Best Buy Financing Without Credit Card [Progressive Leasing]

best buy financing without credit card

Looking to score that new appliance or entertainment system at Best Buy but don't have a credit card? Don't worry! Best Buy offers financing options that allow you to spread out the cost of your purchases without needing plastic.

Best Buy is a major retailer specializing in consumer electronics, headquartered in the US.

They sell a wide range of electronics including TVs, computers, appliances, cell phones, video games, and more .

They have over 1,000 physical stores in the US and Canada, but you can also shop online.

They offer various financing options, including one that doesn't require a credit card (Progressive Leasing).

This guide will introduce you to the details of Best Buy's credit-card-free financing and explore some alternative solutions:

Best Buy Financing Without Credit Card:

Best Buy offers a financing option that doesn't require a credit card known as: Progressive Leasing. Here is how it works:

  • Approval: While they don't use a traditional credit check, they do pull information from credit bureaus so it can impact your credit score. They also consider other factors and don't guarantee approval for everyone.
  • Application: The application process is quick and easy, you can do it in-store or online, and receive a decision right away.
  • Lease-to-Own: This is not a true loan, but a lease-to-own agreement. You don't own the product until you complete all the payments.

Important Consideration:

  • Lease-to-own typically costs more than the full purchase price because of financing fees.
  • Review the terms carefully before applying to understand the total cost and repayment terms.

Some Alternatives:

The Use Third-Party Financing:

If you are looking to use third-party financing to make a purchase at Best Buy without a credit card, you can explore options like Affirm, Klarna, Afterpay, PayPal Credit and Citibank, which are commonly accepted at Best Buy for financing. Here is how you can go about it:

1. Affirm: Affirm is a popular third-party financing option that allows you to split your purchase into monthly payments with clear terms and no hidden fees. When making a purchase at Best Buy's online or physical store, you can usually select Affirm as a payment option at checkout. You will need to provide some personal information for a quick credit check, and if approved, you can select a suitable payment plan.

2. Citibank: Best Buy also partners with Citibank to offer financing options to customers. You may be able to apply for a Citibank financing plan at checkout when making your purchase at Best Buy. Citibank will assess your creditworthiness and provide you with financing options based on their evaluation.

When using third-party financing at Best Buy without a Best Buy credit card, make sure to review the terms and conditions, including interest rates, repayment plans, and any fees involved. It's essential to understand the agreement fully to ensure it aligns with your budget and financial needs.

Best Buy Progressive Leasing: A Step-by-Step Guide

Looking to grab that new appliance or tech gadget at Best Buy but don't have a credit card? Progressive Leasing might be the answer. Here is a comprehensive guide to walk you through the process:

Step 1:  Understanding Progressive Leasing

  • Lease-to-Own: This is not a loan, but rather a lease agreement. You make payments over time and own the product only after completing all payments.
  • Credit Check: While not a traditional credit check, they do access information from bureaus, so it can impact your credit score.
  • Approval: Approval is not guaranteed and depends on various factors.

Step 2: The Application Process (Two Options):

Option 1: Apply Online

  • Visit Best Buy's website
  • Click on "Complete your application" (for new applicants) or "Log in or create a account" (if you already have an account).
  • Follow the prompts to provide your details.
  • You will receive an application decision quickly.

Option 2: Apply In-Store

  • Head to your nearest Best Buy store.
  • Find a Blue Shirt associate (employee) and ask about Progressive Leasing.
  • They will guide you through the application process on a kiosk or tablet.
  • You will get an approval decision on the spot.

Step 3: Get Shopping

  • Online: If approved online, keep your lease number handy. Add your desired items to the Best Buy cart and choose Progressive Leasing during checkout.
  • In-Store: Once approved, work with the Blue Shirt to select your qualifying items.

Step 4:  Finalize the Lease Agreement

  • Review the lease terms carefully. This includes the total cost (including fees), payment schedule, and early purchase options (if available).
  • Make your down payment as required by the agreement.
  • Sign the lease agreement.

