Havertys Furniture Finance
Havertys, a well-known furniture retailer operating primarily in the Southern and Midwestern United States, provides various financing options to assist customers in purchasing their desired furniture and home decor items. These options aim to make furnishing a home more accessible and affordable by spreading out payments over time.
One of the primary financing routes offered by Havertys is a store credit card, typically issued in partnership with a financial institution. This card usually comes with promotional financing offers, such as deferred interest plans. Deferred interest means that no interest is charged if the entire balance is paid within the promotional period. However, it's crucial to understand the terms and conditions carefully. If the balance isn't paid off entirely before the promotional period ends, interest is typically calculated retroactively from the original purchase date, potentially resulting in a significant interest charge.
Beyond the store credit card, Havertys may also partner with third-party financing companies to provide installment loan options. These loans typically offer fixed interest rates and predetermined repayment schedules, allowing customers to budget effectively. The loan terms can vary depending on the purchase amount and the applicant's creditworthiness. Application for these loans often involves a credit check, and approval is contingent upon meeting the lender's criteria.
When considering Havertys' financing options, it's vital to carefully evaluate the following factors:
- Interest Rates: Compare the interest rates offered by different financing options. Look beyond the promotional periods and focus on the standard Annual Percentage Rate (APR) to understand the long-term cost of borrowing.
- Fees: Check for any associated fees, such as late payment fees, annual fees (if applicable), or prepayment penalties. Understanding these fees helps to accurately assess the overall cost.
- Credit Impact: Applying for a store credit card or installment loan can impact your credit score. Hard inquiries can temporarily lower your score, and responsible repayment behavior contributes positively to your credit history. Delinquent payments, however, can negatively affect your creditworthiness.
- Terms and Conditions: Scrutinize the terms and conditions of each financing option. Pay attention to details like the grace period, minimum payment requirements, and the consequences of missed payments. Deferred interest plans, in particular, require diligent adherence to the repayment schedule to avoid accruing substantial interest charges.
Ultimately, choosing the right financing option depends on individual circumstances and financial goals. Customers should weigh the benefits of spreading out payments against the potential costs of interest and fees. Comparing Havertys' financing offers with other options, such as personal loans or credit cards from other providers, can help to make an informed decision. It's always recommended to review and understand the fine print before committing to any financing agreement.