Closing the credit gap: Major purchase study

What businesses need to know about shoppers with low or subprime credit.

Download eBook

Illustration of a person with a laptop, surrounded by icons of various appliances, promoting a study on credit impact by Snap Finance.

Key insights from new Snap Finance research

Among consumers with credit scores below 670:

37%

could not have paid for a major purchase or service without financing

65%

say financing makes major purchases more affordable

37%

say their financial situation has worsened in the past three months

Takeaways for your business

Credit shapes purchasing behaviors

Credit-challenged consumers are looking for efficiency and value when choosing where to shop – most said price was a deciding factor, followed by ease of making the purchase.

65% of consumers with lower credit scores said financing availability was important when choosing where to buy.

A man in a beige shirt smiles while using his phone in front of a stack of tires. A circular graphic shows 65%.

A man stands in front of stacked tires, smiling at his phone. A graphic of a 65% progress circle is in the foreground.

Financing unlocks buying power

When shoppers can’t pay upfront and don’t qualify for traditional financing, lease-to-own financing and installment loans can bridge the credit gap.

48% spent more because financing was available, among those with lower credit scores who used lease-to-own or an installment loan.

A woman in a teal top uses her smartphone at home, standing near a document indicating approval up to $6,000 and a graphic showing 48%.

A woman in a living room looks at her smartphone, with a "48%" graphic and a product box on a counter nearby.

Economic concerns drive purchasing decisions

Consumers with lower credit scores often delay major purchases and services and settle for lower quality items due to the economy – but sales and promotions can motivate them to buy sooner.

38% of consumers with lower credit scores delayed a major purchase or service due to economic concerns.

A woman in a denim jacket sits on a couch using a smartphone, with a graphic displaying "38%" beside her.

Woman in a denim jacket smiling while using her phone on a couch, next to a graphic showing 38%.

More time to pay means more business for you

Two men in a garage discussing with a clipboard, standing next to a red car on a lift, surrounded by stacked tires.

Increased revenue

Reach more customers and close more sales with our strong approval rates¹

A couple browsing wooden cabinets in a furniture store, smiling and holding hands, surrounded by modern home furnishings.

Supercharged sales

58% of credit-challenged consumers spent more because financing was available²

A man and a woman discussing furniture choices in a store, with various chairs and tables displayed around them.

Expanded reach

Target new and repeat business and generate revenue with our preapproved leads

Two women working together at a desk with a laptop, notebooks, and a plant, in a modern office setting. One is smiling and typing on the keyboard.

Fast funding

Enjoy expedited payments, typically within two business days of merchandise delivery or completed invoice

Disclosures

Snap-branded product offering includes retail installment contracts, bank installment loans, and lease-to-own financing. For more detailed information, please visit snapfinance.com/legal/products 

Findings based on proprietary research conducted through Accelerant Research’s Agora panel with 2,736 household are financial decision makers who made a $300+ purchase in the prior 6 months across 14 product categories. Snap Finance, August 2025.

¹Not all applicants are approved. Approvals subject to underwriting qualification criteria.

²Merchant Pulse Study. Snap Finance, 2023.