many companies offering 0% APR if you have great credit.

Before you start shopping, make sure you are aware of the potential downsides of financing. All financing offers are subject to credit approval, may affect your score, and may be more expensive over the long run due to interest payments.

Before you take advantage of financing options, check to see if there’s a suitable mattress that within your price range. If a cheaper mattress doesn’t meet your needs, then make sure you read the fine print on the checkout page before placing your order. The devil is in the details and you don’t want any surprises.

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Robert Pagano

Co-Founder at Sleepline

Robert is one of the two co-founders here at Sleepline.

He's been involved in the mattress industry for almost a decade and is dedicated to using his expertise to help you choose the right mattress.

Robert's main goal is to give you straightforward info on what works - and what doesn't - so you can spend less time stressing about sleep and more time living your life (that's what we're all here for, right?).