Consider TheReal Cost And Other Factors Of Rent To Own AppliancesBefore Signing The Deal
It is not unknown to anyone that buyers end up paying much more than the sticker price of an item when they sign a deal with a rent to own appliances store. Therefore, the question that should naturally come to your mind is, why on earth buy an item from these stores and how does these stores make their business going? Ideally, a rent-to-own store allows a customer to rent an appliance or a piece of furniture for a monthly price. This cost is usually much lower than any monthly loan payment. The attractive rate is much more affordable than upfront purchase as well.
The catch in it
When you payin full for the item within the tenure, you own the item. However, there is a catch in it. Usually, this rental period offered to you by these stores are usually much longer. When you calculate the total expense for this entire rental period you will see that it is coming up to a lot more than the actual cost of the item and even a lot more than what an orthodox loan would have come up to. Still, you should not consider these stores to be a scam. They provide you with an opportunity to make a short term purchase.
Tips to save
If you want to avoid paying too much on your rented appliance, take out a little time and put some effort to crunch the numbers prior to agreeing with the terms. All you need to know is the price as most of these items are not marked and the lease terms. Know the lease term well so that you are sure that by the time you pay up the rental price the item is not obsolete. Look for the language in the lease contract. Read the fine print so that fees do not sneak up.