How to Buy a Washer & Dryer With Bad Credit

Overcoming a poor credit score is a common part of many Americans' lives. Unfortunately, a rampant consumer culture has forced a large percentage of the population into serious credit-card debt. However, there are ways to circumvent a poor FICO score and report. In the case of obtaining appliances, it is actually much easier than it seems.

Instructions

Rent-to-Own

1

Pull a copy of your credit report. You may simply assume you cannot qualify for a good interest rate on an appliance, but you must make sure. See the resource below for a free copy. Any FICO score above 660 should qualify you for financing at major retailers.

2

Begin seeking rent-to-own alternatives if your score is below 660. Begin collecting your bank account information, including all checks and at least six months' worth of recent statements.

3

Contact at least two rent-to-own companies. Two popular brands are Rent-A-Center and Aaron's, Inc. These two companies allow customers to take home appliances, televisions, and furniture and make weekly payments to pay for the items.

4

Weigh the pros and cons of rent-to-own. You will be able to obtain a washer and dryer; however, it will cost substantially more over the long term. Consider whether it's worth trying to repair your credit over the course of three to six months. Qualifying for financing will almost always be less expensive in the long term.

5

Calculate the total cost of the washer and dryer. A rent-to-own company will give you a contract--usually between 12 and 54 months, much like a car loan--that requires weekly payments. Do the math to figure out the total cost of the washer and dryer; it may surprise you.