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Benefits of Rent to Own Appliances

If you are looking for a short-term solution for your appliances and you don’t have a credit history, rent to own appliances may be the perfect choice for you. This type of loan has many benefits. It has no credit check, interest-free payments, and allows you to return leased items without penalty. Listed below are a few reasons you should consider renting to own appliances. All these benefits will make renting the appliances you need easier for you.

Low monthly payments

Whether you are looking for a new refrigerator, washer, or other appliance, renting it will not hurt your credit. Rent to own companies charge higher interest rates than personal loans, so it may be best to opt for a personal loan. However, beware that renting an appliance will not hurt your credit rating! In addition to high monthly payments, rent to own companies may also have hidden fees. These fees can make it hard for you to save money and will lead to a high monthly payment.

No credit checks

If you’re considering buying a new TV, refrigerator, or washer and dryer, you may want to consider a rent-to-own store. These facilities allow you to rent these items without credit checks. You’ll have to meet certain requirements to rent the items, including paying a monthly minimum payment. You’ll also need to have excellent credit, but this won’t be a problem as long as you’re willing to make timely payments.

Interest on rented items

If you are a rent to own customer, you probably think you are saving money by paying weekly or monthly. However, a rent to own appliance is typically twice or three times as expensive as an appliance you would purchase from a traditional store. Despite the price difference, renting an appliance has its benefits. These benefits include freedom from long-term payment plans and no interest charge. Another plus is the opportunity to shop for parts and spare parts without having to worry about credit companies contacting you if you miss a payment.

Stores that offer rent-to-own

You can now purchase new household items without incurring high fees at rent-to-own stores. While you can still obtain a loan, renting an item is more expensive than buying it outright. You can choose to lease the item instead of buying it, or you can pay off the entire amount over a period. In either case, you’ll be able to return the item when you’re done using it.

Cost

While renting to own appliances are convenient and easy to purchase, they can cost more than buying them. Although renting does not affect your credit score, it can take a toll on your budget. Buying appliances is the best choice if you can afford the initial cost. Additionally, buying appliances will save you from the monthly payments for financing. In addition, rent to own shops often charge interest on the items they rent. These interest rates can reach 275 percent. There are other hidden fees, such as repossession fees if you’re late on payments.

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