Step 5: Take Your Purchase Home

You have completed the process and can now enjoy your new item. Remember to make your lease payments on time to avoid late fees and potential repossession of the item.

Additional Points to Consider:

Costs: Typically, Progressive Leasing is more expensive than full purchase price due to added fees.

Alternatives: Explore other financing options like My Best Buy Credit Card (requires credit check) or third-party financing companies like Affirm or Klarna.

By following these steps and considering the additional points, you can make an informed decision about using Progressive Leasing for your next Best Buy purchase.

Best Buy Progressive Leasing Requirements:

Here is the information you will likely need to provide when applying for Best Buy Progressive Leasing:

1) Personal Information:

  • Name
  • Date of Birth
  • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • Contact information (phone number, email address)
  • Verification Information:
  • Address

2) Financial Information:

  • Routing number and account number for an active checking account
  • Debit or credit card (prepaid cards not accepted)

Additional Notes:

You must be 18 years old or older (19 or older in Alabama) to apply.

They may ask for a smartphone with data access during the application process.

Best Buy Progressive Leasing Payment Estimator:

Unfortunately, Best Buy doesn't offer a publicly available Progressive Leasing payment estimator on their website. Here are a couple of options to consider:

Text for Estimate: Progressive Leasing allows you to text "INFO" to 575-97  to receive an estimated payment amount for a given lease amount. This can give you a general idea based on a specific purchase price you have in mind.

In-Store or Online Application: During the actual application process (either online or in-store), you might be presented with an estimated payment amount based on your selected items. This provides a more personalized estimate based on your chosen products and lease terms.

Here are some alternatives to consider:

Financing Calculators: Some online financing calculators can estimate monthly payments based on factors like loan amount, interest rate, and loan term. While not specific to Progressive Leasing, it can give you a rough idea.

Best Buy Financing Requirements:

Best Buy offers two main financing options. That is: credit card financing and Progressive Leasing. But the requirements for each differ:

1. Best Buy Credit Card Financing

  • Credit Check: Required. You will need good credit history to qualify for the best interest rates and financing offers (like 0% APR for a specific period).
  • Application Process: Apply online or in-store. They will likely pull your credit report to assess your creditworthiness.
  • Benefits: Potential benefits include 0% APR for promotional periods, reward points on purchases, and exclusive financing offers.

2. Best Buy Progressive Leasing

  • Credit Check: Not a traditional credit check, but they access information from credit bureaus which can impact your score.
  • Application Process: Apply online or in-store. They will ask for personal information, verification information, and financial information (checking account details).
  • Approval: Not guaranteed, and approval criteria consider various factors beyond credit history.
  • Benefits: No credit card needed, suitable for those who might not qualify for traditional credit.

Additional Requirements (Both Options):

  • Age: You must be 18 years old or older (19 or older in Alabama) to apply for financing at Best Buy.
  • Valid ID: You will need a valid form of identification during the application process.


Best Buy 24 Month Financing:

Best Buy offers 24-month financing on select purchases, but it depends on what you're buying and how you choose to finance it:

My Best Buy Credit Card: This is the most straightforward way to get 24 months with no interest. However, you will need to be approved for the card, which requires a credit check.

Minimum Purchase Amounts: 24-month financing typically applies to specific categories and minimum purchase amounts. Here are some examples:

Final Thoughts On Best Buy Financing Without Credit Card:

For Best Buy financing without a credit card, we have two options:

Progressive Leasing, which is a lease-to-own program, allowing you to spread out the cost of your purchase over time without a credit check. However, it typically costs more than the full purchase price due to fees.

And also the use of third-Party Financing Companies like Affirm, Klarna, and PayPal Credit  that offer financing options for online and in-store purchases. Be sure to research their terms and interest rates before applying.

By considering these points we have explain above, you can make an informed decision about financing your next purchase at Best Buy, even without a credit card.