Rent to Own Furniture

How to rent to own home furnishings

Rent-to-own furniture is an option offered by many home furnishing retailers. In essence, rent-to-own home furnishings work like this: you agree to rent the furnishings you want for a specified lease period, typically one year (though terms are often flexible). When the rental period has expired, you are then given the option to purchase the furniture.

Some rent-to-own furniture stores charge a small fee for converting the lease to a sale, but in standard practice, you will only have to pay the difference between the item's purchase price and the amount of money you paid to rent the furniture over the course of your lease. You and the vendor will agree on a purchase price when you negotiate the original furniture lease.

Advantages of Rent-to-Own Home Furnishings

For consumers, one of the major advantages of rent-to-own furniture is that it is a means of overcoming bad credit scores, which can severely limit your ability to finance major purchases. Many rent-to-own furniture stores don't perform credit checks and ask only for nominal and affordable deposits or down payments, which are much easier to swing than paying cash for a new furnishing when financing isn't an available option. A complete range of furnishings are available on a rent-to-own basis, including everything from sofa rentals and TV rentals to baby furniture rentals and bed rentals.

You are also under no obligation to buy the rented piece of furniture if you decide you don't want it when the lease period expires. Renting-to-own offers built-in protection in the event you change your mind, want something newer or want to redecorate your home's interior.

Vendors are eager for your business, so you can negotiate a deal that will net you really nice, new furniture for a very affordable monthly price. This is especially true if you rent-to-own furniture online, as these companies don't have overhead costs to meet and are often able to beat the prices offered by traditional retailers. Online rent-to-own furniture also presents you with a broader choice of vendors, furnishing options and lease terms.

Drawbacks of Rent-to-Own Furniture

As a consideration for the flexibility and convenience of your lease terms, the sale prices of rent-to-own furniture can include a slight premium. If pricing is competitive and commensurate with straight retail, you should be sure you understand the ownership option portion of the contract – hidden fees may be buried there to help pad the vendor's profits.

Watch for exorbitant interest rates, too. You don't want the bulk of your monthly payment to go towards hefty interest charges with little applied towards the principal of the purchase price, or you'll end up paying a lot more at the end of the day than you would have had you just bought the piece of furniture in the first place.

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