Appliances are expensive. There’s no way around it– whether you’re updating your kitchen or replacing a condemned unit, you’re probably going to end up spending a decent amount. In this day and age where everything is more expensive, it can be difficult to decide between the price of a service versus the price of a new unit. And if your appliance fails unexpectedly, it can create a larger-than-necessary stressor on your budget. Sure, you can work around a failed dishwasher, but what happens if it’s your fridge or range? When you find yourself in a pinch from finances and appliance failures, turn to your local Hallock’s dealer for resources. We offer interest-free financing options on most purchases, with flexible payment options that work for you and your budget! In this article, you’ll find the answers to some of our top financing frequently asked questions to help you decide if financing your next appliance purchase is right for you.
What Appliances are Eligible?
The short answer is– you can finance almost all major appliance purchases. Whether you’re purchasing a single unit or a full kitchen suite, our Hallock’s team has you covered. We partner with BrandSource, which is financed through CitiBank, to offer a stress-free solution to facing those upfront costs at the sales desk. BrandSource covers all major appliance brands including Whirlpool, GE, Electrolux, LG, Samsung, Bosch, Fisher & Paykel, ZLINE, Frigidaire, Maytag, Kitchenaid, Summit, and more!
What is BrandSource?
BrandSource (powered by CitiBank) is a marketing group for independent retailers (like us!) that offers financing solutions for major purchases like home appliances. Through our partnership, we’re able to offer 12-month, interest-free financing on your purchase without the hassle of paperwork and automated phone calls. It works just like a traditional credit card, and you’ll even get a physical card sent to you by mail after your application is approved.
How Do I Sign Up?
Once you’ve picked out your new appliance(s), talk to your sales associate, and let them know that you’re interested in financing your purchase. Your sales associate will input the total amount of the purchase into the system, enter your phone number, and a link will be sent to your phone to complete the application process. With BrandSource, applying for financing is hassle-free. You’ll complete the application as if you were in a text conversation, and their system will automatically input your responses. After answering a few questions from the application link, you’ll receive your approval message and an account number. Make sure to keep your account number in hand to give to the sales associate when you complete the application process. They’ll need it to finish out your purchase!
What are the Benefits of Financing?
Still not sure if financing is right for you? Here are a few advantages to using BrandSource for your next upgrade:
- No interest for 12 months: You can spread payments during your interest-free period to make larger purchases more manageable for your budget.
- Improve your credit score: By completing your financing plan with on-time payments, you can positively impact your credit score.
- No upfront costs: When you’re approved for a BrandSource account, you can enjoy your new appliances in the comfort of your home for $0 down.
What are the Drawbacks of Financing?
Of course there are some disadvantages to opting for financing. Consider the following in your decision to finance your purchase:
- Deferred interest accrual: If you miss a payment or fall behind on your plan, you could get hit with deferred interest, which accrues at a rate of 34.24%.
- Weaken your credit score: BrandSource executes a hard pull on your credit, and excess inquiries, new accounts, and high balances can negatively impact your score until paid off.
- Limited time to pay off purchase: When you sign up for BrandSource, you opt in to a 12-month plan, which requires you to pay off your balance within that time period, or else you’ll get hit with deferred interest and begin accruing interest at a high rate at the end of the plan period.
The Bottom Line
Unexpected appliance failures don’t have to derail your household or your finances. Whether you are trying to work within a tight budget, match existing appliances, or avoid the long-term burden of credit card interest, financing through Hallock’s is an easy and stress-free solution! With an easy application process and twelve-month interest free payment terms, it’s an easy decision when your broken appliance needs replacing now, and not later.
If you do find yourself needing a replacement appliance, remember that Hallock’s is here to help. Our partnership with BrandSource means you don’t have to sacrifice quality (or what you want) in order to keep your house in running order. From the knowledgeable staff to quick delivery, our team is here to make sure the process is as easy as possible for you.