How to finance a mattress or bed in Canada 

A high-quality mattress or bed often doesn’t come cheap. But if you need to finance a mattress purchase, there are plenty of ways to do so.

Keep reading for a closer look at the six different bed financing options available in Canada, how they work and whether they’re suitable for you.

1. Finance a mattress or bed through the retail store

How it works: The first and perhaps the most convenient option for many people is to take advantage of the bed or mattress store’s in-store financing. Stores like Leon’s and Wayfair work with third parties like Affirm and Flexiti to provide their financing programs. 0% financing is available, and you’ll typically have somewhere between 6 and 24 months to pay back what you borrow. Find out more in our A–Z list of store financing.

How to qualify: You’ll need to be a Canadian citizen or permanent resident and the age of majority in your province. Your credit score and income will be assessed, while your purchase will also need to exceed a minimum spend limit.

2. Finance a mattress or bed using a personal loan

How it works: Personal loans are available from banks, credit unions and private lenders. They can be used to cover just about any expense, including buying a bed or mattress. Loan terms typically range anywhere from 3 to 60 months, but longer terms are available from some lenders.

How to qualify: Requirements vary between lenders. You’ll typically need a credit score of 660 or higher to qualify with a bank, but some alternative lenders specialize in loans for borrowers with bad credit. Minimum income and length of employment criteria may also apply, while some banks have minimum loan amounts of $3,000 or more.

Best personal loans in Canada

3. Finance a mattress or bed through the manufacturer

How it works: Some mattress and bed manufacturers offer financing through third-party providers. For example, Endy and Casper both work with Affirm. 0% financing is available, with terms typically ranging from 6 to 24 months.

How to qualify: You’ll need to be a Canadian citizen or resident and the age of majority. You’ll need to spend a minimum amount, usually around $300, while your credit score and history will also be taken into account.

4. Get a low-interest credit card

How it works: Some retailers have their own credit card that you can use in-store or online to make purchases or earn rewards. Alternatively, you could use any credit card with a low purchase rate to finance a mattress or bed. Some cards offer rates of around 8.99–12.99%.

How to qualify: You’ll need to be the age of majority and a Canadian citizen/resident. Minimum income and credit score requirements apply.

5. Layaway

How it works: You can put a bed or mattress on layaway by making a deposit and agreeing to pay the remaining balance off in installments. No interest applies, and you don’t need to go into debt to finance your purchase, but you don’t take ownership of the bed or mattress until you’ve paid the full amount.

How to qualify: No credit check is required. You’ll need to provide proof of ID and pay a minimum deposit.

6. Get a bed or mattress through a rent-to-own program

How it works: Also known as lease-to-own plans, rent-to-own programs allow you to rent a mattress or bed for an agreed time. You make regular payments and get full use of the item, and once the rental period ends, it is yours to own. However, rent-to-own plans are extremely expensive and you can end up paying significantly more than the outright purchase price.

How to qualify: Buyers with bad credit are accepted. You’ll need to provide proof of a steady source of income and a permanent address.

How does buy now pay later work with mattress or bed financing?

Buy now pay later (BNPL) financing is available at the point of sale. In Canada, you can access it through the manufacturer’s or the retail store’s third-party lender.

BNPL plans allow you to split up the full purchase price of a bed or mattress into multiple smaller payments. For example, if you’re buying a $500 mattress, BNPL could allow you to break down your payment as follows:

• Pay $125 at the time of checkout
• Make three more payments of $125 each at two-week intervals

Pay no interest

0% financing is available to approved buyers, and retailers often make it easy to simply select BNPL as your payment method at checkout. Eligibility requirements vary between providers, but you may not need to undergo a hard credit check to qualify for BNPL financing.

What should I watch out for with BNPL financing?

BNPL financing may sound like an attractive option, but there are a few risks to watch out for:

• Missed payment fees. If you miss a payment, some BNPL companies charge hefty penalties. These can make it harder to make your regular payments and could push you deeper into debt.
• Other fees. Other fees can also apply and mean that you end up paying more than the upfront purchase price. Check the fine print to look for set-up fees, monthly admin fees and any other nasty surprises.
• Over-committing. Another risk with BNPL plans is purchasing something you can’t afford to repay. Resist the urge to make impulse buys and make sure there’s enough room in your budget to manage your repayments.
• Signing up for multiple BNPL programs. If you make more than one purchase with BNPL financing, it can be difficult to keep track of all your repayments.
• Refunds process. Returning an item purchased through a BNPL program can be complex and confusing. Check out exactly what the returns process involves before you buy.

How much do beds and mattresses cost?

How much does it cost to buy a bed or mattress in Canada? We’ve compiled some price figures as a general guide in the table below, but keep in mind that some products will fall outside the ranges quoted.

Product	Approximate price range
Double/full mattress	$200 – $2,200
Queen mattress	$250 – $2,500
King mattress	$500 – $3,000
Double/full bed	$250 – $3,500
Queen bed	$250 – $4,000
King bed	$400 – $4,500

Representative example: Summer finances a mattress

Summer’s decade-old, lumpy mattress is on its last legs, and Summer can no longer put up with the uncomfortable night’s sleep it provides. It’s time to buy a new mattress, and after doing plenty of research, Summer finds the mattress she wants from an online mattress-in-a-box company.

But the mattress is priced at $1,500, so Summer knows she won’t be able to pull together the cash to buy the mattress outright. She decides to compare mattress financing options from four lenders, and you can see the results of her comparison in the table below.

	Lender A	Lender B	Lender C	Lender D
Amount borrowed	$1,500	$1,500	$1,500	$1,500
Interest rate	0%	0%	11.99%	13.99%
Loan term	6 weeks	12 months	36 months	24 months
Admin fee	$0	$0	$0	$0
Total interest	$0	$0	$293.31	$228.29
Total cost	$1,500	$1,500	$1,793.31	$1,728.29
Monthly payment	4 bi-weekly payments of $375	$125	$49.81	$72.01

Summer decides to finance her mattress with Lender B. While it offers the same total cost as Lender A, she knows it’ll be much easier to budget for a monthly payment of $125 than a fortnightly payment of $375.

Frequently asked questions

• Where can I finance a mattress?

  There are several bed financing options to choose from. You can apply for in-store financing or a payment plan through the bed or mattress manufacturer's third-party finance provider. Alternatively, you could take out a personal loan from a bank, credit union or alternative lender, or you could use a low-interest credit card to fund the purchase. Store layaways and rent-to-own plans are also options to consider.

• Can you finance a mattress with no credit check?

  Yes, you can sign up for a rent-to-own plan without undergoing a credit check. However, rent to own is extremely expensive, and you could end up paying 2–5 times more than the outright purchase price of your bed or mattress. With this in mind, consider other options first.

• Can you finance a mattress or bed with bad credit?

  Yes. Some alternative lenders specialize in personal loans for borrowers with bad credit, while some BNPL providers don't require a credit check. Layaway is also suited for people with bad credit, and your credit score doesn't matter if you want to sign up for an expensive rent-to-own plan.