Should You Rent To Own Appliances Or Just Wait?

Washing Machine Drum

Those appliances sure can be expensive, let me tell you. You go to buy a new one, and you realize the price tag for the one you wanted is a little expensive. You can finance appliances, but what if your credit history isn’t all that great? There is another option, but of course it is going to cost you more if you don’t end up using credit or cash. The option you also have is to buy your appliances through a rent to own company.

You might want to first look at how much you are going to pay in total for an appliance behind the end of the agreement. It can make people uncomfortable, but you also of course need to look at the entire situation. Let’s say that you want to buy a new washing machine. Rent to own appliance companies charge by the week, every two weeks or by the month. The payments are smaller, but of course there is quite a bit of interest attached to them.

They say you can save a little money if you are willing to look for a company that charges you by the month. Furthermore, these places often do offer 90 days same as cash, although the appliances might be overpriced to meet that demand for consumers. It’s all about getting your hands on a brand new appliance when you are in need and don’t have much money saved or the credit history to purchase without paying right away.

When thinking about renting to own an appliance, consider how long it might take you to save up for that appliance. Could you wait? If not, that can be understandable. Could you buy a used appliance to get you through? If you do, then you do know still that you might have to buy another appliance sooner or later. Let’s take a look at that situation again where someone might choose to rent to own a washing machine.

With taxes and fees, how much is the payment going to be? If you have to go to the laundromat, what kind of money are you going to have to pay? That is one way people justify getting a washing machine, but it’s not always easy to justify renting to own appliances. You have to really look at what financial move you need to make. While you need an appliance, you don’t want to hurt yourself financially in any way to get your hands on one.

Are you just trying to buy one appliance, or do you need to buy more than one? If you are buying a whole kitchen full of appliances, renting to own them would be a nightmare. You would owe a monthly mortgage payment pretty much for at least a year. Yes, if you have the money and can do 90 days same as cash, that’s different and has some other good reasons. Just make sure that you don’t bite off more than you can chew so that you can enjoy using those appliances.