Can You Finance a Mattress? (3 Ways Revealed)

A good quality queen sized mattress can cost in the region of $600 – $2,000 or more depending on the brand, design, and the specific features that you require.

And if you really need a new mattress but you can’t afford to pay in cash upfront then you might be wondering if you can buy a mattress on finance instead.

You can finance a mattress with a point of sale (POS) financing service like Klarna or Affirm when checking out online via the merchant’s website – where you can sometimes avail of 0% APR deals when the balance is paid off in full before a certain amount of time has elapsed.

Buying your mattress in cash and NOT on finance is generally the most advisable route for most people because it can help you to avoid paying more than the initial asking price via interest fees or through the illusion of increased affordability – whilst also alleviating the future stress of not being able to meet the payment schedule.

But if you’ve decided to take the financing route, then you might be a bit unsure on your options.

That’s why I’ve put together this quick article to give you an idea of what’s available and the pros and cons of each financing solution.

Alternatively: check out the 3 best mattresses to buy with Klarna on a 0% APR deal here to spread the cost of buying a high-quality mattress and increase affordability.

3 Ways to Finance a Mattress

Financing a mattress means to take out a loan to pay for the cost of the mattress upfront and then pay back the money to the lender over a specified time period [1].

The main advantage of financing a mattress is that you can spread the cost out so that you can afford to buy this essential item now if you don’t have the full amount of cash available.

And if you’re able to secure a 0% APR deal with Klarna or another lender then you won’t have to pay any extra to split your payments up – provided that you pay off the full amount in the specified time period.

Which highlights the biggest disadvantage of buying a mattress on finance: that of paying more due to higher APR rates (often in excess of 20% APR) – especially when these rates come into effect due to late payments.

Late payments can also lead to a drop in your credit rating score – with late payments potentially staying on your credit report for up to 7 years and impacting your credit score for the duration that they are there [2].

And depending on the lender, a hard credit check may be used – which means that any company searching your credit report will be able to see that you’ve applied for credit.

Too many hard credit checks in a short period can affect your credit score for 6 months [3].

Another thing to keep in mind is that you could end up paying more simply because the illusion of affordability means that instead of going for a $1,000 mattress, you end up going for one that costs $1,500.

Also, if you need to make a return, the financing agreement may complicate this process and you may still be liable for interest that’s accumulated.

However, not all of the options for financing a mattress work exactly the same.

Below is a discussion of the pros and cons of the three most popular ways to finance a mattress.

1: Klarna

Klarna is a POS (point of sale) financing solution that allows you to pay for an item at the checkout in installments.

You can get a decision in minutes and in many cases, you can take advantage of a 0% APR deal if you pay off the full amount within 6 or 12 months (the standard rate is 19.99% APR).

The clear advantage of using Klarna on a 0% APR deal is that you can increase affordability without paying more.

However, the downside is that late payments typically attract fees of $35 (be sure to check the fine print for the exact terms).

But that’s not the full picture apparently.

Because according to the Wirecutter, Klarna use a ‘deferred interest’ model.

Where they open a side account that ‘charges’ you interest as you go just in case you can’t meet the payments on time – at which point you’ll owe ALL of the interest that you would have been charged earlier if it hadn’t have been for the 0% APR promotional deal [4].

Yeah it’s sneaky.

But if you know that you can meet the payments in full and on time, then a 0% APR deal with Klarna might be the best way to finance your new mattress.

2: Affirm

Like Klarna, Affirm is a POS financial lender that allows you to take out a loan at the checkout to finance your purchase and pay via installments [5].

The difference between Affirm and Klarna when buying your mattress online is that you’re less likely to find a 0% APR deal with Affirm and will more likely be charged interest somewhere in the region of 10-30% APR (the average is around 17% APR).

Loan periods with Affirm typically last for 3, 6, or 12 months – with selected merchants potentially being able to provide a longer period as well as the ability to offer 0% APR financing.

Affirm apparently don’t charge extra fees on late payments, but your credit score may suffer and you’ll still owe interest on your unpaid debt.

Affirm tends to be more popular with online DTC (direct to consumer) mattress companies, so you should try to source out the merchants that are offering 0% APR.

But if you’re struggling to find a suitable fit, you might be better choosing a mattress that you can finance with Klarna for 0% APR.

Affirm CEO Max Levchin: Creating Clarity In Consumer Lending| Mad Money | CNBC

3: Credit Card

Using a credit card is another way to potentially pay for your mattress in installments.

This strategy differs from Klarna and Affirm because the borrowing limit is not specific to the item that you’re buying and is instead offered on a credit limit.

This means that you may run into problems if your credit limit is lower than the cost of the mattress that you want to buy.

But if you’re able to get a credit card that offers a 0% APR deal and your credit limit is high enough, then you’re no longer restricted to buying specific mattresses through Klarna or Affirm at the checkout.

APR on credit cards typically range from around 6% to 50% – with the average being 17% – and you’ll need to be able to pay at least the minimum amount each month to avoid problems [6].

You’ll also need a good credit history to avail of a 0% APR introductory offer on purchases.

Related Questions

Here are the answers to some of the common questions related to financing a mattress.

Is Financing a Mattress a Good Idea?

Financing a mattress can be a good idea if you take advantage of a 0% APR deal and you’re able to make the payments in full and on time to avoid extra fees, but on the whole, it’s probably better to buy a mattress in cash to avoid paying more than you should and avoid future stress.

Can You Finance a Mattress With Bad Credit?

It may be possible to finance a mattress with bad credit, although you may be turned down by POS ‘buy now pay later’ apps like Klarna in the majority of cases.

Conclusion: Pay in Cash if Possible

Paying in cash for your mattress may be the best way to buy a new mattress because you’re not borrowing money that could incur interest if something unforeseen happens and you can’t make future payments on time.

And when you pay upfront in full, it can help you to avoid buying a more expensive item simply because the seemingly lower monthly rate makes you think that you can afford to pay more over time.

However, if you have decided that you do want to pay for your new mattress on finance, then securing a 0% APR deal and ensuring that you can make the payments on time are very important.

Click the button below to see the best mattresses that you can buy on finance for 0% APR now.

Sources and References

[1] Snap Finance – A Guide to Mattress Financing. Accessed 7/8/20.

[2] Experian – How Long Do Late Payments Stay on Credit Reports? Accessed 7/8/20.

[3] Experian – Searches on Your Report: Soft and Hard Credit Checks. Accessed 7/8/20.

[4] The New York Times: Wirecutter – Is Financing a Mattress Worth It? Accessed 7/8/20.

[5] Wikipedia – Affirm (company). Accessed 7/8/20.

[6] ClearScore – Should I Get a Credit Card or Loan? Accessed 7/8/20.


No part of this post or website is designed to provide financial advice – please consult with a qualified professional if you require such guidance.

Image Attribution and Licencing

Main image: ‘Classic Bedroom’ by Vladmax (Getty Images) – used with permission under the terms of Canva’s One Design Use License Agreement.