Payments

What is financing?

Financing is the process of receiving funds from a lender to help make a purchase and then paying those funds back over time. For example, someone may want to finance big-ticket items like furniture, a renovation project, a new car, or a new home. With financing, the individual doesn't pay the full purchase amount upfront themself. Instead, they borrow the funds from a bank or lender and pay back the lender over time, usually with interest.