How to Get a Loan for Home Appliances. Whether you are replacing old ones or need some for your new home, major appliances can be expensive. If you have to borrow money to buy what you need, there are several ways to go about getting a loan. After you shop around a little and know how much money you need, it's time to assess your financial situation and determine what is best borrowing method for you. When it comes to getting loans, one size doesn't fit all.
Borrow against the equity in your home if you have it available. A home equity line of credit is a great way to do that. You can use the line however you want, whenever you need it and in some cases the interest is tax deductible.
Charge the home appliances to your credit card. If your limit is high enough, this is an instant way to get what you need quickly. If you have a decent rate on your card, you can leave it there and pay the balance off in time. Otherwise, use the card to make the purchase and then seek cheaper financing and use it to payoff the credit card balance.
Refinance your home with a cash-out mortgage. If you're planning a refinance of your first mortgage anyway, have your lender add the additional funds you need to purchase your appliances. Then at the closing, you get the cash you need to make your purchase.
Borrow money from a friend or family member. Just be careful to clearly state the expectations regarding the timing of the repayment and offer them interest in appreciation of their generosity.
Talk to your banker about a personal unsecured loan. Rates on these types of loans are slightly higher than loans secured with collateral, but they're relatively quick and easy to obtain if you have a good credit history.