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Update date 23.04.2025
If you need a new fridge, you might want to check out refrigerator financing. It lets you pay for your fridge in monthly installments instead of paying the full price all at once. Companies like Flexiti offer this option, but you'll need to have approved credit. Sometimes, they even have a promotional period where you can score 0% interest for a while, and then the interest rate will depend on your credit profile. You can fill out the application online or in-store, with ID verification and possible manual review. Some plans might have a minimum purchase requirement and could include admin or annual fees. Once you're approved, you can use the financing at participating retailers for fridges, freezers, or other kitchen appliances. Terms may vary by province, especially in Quebec, where requirements can differ.
Requirements and Conditions
Requirements
Applicants must meet the lender’s minimum credit score requirement, though some options may be available for borrowers with limited or poor credit history.
Borrowers must be at least 18 or 19 years old, depending on the age of majority in their province or territory.
A valid Canadian residential address and proof of residency, such as a utility bill or government-issued ID, may be required.
Applicants must provide proof of income or employment to confirm their ability to make regular payments.
A valid email address is typically required to receive account notifications and loan information.
Financing may only be available for purchases above a minimum amount set by the lender or merchant.
Borrowers must select a payment plan based on their budget and the available financing options.
Some financing plans may require a credit card or cash to cover specific fees or purchase components.
Additional documents may be requested during the application, depending on the provider’s criteria.
Conditions
Financing is issued by third-party financial institutions, and approval is subject to credit review and lender requirements.
Financing terms may range up to 60 months, depending on the provider and loan type.
Loan amounts vary based on credit profile and loan structure, with unsecured financing typically available up to $50,000.
Interest rates vary by lender and applicant profile; promotional or deferred interest offers may apply in some cases.
Borrowers are required to follow the agreed repayment schedule, with payments typically due monthly or bi-weekly.
Fees such as annual charges, late payment penalties, or administrative costs may apply and should be reviewed in the financing agreement.
Finanso Opinion
Refrigerator financing in Canada helps customers buy new appliances without paying all at once. Instead, they can spread payments over time. It is important to check the financing terms. Missing payments can lead to late fees and penalties. Interest rates and loan amounts depend on your credit score, so comparing offers is key. This option is convenient, but it may not work for everyone. Customers should think about their finances and ability to repay before applying. After you apply, you will get a notice of approval or denial. Make sure to review all terms carefully before accepting any offer.
FAQ
Can you do a payment plan for a fridge?
Yes, many retailers and lenders offer financing options for refrigerators, which allow customers to pay for the appliance over time with a payment plan.
What credit score do you need to finance a fridge?
The credit score required to finance a fridge can vary based on the lender and other factors. In general, a credit score of 650 or higher is considered good for financing, but some lenders may consider applicants with lower scores.
Can you finance a fridge with bad credit?
Yes, some lenders offer financing options for customers with bad credit. However, these loans may come with higher interest rates and fees, so it's important to carefully review the terms and conditions before applying.
