What Is Rent To Own?
Rent-to-own is a way to get new furniture, appliances or electronic goods without waiting months to save up enough money to buy the item you want or need. Rent-to-own is a month-to-month contract that allows you to rent a wide range of household goods and consumer electronics with the option to take ownership after the pre-determined rental period ends. Typically, either the supplier or the customer can cancel the rental agreement by giving 30 days written notice of termination to the other party. Companies offering these agreements will also often allow customers the option of simply leasing an item and returning it at the end of the rental period. These agreements aren’t loans, so your credit score will normally not matter.
What are the benefits?
A pure rental is a good option if you know you’ll only be using the item for a little while. For instance, if you intend to move to a different country and only need an item for a short period, you can lease the item for much less than the cost of buying it outright. You also don’t have the hassle of disposing of the item when you move. In cases where you intend to keep the item but don’t have the money to pay it off in one lump sum, as long as you keep making the rental payments, the item will eventually become yours. If you no longer need the item or can’t continue making the payments, most companies have easy return policies.
Rent-to-own offers real financial flexibility. Most companies allow customers, to upgrade, downgrade or cancel and return the item at any time, subject to certain conditions (for instance, upgrade or cancellation within the first six months may incur a collection charge for the uplift of the item). Acquiring an item is made exceptionally convenient with shopping and applications done online and, in most cases, the item is delivered and installed in your home as part of the deal. Consumers get stress-free use of the item with the rental company often remaining responsible for maintenance, insurance and sometimes even the TV license, in the case of renting a television, during the rental period, at no additional cost.
What’s the catch?
The type of item being rented, the total number of payments and whether the item can be purchased outright ahead of schedule will impact the final total price of an item. As a general rule, a premium will be paid over outright purchase but the ease of acquisition, financial flexibility and peace of mind that rentals provide more than compensates for this. Some of the costs of outright purchase, such as delivery, installation fees and repair, which are often overlooked by consumers, are included in the cost of rent to own agreements. Note that if you miss rental payments, your item may be repossessed, and a collection fee may be levied.
Which rent to own company works for you?
AffordLine, Starting with Computer Laptops, we have in the subsequently expanded our product offering to include home and kitchen appliances, gaming consoles and other electronics, as well as fitness and outdoor equipment.AffordLine gives people the opportunity to get what they need, within a budget that they can afford, right away. Apply today for a rent-to-own product. Sign up
with AffordLine and start shopping.