When it comes to making a furniture purchase at Woodstock Furniture & Mattress Outlet, there are a few frequently-asked payment and financing questions that we hear on a regular basis. Recently, we’ve answered questions about the different ways to pay, as well as diving into our lease-to-own options. However, we still get quite a few questions about whether our financing requires a credit check.
There are plenty of reasons why customers ask this question. Maybe you’re just unsure about how your credit stacks up, or what the requirements are. Maybe you’re planning on financing a large expense or purchase sometime soon and want to avoid an extra hit on your credit — whether it be a new home, a new vehicle, renovations, an engagement or wedding, or something else. Or perhaps, you’re just trying to figure out what type of financing is the right fit for you.
Regardless of the reason, we want you to be able to make an informed decision on your financing. Below, we’ll discuss our various purchase options and whether they require a credit check. By the end, you’ll know which options require a credit check and hopefully, you’ll have a better idea of which financing or payment plan is best for you. Let’s go!
“Do You Need to Pull My Credit?”
Well, yes and no. If you are financing, there will technically be some sort of credit check — regardless of which option you choose. However, the real answer to this question depends entirely on your chosen payment method.
We have payment options that require no credit check at all. Others require only a soft credit check. Finally, we do have some purchase options that require a traditional “hard” credit pull.
When consumers ask about credit checks, they’re mostly concerned with hard credit checks. In fact, many shoppers aren’t aware of soft credit checks at all. So, what’s the difference?
Hard Credit Check vs Soft Credit Check
Some lenders only require a soft credit check, which won’t impact your credit score or even show up on your credit report. Other lenders require a hard credit check.
Soft credit checks, or soft pulls, are often used only to verify your identity and aren’t reported to the credit bureaus. For instance, if you’ve ever checked your credit score or credit report on a website like Credit Karma, that’s a soft credit pull.
By contrast, a hard credit check is what most consumers are concerned about. These credit pulls are reported to the credit bureaus and can cause a temporary dip in your credit score.
“Which of Your Financing Options Require a Hard Credit Check?”
In order to get the best financing with the most flexible terms and lowest interest rates, our prime lenders do require a hard credit check. Through our lending partners, we are able to customize payment amounts, loan term lengths, and interest rates. Depending on your purchase total, down payment, income, and credit score, we can tailor your loan to perfectly fit your budget.
Keep in mind that for qualified buyers, the long-term benefits of custom terms and lower interest rates of traditional financing will typically far outweigh the temporary negative impact of the required credit check. But what if a hard credit check just isn’t a great option for you right now?
“What Are My Options If I Don’t Want a Hard Credit Check on My Credit Report?”
If you pay by cash, check, debit or credit card, there’s no need to check your credit report or credit history. If you have the available cash (or an existing credit line) to cover your furniture purchase, this is the single best way to avoid a credit check, additional payments and interest.
But here at Woodstock Furniture & Mattress Outlet, we understand that isn’t always an option for everyone — and that’s okay! That’s why we offer a couple other options.
First, we offer BNPL (buy-now, pay-later) financing through Affirm. Short-term, interest-free loans through Affirm only require a soft credit check, and allow shoppers to buy today and pay over 4 biweekly installments. Alternatively, you can set up monthly installments, but these do typically include interest. While there are no hard credit checks for either option, payments may be reported to the credit bureaus, and loans of over a certain length will show up as accounts on your credit report.
Second, we have many lease-to-own options that only require a soft credit pull – i.e., they won’t ding your credit. However, keep in mind that these lease-to-own options do come with their own set of limitations. When you lease-to-own something, you will pay a bit more than if you’d purchased it outright. Likewise, lease fees will typically be higher than the interest would be on our traditional financing options. However, arrangements like this give you the ability to buy now and pay over time without negatively impacting your credit.
If your credit score isn’t the best and you’re afraid that your overall approval odds are low, you should consider one of these options. Just remember that while there is no hard credit pull, on-time and tardy payments are still reported to credit bureaus just like with any other loan.
Which Payment Option Sounds Right for You?
Let’s recap. Yes, our traditional financing options do require a hard credit check, despite offering the best rates and terms. Meanwhile, purchasing with cash, check, credit or debit card doesn’t require a credit check at all. Finally, our financing with Affirm and our lease-to-own options only require a soft credit check so that you can pay over time without hindering your credit score.
Now that you’ve got the info, you’re set to figure out the best option for you! If you have more finance questions, check out our payment options page, as well as the following helpful, in-depth articles:
