As the cost of living continues to rise, many people are looking for ways to make essential purchases without breaking the bank. One such solution is the "buy now pay later" (BNPL) financing model, which allows consumers to buy products and services on credit and pay them off over time.
In this article, we'll explore the benefits and drawbacks of buy now pay later tires, and we'll discuss some popular BNPL providers in the tire industry.
Advantages of Buy Now Pay Later Tires
- Affordability: The primary benefit of BNPL tires is that they make purchasing new tires more affordable for many consumers. Rather than having to pay for the full cost upfront, you can spread the expense over several months or even years, depending on the terms of your financing plan.
- Flexibility: BNPL tire financing provides flexibility in terms of payment schedules and amounts. You can choose a plan that best suits your budget, allowing you to pay off your purchase at a pace that works for you.
- Better Financial Planning: By spreading the cost of your tires over time, you can better plan your finances and avoid unexpected expenses. This can help you maintain a healthy financial balance, ensuring you have enough money for other essential items and bills.
- Immediate Purchase: One of the most significant advantages of BNPL tires is that you can make an immediate purchase when you need new tires. This can be particularly helpful in emergency situations, such as when a tire blows out or becomes dangerously worn.
Popular Buy Now Pay Later Tire Providers
Affirm
Affirm is a popular BNPL provider that partners with various tire retailers, offering financing options for customers. With Affirm, you can choose a payment plan with terms ranging from 3 to 36 months, depending on your creditworthiness and the retailer's available options.
Klarna
Klarna is another popular BNPL provider that works with tire retailers. Klarna offers flexible payment options, including interest-free financing for a set period or the ability to pay off your purchase in installments over time with interest.
PayPal Credit
PayPal Credit is a well-known BNPL provider that offers financing for a wide range of products and services, including tires. With PayPal Credit, you can enjoy interest-free financing for up to six months on purchases of $99 or more, depending on your credit history and the retailer's terms.
Buy now pay later comes in handy if you're short of cash for a new set of tires. But where can you get financing for the new set?
The following are the stores where you can get tires on BNPL.
Simple Tire
SimpleTire uses a simple business concept where they never have an inventory of their own.
Instead, they use their significant buying power to locate the best price for the tire you need.
When brothers Josh and Andy Chalofsky were working in their family's brick-and-mortar tire store in 2012, they came up with the idea for SimpleTire.
They modified a conventional tire sales business strategy into a technology-driven model with business associate Kenny Pratt. They connected independent tire vendors across the nation into one streamlined e-commerce network.
SimpleTire boasts a massive network of installers to get your new tires installed as soon as possible.
To make it easier to purchase, the firm works with Affirm and provides other payment options.
Pay Later Tires
Pay Later, with thousands of different packages and wheels, is one of the largest online tire stores that make it easy to purchase tires through the buy now and pay later.
Pay Later Tires has various financing options you can use for your next set of tires.
They accept credit or debit cards at the checkout, no credit check is necessary, and every purchase comes with free shipping.
Fill out an easy Snap Finance lease-to-own application with weekly or monthly installments. Alternatively, you can use PayPal Credit for the purchase.
The lease-to-own provider, Snap Finance, comes to the aid of cash-strapped car owners whose credit is less than perfect. The facility is available to anyone, whether they have a good credit score, or not.
Tire Rack
Tire Rack has a vast collection of Brand-name tires to pick from and accepts PayPal Credit for financing. Their decision guide is quite effective in helping you locate the right tire for your vehicle.
The site also helps you find an installer based on your location.
Once you've decided, you can choose whether you want the tires delivered to a suggested installer, shipped directly to you, or picked up from a nearby distribution hub. Picking up the tires saves you money, but both options are free.
Tire Rack has a fantastic array of tires, average prices, free delivery, and more when it comes to tires. The firm provides free ground shipping to most locations in the United States within 1-2 business days.
According to the company's website, the business has ten fulfillment centers across the United States from which your tires can be shipped.
You can save cash by picking up your tires directly from your local distribution center.
Tires usually are delivered via UPS Ground, and you will receive tracking and shipping confirmation emails if you choose the tires to be delivered to you.
When you're ready to pay, you can do so with a credit card, PayPal, PayPal Credit, or Affirm.
Goodyear
Tire buying has never been this easier, thanks to Goodyear.com and its financing option. You're provided with multiple options to pick the most convenient for you.
The first option is a Goodyear credit card with an option of 6 or 12 months financing. Goodyear also works with Affirm for either 3, 6, or 12 monthly installments, with APR rates between 10 and 30%.
For Affirm financing:
- Enter some basic information to instant approval
- Know what you're going to owe without any hidden costs
- Down payment may be necessary
- Payment options are based on the amount
Priority Tire
Priority Tire is a web-based tire retailer that only sells tires. It operates three storage facilities in Texas, Pennsylvania, and Florida.
Unlike other tire retailers, Priority Tire does not provide tire installation services. This organization will deliver tires to your home, office, or preferred physical address if you purchase tires from them. You can then have the tires mounted by your chosen installer.
In addition, if you live near one of its three warehouses, you can choose to pick up the tires and then deliver them to your installer. If you pick up the tires from one of their storage facilities, you will receive a discount.
The tire store has discount prices for various tires and provides various financing options.
You can pay in installments through Bread, but keep in mind that a credit check is necessary.
Auto Anything
The store is the home of car tires and other accessories that you need. Whether it's Tonneau covers or wheel caps, you can be sure to find whatever you're searching for.
Auto Anything accepts PayPal Credit for financing.
Tires-Easy
Tires-Easy partners with Katapult, Affirm, and PayPal to provide various tire financing options and make it easy for buyers.
Pick it out at the checkout and fill out the required information to use Affirm. Choose the monthly payments that you're most comfortable with and order.
The eligibility check will not harm your credit score, and you'll know right away if you qualify. With Affirm, there are no hidden costs or fees, and you know right away how much you'll pay.
Katapult is a lease-to-own platform. The financing option requires a down payment and easy installments coordinated with your payday. Katapult does not require a credit check, and the initial down payment is easy.
You can also use PayPal Credit and pay in four easy monthly installments if the purchases qualify.
Tire Agent
Ordering a new set of your favorite tire brand is as easy as with this online tire store.
Tire Agents has various financing options that don't touch your credit score if you're all out of cash. Typically, the store collaborates with ViaBill and Affirm to provide buy-now and pay-later financing.
Other participating payment plans include Paytomorrow with up to 24-month installments.
The other option is Tempoe, which allows you to pay in installments between 11 and 17 months. If you pay within 90 days, the amount is the same as with a cash purchase.
How to Choose the Right Buy Now Pay Later Provider
Interest Rates and Fees
When selecting a BNPL provider, it's essential to compare interest rates and fees. Some providers may offer interest-free financing for a limited time, while others may charge interest from the start. Be sure to consider the total cost of your purchase, including any interest and fees, before making a decision.
Payment Terms and Conditions
Different BNPL providers offer varying payment terms and conditions. Make sure you understand the length of the repayment period, the minimum monthly payment required, and any penalties for late or missed payments. Choose a provider that offers terms that work best for your financial situation.
Customer Support and Reputation
It's crucial to select a BNPL provider with a solid reputation and excellent customer support. Read customer reviews and testimonials to gauge the overall satisfaction of past users, and ensure the provider has a responsive customer service team to help you with any issues that may arise during the financing process.
Tips for Using Buy Now Pay Later Tires Responsibly
Budgeting
Before committing to a BNPL tire purchase, take the time to assess your budget and ensure that you can afford the monthly payments. It's essential to be realistic about your financial situation and avoid taking on more debt than you can handle.
Timely Payments
Make a conscious effort to make your BNPL tire payments on time, every time. Late or missed payments can result in additional fees, damage to your credit score, and even the cancellation of your financing agreement.
Understanding the Fine Print
Before agreeing to a BNPL tire financing plan, carefully read the terms and conditions to ensure you understand your rights and responsibilities. Look out for any hidden fees, penalties, or other terms that may affect your overall cost or experience.
Finance Tires No Credit Check Near Me
Many tire retailers and financing companies offer "no credit check" financing options for those with less-than-perfect credit. These providers typically focus on your income and employment history rather than your credit score. To find a no-credit-check tire financing option near you, search online or inquire at local tire shops about their financing options.
Learn about your credit report here.
Finance Rims and Tires No Credit Check
Some BNPL providers and tire retailers also offer financing for both rims and tires without conducting a credit check. This can be particularly beneficial if you're looking to upgrade your vehicle's appearance or performance. Just like with no credit check tire financing, make sure to research local retailers and online providers to find the best option for your needs.
