Sears has extended its layaway program to major appliances.

"For customers who haven't taken advantage of the government rebate program, Sears' layaway presents the opportunity to purchase more efficient appliances, while managing their budget," said Susan Ehrlich, president of Financial Services for Sears Holdings, in a news release. Read our update on the cash for appliances rebate program from earlier today.

The Sears layaway program carries a $5 initiation fee and requires a down payment of $15 or 20 percent at the start of the contract. You then make biweekly payments for the length of the eight-week contract. Before you sign up for layaway, read full details of the Sears layaway program (PDF).

If you're in the market for new major appliances, use our free buyer's guides to dishwashers, refrigerators, washing machines, and others, which you'll find on our appliances page. You can save yourself some money on appliance purchases by taking advantage of cash for appliances and other incentives.

In our 2009 Appliance Shopper Satisfaction Survey of more than 21,000 readers conducted by the Consumer Reports National Research Center, all nine retailers of major appliances did well, and Sears was about average. You'll find full details from our report on the best places to buy large and small appliances in our special section on kitchen remodeling in the August 2010 issue of Consumer Reports, online and on newsstands next week.

—Gian Trotta

Essential information: Check out our cash for appliances buyer's guides to air conditioners, dishwashers, refrigerators, washing machines, and water heaters. To stay on top of the latest cash for clunkers for appliances news, follow us at Twitter.com/CRHomegarden.