Best and Worst Financing Options for 2021!

Are You Willing to Pay 25-60% Interest When Financing
Your New Mobility Purchase?

Of course not, but you might just end up paying that if you are not careful. Here’s what we learned when we shopped around for financing options for mobility products like scooters, power chairs and lift chairs.

1. Please be careful with overly complicated plans designed to hide the real interest rate you end up paying. These plans will focus your attention on an affordable monthly cost instead of the total amount you will end up paying over the term of the payments.

2. Beware of plans that change in the middle of the term. Example, you finance a scooter for 24 months. Somewhere in the details of the terms it describes that after 12 months, you have to make a decision about the second 12 months. Companies like “GetFinancing” use this type of option.

3. Be aware if late payment penalties could be added. These fees could tack on hundreds of dollars of extra costs. Try to set up automatic payments if available to avoid any possible late fees or increased interest rates due to a late payment.

Best Choices - 

Affirm offers straight forward financing options that are transparent and without any hidden or unexpected fees. They also allow you to pre-qualify and see estimated monthly payments without affecting your credit. 

PayPal Financing. They offer 0% (zero interest) over 6 months if you make a small minimum payment on time each month and pay the total balance in full by the end of the 6 months.

CareCredit is a medical “credit line” you can apply for that offers 0% (zero interest) over 6 months if you make a small minimum payment on time each month and pay the total balance in full by the end of the 6 months. They also offer longer terms but with interest and fixed payment amounts.

Worst Choice - 

GetFinancing interest rates could end up being 25-60+% and their paperwork is VERY complex. Run away from this option.

Have more questions? We are here to help and have a showroom in Raleigh to see and try products in person. Call us at 1-800-681-8831

Monday-Thursday 9-5:30, Friday 9-4