Mud Tires No Credit Check
Financing is also available for specialty tires like mud tires, which are designed for off-road adventures and demanding terrains. No credit check financing can help you acquire these high-performance tires without the stress of an upfront payment. To find providers that offer no credit check financing for mud tires, search online or visit local off-road tire shops.
Walmart Tire Payment Plan
Walmart, one of the largest retailers in the world, offers its own tire payment plan through its partnership with Affirm. You can apply for financing on Walmart's website or in-store and receive an instant decision. If approved, you can choose a repayment term that fits your budget, making it easier to purchase new tires from Walmart's wide selection.
Buy Now, Pay Later Wheels and Tires
In addition to tires, BNPL financing can also cover the cost of new wheels. This allows you to upgrade your vehicle's appearance and performance without having to pay the full cost upfront. To find BNPL providers that offer to finance for both wheels and tires, research online or inquire at local automotive retailers.
Easy Tire Financing
Easy tire financing refers to financing options that are simple and straightforward to apply for and manage. Many tire retailers and BNPL providers offer user-friendly online applications, instant decisions, and flexible repayment terms. Be sure to compare different providers and choose one that offers a hassle-free experience and meets your financial needs.
Easiest Tire Credit Card to Get
If you're considering a credit card specifically for tire purchases, some options are easier to qualify for than others. Store-branded credit cards, such as those offered by major tire retailers, may have more lenient approval requirements compared to general-purpose credit cards. Before applying, research various tire credit cards and choose one that best suits your credit situation and offers valuable benefits like rewards, discounts, or interest-free financing periods.
Conclusion
When your tires are due for replacement, you shouldn't wait for too long as they can be an accident risk or cause other technical issues. Packing inside the garage until you can afford a set of new tires is not the best solution.
Buy now pay later ensures you can acquire a new set, and use them as you pay in installments. In most cases, you pay the same amount as you'd have if you had paid in cash. The only difference is that you get the tires sooner, and you don't have to risk driving in worn-out tires.
Buy now pay later tires can be a convenient and flexible solution for those looking to purchase new tires without the immediate financial burden. By carefully choosing the right BNPL provider and following responsible financing practices, you can enjoy the benefits of BNPL tires while maintaining your financial health.
FAQ
Is it possible to get interest-free financing on BNPL tires?
Yes, some providers offer interest-free financing for a limited time. Be sure to read the terms and conditions to understand the duration of the interest-free period and any applicable fees.
BNPL financing is available for a wide range of products and services, including other car-related expenses such as repairs, maintenance, and accessories. Check with your chosen BNPL provider to see what options are available.
Will using BNPL financing for tires affect my credit score?
Using BNPL financing can affect your credit score, both positively and negatively. Making timely payments can help improve your credit score, while late or missed payments can harm it.
Can I use BNPL financing if I have bad credit?
Some BNPL providers may approve customers with less-than-perfect credit. However, you may face higher interest rates or stricter terms and conditions. It's essential to shop around and compare providers to find one that suits your needs and credit situation.
What happens if I can't make a payment on my BNPL tires?
If you're unable to make a payment, contact your BNPL provider as soon as possible to discuss your options. They may be able to help you arrange a temporary payment plan or offer other solutions to help you avoid penalties and fees.
Can you buy tires with Sezzle?
Yes, you can buy tires using Sezzle, a popular BNPL provider. Sezzle allows you to split your purchase into four equal, interest-free payments over six weeks. To use Sezzle for tire purchases, look for tire retailers that have partnered with Sezzle, either online or in-store. Keep in mind that not all tire retailers may offer Sezzle as a payment option.
Can you finance a set of tires?
Yes, you can finance a set of tires using various BNPL providers, store-branded credit cards, or personal loans. Financing allows you to spread the cost of the tires over several months or years, depending on the terms of your chosen financing option. Be sure to research and compare different financing options to find the one that best suits your needs and financial situation.
Can I use Affirm to buy tires?
Yes, you can use Affirm to buy tires from retailers that have partnered with the BNPL provider. Affirm offers flexible payment plans with terms ranging from 3 to 36 months, depending on your creditworthiness and the retailer's available options. Check with your chosen tire retailer to see if they offer Affirm financing.
What is tire financing?
Tire financing is a method of purchasing tires by spreading the cost over a period of time through installment payments, rather than paying the full price upfront. This can be done through BNPL providers, store-branded credit cards, or personal loans. Tire financing can make purchasing new tires more affordable and manageable for consumers, allowing them to obtain the tires they need without the immediate financial burden.
