Appliances make modern-day life a lot more convenient than it was in the past. Instead of having to wash dishes by hand or scrub your laundry with an old-fashioned washboard, you can simply pop your dishes or dirty clothes into one of your appliances and let them take care of the hard work for you.
Without your refrigerator, you wouldn’t be able to keep your food from spoiling. Likewise, without a working stove, it would be much harder to make hot meals.
Unfortunately, even the highest quality appliances eventually wear out or break down. Typically, it happens at the worst possible time, when you don’t have a lot of money set aside to buy a new one.
Although most appliance stores offer financing options, you may not be able to qualify if you have any blemishes on your credit report. Most banks and financial institutions have strict credit requirements in place when it comes to lending people money.
Don’t worry, though – you still have options. Even if you don’t have cash and don’t have good credit, you can still take advantage of rent to own appliances.
If you aren’t familiar with the rent-to-own model, the basic concept is relatively simple. In essence, all you have to do is agree to make monthly payments to a rent-to-own company like Rental City. This payment is divided into two parts. Part of it goes to cover the cost of renting the appliance. The other part is applied toward the purchase price of the appliance.
Over time, as you continue to make your payments, the amount of money that you have put toward purchasing the appliance will naturally increase. Eventually, you will have paid the entire thing off, owning it outright. At that point, you can stop making payments to the rent-to-own company.
If you decide that you don’t want the appliance partway through your rental agreement or if you can’t keep up with your payments, you can simply return it to the rent-to-own company. Although you will lose any money that has been applied to the purchase price, you don’t have to worry about it harming your credit since these companies don’t report to the credit agencies.
Unlike traditional forms of financing, you don’t have to pass a credit check in order to enter into a rent-to-own agreement. Instead, you just have to sign a contract agreeing to make your payments on time.
If you fail to make your payments, the company can come and take back their property. As long as you stay on top of your payments, however, it is a quick, easy, and affordable way to buy new appliances. Instead of having to come up with money to buy a major appliance outright, you can spread the payments out over time.
Likewise, because there is no need to pass a credit check, rent to own appliances are the perfect option for anyone who may not have perfect credit. They make it possible to finance an appliance regardless of how good or bad your credit is.