A rent-to-buy store lets you pay for a product, like a washer, dryer, or fridge, by renting it and making small monthly payments over a year or two. The system sounds fairly simple: the store buys the high-ticket item and then rents it to you. Every month or so, depending on the number of payments guaranteed in the contract, you pay a little bit more until you own the item. So, rent to buy fridge is a kind of financing that’s offered through retail stores. Typically, they sell appliances, furniture, and electronics through purchase plans where rental amounts are debited from a bank account or credit card each month until the item is paid off. These stores are becoming more and more popular. Also known as two-tiered pricing, these companies sell items to customers at a higher price than if they bought them at the retail cost but rent the item to the consumer for a set period.
Why should you consider rent to buy a fridge?
In a financial crisis, you don’t want to go for a conventional credit card. Instead, you want to rent-to-own or buy on layaway. With either feature, you pay after deciding whether the product works for you. It is the best type of cash purchase with credit.
This is possible due to a little-known option that rent-to-own companies offer. Instead of paying the balance on the rent to buy fridge every month, you can pay just enough to cover the increase in the cost of the fridge. In other words, if it costs $200 a month, you’d pay $100 a month for a year. Then at the end of a year, you either pay off the balance or toss the fridge and walk away from the remaining cost.
Factors to consider while renting a fridge
Refrigerators are a major purchase for most people. However, you can also lease a refrigerator and other household appliances through a retail store or commercial equipment rental company. Several things determine the price of a lease, as well as what you’re paying for. These things include whether an item is covered by a manufacturer’s warranty, the breakdown coverage offered with the lease and whether you can end your lease early or buy the product before your lease ends.
Many people leasing a fridge think they will be paying only $20 or $30 a week. However, this is not the case in many cases, and the total cost is much more than it appears to be. Below we look at the factors that should be determined while renting a fridge.
- Energy Rating
- Your requirements
If you’re interested in renting to buy, you should carefully consider the options mentioned above. Renting to buy is a good option for people who want to own their product at the end of their lease term. You can rent to buy refrigerators, washers, and dryers according to your needs.
Rent-to-own stores are everywhere, but many people don’t know about them. It’s a convenient option for lots of people. No credit check means even people with bad credit can rent to own a product for a low payment every month while making good money on the transaction too. Such stores are commerce systems designed to offer regular people access to rare or valuable goods.