Home improvement stores can be daunting especially if you are focused on maintaining some sort of budget, as most customers are.The decision between having a quality product and saving a few hundred dollars can weigh heavy on the mind of many, especially during COVID-19.
Back in the day, layaway was an easy and well-utilized option for many kinds of retailers and consumers alike. However, Lowe’s, like many home improvement stores, has found layaway services to be ineffective for the kinds of products they sell.
Does Lowe’s Have Layaway In 2021?
Lowe’s does not offer layaway services because their products like home appliances, tools, and home improvement staples, like paint and tile, make it hard for layaway services to be cost-effective. Instead, a lot of Lowe’s customers take advantage of the many Lowe’s Credit options or the Lowe’s Lease to Own program.
Though Lowe’s does not have a layaway option, there are many other options we discuss in this article. There should be an option for anyone, professional or homeowner, who is embarking on any kind of home improvement. Lowe’s has tried hard to cater to its many kinds of customers.
Did Lowe’s Ever Have Layaway Before?
Lowe’s has never had a layaway option before. As mentioned above, layaway is not conducive for home improvement stores including Lowe’s.
Because of the kinds of products sold at these retailers, layaway can often bring overall sales down. Many home improvement stores similar to Lowe’s, like Home Depot, do not have layaway options.
The blueprint of layaway services simply doesn’t make sense for home improvement retailers.
Why Doesn’t Lowe’s Have Layaway?
Layaway works when you make a small down payment and then a series of regular payments until an item is paid in full. Then, you can take the item home.
For home improvement stores like Lowe’s that sell appliances, home furniture, and tools, layaway is simply not cost-effective. Furthermore, layaway also requires the store to physically have the item purchased in-store but not available for purchase.
This takes up valuable space within the store, either on the showroom floor or the storage room. If an item is abandoned or returned, the store is responsible for the loss and extra inventory.
Maybe someday in the future layaway will be more streamlined to be effective in various home improvement stores like Lowe’s.
Does Lowe’s Have Plans for Layaway in the Future?
Most likely, Lowe’s will not have plans for layaway services in the future. On the other hand, no one at Lowe’s has confirmed or denied this statement about layaway in the future. As consumers, we are forced to rely on what information we have now.
Lowe’s may not be gearing up for a new layaway service, but they do have other ways that they are helping their new and returning customers—alternative financing options.
What Other Alternative Financing Options Does Lowe’s Offer?
Lowe’s does offer quite a few alternative financing options for customers depending on the need or the project.
For homeowners, the Lowe’s Advantage Card is a popular choice. With no annual fee, exclusive cardholder events, and 5% off every day on qualified purchases, this card is ideal for everyday use or a Lowe’s frequent flyer.
For professionals and contractors, Lowe’s offers 4 different Pro Cards. One of these cards, the Lowe’s PreLoad Card, allows businesses to fund the card with a debit/credit card or a business checking account to control spending limits. With this card, you can also organize purchases by the cardholder.
If none of these alternative financing options fit your needs, or your project, Lowe’s does offer their version of a “Buy Now Pay Later” option.
Does Lowe’s Do “Buy Now Pay Later” Instead of Layaway?
Lowe’s does offer their version of a “Buy Now Pay Later” option called the Lowe’s Lease to Own Program.
Highlights of this program include the following: no credit needed to apply, flexible payments, 90-day purchase option, and instant decision with approvals up to $2,500. You can apply for the program online or by visiting a participating Lowe’s store.
There are restrictions on what you can purchase with this program. Perishable/consumable items, permanently installed items, and service-related buys (delivery, haul-away, etc.) are not leasable through the Lease to Own program.
What Other Stores Offer Layaway?
If a layaway option is really what you are after, Sears or Kmart might be the best option. Both stores share the same parent company, so their layaway services are identical and easy to follow.
Both stores offer an 8-week option (in-store and online) and a 12-week option (in-store only). The terms and conditions for the layaway agreement are the same at both retailers.
Additionally, Wal-Mart has done away with their layaway option, but they have introduced a “Buy Now Pay Later” option through Affirm.
Through this service, customers can buy their items immediately and pay later through Affirm. The payment options range from 3 to 24 months and are subject to a 10-30% APR.
There are a few other options for getting the home improvement items you need at whichever price works for you and your budget. For the many Lowe’s loyalists, there are many options for you to choose from as well.
Is There Layaway at Lowe’s?
Unfortunately, Lowe’s does not offer a layaway option. However, they do offer a variety of other alternatives that cater to a wide customer base. Professionals, homeowners, and contractors are sure to find an option that works with their budget and project size.
Lowe’s has offered a series of options to appease every customer. Without a layaway option now or in the works, Lowe’s has managed to keep customer satisfaction at the front of their minds.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.