All the types of Buy Now Pay Later financing for tires and wheels

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Buy Now Pay Later (BNPL) can be a lifeline if you need tires, but could also be a smart way to defer payment while your money is better put to use elsewhere. In this article we'll explore the different types of financing and how they work.

What's the best way to make payments on tires?

That really depends on your circumstances. If your credit is good you'll qualify for "prime" BNPL platforms like Affirm, Klarna, or with some big tire stores, an in-house program.

Prime rates are the best. Deals can often be found at 0% interest, which means you don't pay extra over time. This is great even if you have the money because you can keep your money in the bank and let it earn more interest while you pay off the tires slowly.

More than 50% of people can't get approved by prime lenders because their credit isn't high enough. For these people, some tire shops offer a system where if one lender says no, they try another one that's okay with lower credit scores. If that doesn't work out, they might offer a lease or rent-to-own plan.

Leasing or rent-to-own ends up costing more in the end, but it's easier to start because the payments are smaller and you can often start with a very low down payment. They might not even check your credit score, and sometimes you can choose to pay every week or two weeks to make it easier to manage.

Around 75% of people who can't get the prime rates are accepted by these lease-to-own plans. So, no matter if your credit is good, bad, or you don't have any credit at all, there are ways to make payments for tires or wheels that can work for you.