If you’ve always wanted to own your own massage chair, but you’ve never been able to afford to pay for the total balance at the time of purchase, there are many financing options available that can make all of your dreams come true. However, some of these programs have risky interest rates and promotions that can end up costing you big in the end, if you fail to read the fine print. Financing provides those of us on a tight budget with a way to afford big-ticket items that would otherwise be out of our reach. The best massage chairs aren’t exactly cheap and while they can essentially pay for themselves over time, the initial cost can hit your wallet hard. If you don’t want to spend months setting aside money for a new chair, then purchasing a massage chair via financing will allow you to get that massage chair you so desperately need now, not months down the line.
Massage chair with financing can end up costing you big if you miss a payment or you fail to pay off the chair by the end of the promotional date. Before you finance a massage chair, read the fine print. Consider how stable your finances currently are and whether or not you can easily handle the monthly payments. As long as you pay off the chair by the end of the promo date you can easily avoid paying interest. However, if you fail to do so, then depending on the type of financing you signed up for, you may end up having to pay hundreds of dollar of interest, starting from the date of purchase.
Now that you know how to avoid paying interest, let’s learn about the different types of financing options available, which financing options are the best, and what else you can do to ensure you don’t end up in over your head.
Avoid Paying Interest
There are plenty of promos you can choose from, each of which promises no interest financing. But while convenient, carrying a balance on your card every month often means you’ll have to pay interest, however, it usually comes in the form of a finance charge. When you pay interest, you basically end up paying more for a massage chair than the amount you initially borrowed. The higher the interest rate, the longer it can take you to pay off your debt. Many people don’t even realize how much they end up paying in interest because the monthly payments are small and spread out over a period of several months or even years.
Fortunately, avoiding interest is actually very simple. You can avoid paying interest if you pay your monthly financing payments on time, every month.
If you can’t afford to pay for the entire cost of a massage chair at the time of purchase and you decide to finance the purchase instead, then the best thing you can do is pay off the balance as fast as possible and avoid financing other major purchases until the chair is paid off. This will help you stay on top of the payments without drowning in debt months down the line.
There are many financing options available these days from Snap credit to deferred interest programs. Below we’ll go over the different financing options you can choose from and break it down in terms of risk and interest rates.
Many massage chairs offer deferred interest, but how does it work exactly? Deferred interest allows you to pay less interest than a massage chair lender usually charges. For this option, the buyer must pay off the loan for the chair in a determined amount of time. So, what happens if you can’t pay the chair off during the promotional period? If you miss the deadline, then you’ll have to pay the entire interest amount, regardless of how much you’ve paid thus far
However, if the monthly payments work with your budget, then this type of financing can be a great option. If you’re interested in deferred interest payments, then when you’re shopping around, look for the terms:
- No interest for one year
- Same as cash
These programs are pretty common when you use in-store financing or a store credit card. Aside from massage chairs, they’re popular for items such as electronics and jewelry.
As long as you’re able to pay off your loan in time, then an interest-free period can be a perfect option. But if you can’t meet the deadline, then you will have to pay all of the interest, which is backdated from the day you purchased the chair. These charges can be substantial and unfortunately, many lenders use several tricks to ensure you fail to make all of your payments during the promo time period. Additionally, it’s way too easy to forfeit this type of interest-free offer. Even just a single late payment can cause the arrangement to end, requiring you to pay all of the interest.
Basically, if you want to avoid paying zero interest, then you’ll need to avoid deferred payment financing promotions at all costs.
A Look at the Benefits of Zero Percent APR
Because you have to repay the money back at some point in the future, borrowing money can be very risky. Especially considering it’s not always possible to predict future expenses or even income. However, there are some forms of financing that are much safer than others.
A zero percent APR works differently than deferred interest. With this financing option, you can pay zero interest for a specific period of time. Interest will begin accruing once the promotional period ends. Unlike deferred interest, you won’t have to worry about a large retroactive charge. A lender is not able to advertise deferred interest as zero percent APR.
If you’re interested in this type of financing option, look for the following terms:
- Zero percent interest paid in full by a specified day
- Same as cash
- No interest until
A lender must show the exact date that the promotional period ends and the amount of the deferred interest accrued.
What are Credit Cards with Deferred Interest?
When you buy a massage chair and finance it through a store, it’s a pretty straightforward process. You just have to pay off the balance before the promo ends. With a credit card, it can be slightly more confusing because you can continue to use your credit card for additional purchases while taking advantage of a no interest offer.
A credit card company will keep your balances separated based on where you shop. If you sign up for no interest financing then the debt will be different from other types of debt. When you make a payment, the credit card company will apply that payment above the minimum to the highest interest rate debt.
