Furniture loan -What scores needed?

Discussion in 'Credit Talk' started by lawguy, Mar 17, 2003.

  1. RichardS45

    RichardS45 Active Member

    From what I know the vast majority of furniture financers are finance companies. They generally charge outlandish interest. If you get a break with so many months no interest it would be prudent to pay it off in that time frame. I had a neighbor who moved into a large house a couple doors down and she financed a 3000+ square foot home all on financed furniture. Much of it from the cut throat company American General. The furniture was sub standard. And before she knew it she got in over her head and actually had American General literally knocking on her door saying give us a check or we will take your kid's bed!! I had to laugh when her husband took the metal daybed and crumpled it up with his bare hands and threw it out on the front porch. He was infuriated his wife had paid something like $399 for a cheap metal daybed. no mattress, just metal frame. Hollow metal. From what I heard the bed looked like a tricycle that had been run over by a car. American General of course made their life hell as far as collection practices. I think if they ultimately did settle up with them they probably paid $650 for that bed after the interest was tagged on. To say nothing of whatever else they bought. I found it amusing that they actually tried to repossess junky furniture.
    Sadly even a $2000 bed may not be of high quality. Much of today's furniture is made of only verneered hardwoods over particle board. Even companies that claim its solid may be getting away with a technicality. for instance it may be solid oak verneer (a conflict of terms to say the least!) or solid maple verneer over solid pine. For those who don't know the differences in woods, pine is cheap. but it is better than particle board.
    If your happy I suppose thats the bottom line. Though I just dont like the way some furniture stores try to pass junk off as solid quality wood. A few of the better furniture manufacturers today are companies like: Lexington (many of their furniture is actually solid quality woods), Stickley makes some excellent quality mainly oak furniture. Basically if you can't afford antique Stickley, new Stickley is about as good. Pricey though! Another good place to get furniture (and Im sure they have financing) is Restoration Hardware. They make a solid oak bed to die for. Several variety actually. They sell a great mission style oak spindle bed. It is vastly superior to what appears to be the same bed sold by many higher end furniture stores. If you are ever in doubt sometimes it helps to compare weight. When one bed weighs 175lbs more than the other it doesn't take rocket science to figure out which is going to hold up better. Just my humble opinion. If you absolutely need to finance furniture, at least make it worth while. Since you will be paying for a long time at least make the furniture last as long as the payments. Good luck!
     
  2. jason_l

    jason_l Well-Known Member

    good points.. I have stuff from restoration hardware, bombay, front gate, and a few other places. There's a noticable difference in the quality (they all LOOK good though), and price wasn't necessarily a good indicator. luckily I didnt' finance or charge anything beyond the coach/love seat, as I would have been a very unhappy camper when the debt lasted longer then the some of the furniture.
     
  3. RichardS45

    RichardS45 Active Member

    In furniture, Price is, as you said, not a good indicator at all. The Oak bed from Restoration Hardware is one I personally own. I recall it costing in the $1600 range. It IS solid. As in Solid OAK and they didn't skimp. I have seen other similar beds. At least similar in appearance. Some of those beds were $2700 and were not built near as well as mine for over $1,000 less. Some furniture stores can really fool you because they might have the right name, it doesn't mean ALL of their stock is high end. Ethan Allen is a tricky place. Some items are of great quality while others are certainly lacking the quality for the quality size price tag. Drexell Heritage gallerys are the same. The places that carry it tend to carry other high end furniture. I was looking for a mission oak wall unit. they had one, it did have a good degree ok oak solids in it, but it also had cheap hardware, a totally fake backing (No offence but for $9,000 I want the item to have real wood all the way around it!). It was basically a $2,500 piece at best.
    I guess this is why much of the furniture I buy is antique. And because it's antique doesnt mean it has to be overly expensive. I have seen (keep in mind Im in the midwest) solid oak or maple dressers with beautiful bevelled mirrors sell anywhere from $175-$600. You pay $600 new and don't get the styling, construction quality or the real wood! And if your going to spend $6500 for the new dining room table, why not actually go get a real Stickley. Some styles of old Stickley you can get a dinning room table for $5000. Of course which style it is means a lot. Some Stickly tables will bring in excess of $50,000 But I am quite certain even a 'cheap' Stickley table is going to be built a Lot better than anything they sell today. Therte are some great bargains in antique furniture that put new furniture prices to shame. Again, keep in mind I am speaking from the midwest and am aware on the west coast antique furniture is much more costly in some areas. Still, just about anything is better than plunking down four figures for something made of particle board. Again, just my opinion.
     
  4. jason_l

    jason_l Well-Known Member

    :) it is funny that often reproduction costs as much or more then real antique!
     

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