Home furnishings can be expensive. Many consumers simply do not have the cash flow or credit to go to a traditional furniture or appliance store and purchase the home goods they need. The rent to own industry is an alternative means of purchasing products that you need or want. However, there are a lot of myths out there that deter consumers from taking advantage of the benefits of rent to own. Here, we are going to dispel some of those myths.
Top 10 Rent To Own Myths
1. Myth: All the products are used. This is untrue. While you consumers can get deeply discounted prices are pre-owned items, most rent to own companies offer a vast inventory of brand new merchandise. Several companies will even allow you to special order merchandise not in their current inventory.
2. Myth: You are obligated to keep the product. Merchandise can be returned at any time during the rental agreement period without penalty.
3. Myth: Rental contracts are for long periods of time and very costly. On the surface this may look to be true to the consumer. However, when comparing the time and payments to pay off in-store credit or credit card interest, the final price may not very much by comparison. The biggest difference with rent to own are, you are under no obligation to keep the product, loaners are typically given if the product breaks, you receive free delivery and set up, and can even switch out the merchandise for something different if you don’t like it. Also, most rent to own companies offer an EPO (early pay out option).
4. Myth: Rent to own companies only offer low end merchandise. Again, this is false. Top name brand product is available. The same merchandise you find in high end department stores.
5. Myth: High interest is charged. Because credit is not a factor, there is no interest charged.
6. Myth: A large down payment is required. No. In fact, in most cases, only the first payment is required. Depending upon the terms of the contract, this could be a one week, two week, or monthly payment.
7. Myth: Merchandise is not cleaned. Rent to Own stores are strictly regulated by state and local agencies to ensure merchandise is cleaned and sanitized.
8. Myth: Only people with bad credit use rent to own stores. People from all walks of life and all credit types use rent to own stores.
9. Myth: My credit is checked for approval. Credit history is not checked for approval.
10. Myth: If I return the product, I lose all the money I have paid in. Most rent to own companies offer a reinstatement period. Check the terms of the contract.
The next time you have a need for a new appliance, computer, furniture, or even a phone, and find yourself short on cash, check out a rent to own option. You might be surprised at how easy and affordable the process is.