Massage Chair Financing at its Best
There are many financing programs to choose from, but many require the applicant to have better than average credit. Fortunately, there are a few financing options available that will primarily focus on your average monthly income as opposed to your credit rating.
Many of the leading massage chair retailers will now offer the same three types of financing options:
- Snap credit
- Paypal credit
- Synchrony financial
These different financing options will come with their own specific payment plans and interest rates.
What is Snap Credit?
Snap credit for massage chair financing is a great option if you have ever had a bankruptcy or if you have no credit or bad credit. To use this option to finance your massage chair purchase you’ll first need to fill out a credit application. You’ll know in a matter of seconds whether or not you’re approved. This financing option doesn’t offer the type of traditional loans most people are familiar with. Instead, they offer a type of lease that will allow you to finance a massage chair over a period of twelve months. They also have a promo called the One Hundred Day Cash Payoff. Because this is a type of rent to own financing option, approval doesn’t depend on your credit score. Instead, it will be based on your current income.
How Does Synchrony Financial Work?
With Synchrony Financial, you’ll have your choice of payments and loan length based on the options below:
- Chairs under $5000: Forty-eight month zero percent financing
- Chairs under $3000: Thirty-six month zero percent financing
- Chars at $500 or more: Twelve months zero percent financing
In most cases, using Synchrony will have a minimum purchase requirement of $2500
For this financing option, you must fill out a credit application. If you’re approved you can begin shopping for your new massage chair immediately.
Massage Chair Financing Via Paypal Credit
Not all massage chair retailers offer the Paypal credit option, but for those that do, paying for your new chair using this financing option is pretty fast and simple. During checkout, simply choose the Paypal option from the shopping cart.
You’ll have the option of paying the balance in full by the payment due date in order to avoid paying any interest fees. Or you can make the minimum payment each month and pay the accumulated interest from the posting date. Paypal credit will allow you to get the massage chair of your choice, without making a large down payment, but in order to qualify for this option, you must have excellent credit.
Unlike a traditional credit card company, you won’t have to worry about a long application process. Instead, you will just have to answer a couple of questions and accept the terms. You’ll know whether or not you’re approved for financing in just a few minutes. You’ll be charged interest from the posting day if the purchase balance isn’t paid off in six months.
What Types of Massage Chairs Can I Get Through Financing?
You may be surprised to learn that you can finance some of the leading models of massage chairs on the market. Below, you’ll find a list of the best-selling massage chairs that are available via financing:
- iComfort IC1124 Massage Chair
- Human Touch® Bali Massage Chair
- TITAN PRO JUPITER XL ZERO GRAVITY MASSAGE CHAIR
- OSAKI OS-3D PRO DREAMER ZERO GRAVITY MASSAGE CHAIR
- OSAKI OS-4000T ZERO GRAVITY MASSAGE CHAIR
As you can see, these chairs feature the latest in massage chair tech and are produced by well-trusted brands that have a reputation for producing massage chairs that are designed to last.
How Can I Avoid Surprise Interest Charges?
There are many ways you can avoid paying any surprise fees. To start, make sure you know the promotional period end date. If you don’t read the fine print, you may realize that the payment period is much shorter than you expected. Additionally, the end date may not fall on the same day of the month that your payments are normally due.
It never pays to wait until the last minute to pay your bills. Make sure you make your chair payments as early and as often as possible.
How Early Should I Pay Off My Massage Chair?
Try to pay your debt off entirely at least a month before the end of the promotional period. This will give you a good chance to determine if you missed any important details such as unexpected charges that can potentially prevent you from paying off your debt completely.
What is a Universal Default Clause?
If you’ve signed up with financing using a credit card, this clause can allow the lender to raise the rates if you failed to make a payment on time to another lender. You read that right. Even if you make your massage chair payment on time using one card and have a no-interest deal, you can still get penalized if make a late payment to another lender.
Are There any Compact Massage Chairs on the Market?
Yes. The Infinity Altera Massage Chair is highly adjustable, like many of the leading models on the market these days. This type of compact design makes this model suitable for users of all sizes. To learn more, click here to read my article on massage chairs for a short person.
These days, there are many options for massage chair with financing, whether you sign up for deferred interest programs or zero percent APR financing. The key here is to clearly understand the promotion before you sign up. Know exactly when the promotion ends, how much you can expect to pay in interest if you fail to make the final payment on time, and what your options are in terms of paying off the chair early. With the right promotion, it’s totally possible to own a top of the line massage chair and sign up for a payment program that works for you and your budget.