Rent-to-Own Refrigerators

Getting a refrigerator on a rent-to-own basis is becoming increasingly popular, giving consumers more options than ever before. Even with an imperfect credit history, this option may make acquiring your dream refrigerator more feasible. Learn about these essential aspects of getting a rent-to-own refrigerator below:

• What are Rent-To-Own Refrigerators?
• How Does Rent-to-Own Work for Refrigerators?
• What Kinds of Refrigerators Can You Lease?
• Who Offers Rent-To-Own for Refrigerators?
• FAQs About Rent-To-Own Refrigerators

Rent-to-own options for refrigerators offer a resource for consumers who want to get new appliances for their homes but don’t have or don’t want to pay the full, up-front price of the product before getting the refrigerator they desire.

With rent-to-own (also known as lease-to-own) you can rent appliances like refrigerators. Rent-to-own will generally provide the option of taking ownership of the item once the rental agreement is paid off in full.

This rental option is available to credit-challenged consumers who have had difficulty accessing traditional financing and may not have the cash for a large up-front purchase in full. Rent-to-own allows you to break down the cost of leasing the refrigerator over an agreed-upon period. This may allow you to pay comfortably instead of draining all of your cash flow at once. American First Finance is only one example of where customers can apply for a rent-to-own agreement approval for use at one of our merchant stores.

A rent-to-own payment option comprises a rental contract with manageable periodic (sometimes weekly or monthly) payments. It may be ideal for consumers with no or less-than-stellar credit history because it may allow them to get state-of-the-art appliances with bad credit.

The rent-to-own model differs from other payment options, such as in-store credit, because it’s not a loan and doesn’t accrue interest.

Please note that although rent-to-own does not include interest, there are comparable leasing fees included. Consumers with established credit scores may have a solid chance to qualify for in-store credit. As an example, suppose you wish to rent to own a washer & dryer and have no credit, or you’re coming out of bankruptcy. Due to this, you may be ineligible for traditional financing and so applying for a rent-to-own option may be a good option for you. You head down to your local rent-to-own store and apply for your preferred payment plan for the rent-to-own appliances.

For instance, you may choose to pay the retail price and own the washer & dryer outright. Or you may decide to apply for a rent-to-own contract which may allow you to lease the washer or dryer through periodic payments. If you wish to own the set eventually, you have multiple options. Be sure to know the terms of your agreement inside and out.

Here are some example options that American First Finance offers:

• Early Buyout Option (EBO) – save on rental fees by paying off your rent-to-own agreement in full early, often within 90 or 101 days, and own the appliance earlier.
• Early Purchase Option (EPO) – pay off your rent-to-own agreement after the EBO but before the end of your agreement term.
• Full payment option – pay for the appliance for the entire term of your rent-to-own agreement.

Rent-to-own options at stores in the United States are increasing in popularity by the day.

A 2019 report found that 57.3% of consumers would rather rent than buy. According to some studies, up to 70% of millennials and Gen-Z consumers prefer to rent electronics and furniture to avoid the burden of ownership.

A closer look at the statistics reveals why rent-to-own stores are becoming so popular. In 2018, it was discovered that around 30% of Americans with a valid credit score had poor or bad credit. Another 22% don’t even have a credit score. Rent-to-own arrangements can help offer credit-challenged consumers new opportunities and resources to acquire products.

Rental-purchase agreements don’t necessarily limit you on the type of refrigerator you can get. It all depends on budget, style, and the brand of fridge you want to acquire. Whether you’re after an entry-level refrigerator or looking for the latest technology, a rental-purchase agreement can help give you access to more quality products to choose from upon an approved application.

Many refrigerators come with a built-in ice maker, water dispenser, glass shelves, energy efficiency ratings, and more. Here’s a look at some different options you may find on the rent-to-own refrigerator market.

†The transaction advertised is a lease, lease-to-own or rent-to-own program, or rental-purchase agreement. Instead of paying interest, you will pay rental fees on top of the retail price.

**Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.

Top-Freezer refrigerators are the most common option in most homes. They are the most energy-efficient to operate. They offer plenty of usable refrigerator space, not to mention that the freezer compartment is easy to access. They are available in a variety of colors, including fingerprint-resistant black stainless steel, white stainless steel, and more.

Side-by-side refrigerators are preferred for their design and ease of access and allow users to store items from top to bottom conveniently. They also offer more freezer shelf space. Perfect for busy homes that don’t have enough room for wide fridge doors, some side-by-side fridges also come with a water and ice dispenser.

Bottom freezer refrigerators are preferred for their ample freezer storage and organization options. They have a modern design and are suitable for average-sized families. It is easy to access food stored in bottom-freezer refrigerators.

A good credit score may come with many benefits. You may be able to get better loan products, favorable interest rates, and access to premium credit cards. If you have a bad credit score, there can be other challenges when obtaining traditional financing.

Mainstream lenders may attribute higher credit risk to individuals with bad credit scores. Getting access to credit may be very difficult.

At American First Finance, we help empower credit-challenged consumers by making options and resources available to them. Approved customers can access quality, reliable refrigerators from our large network of retail partners while making renewable payments as they go.

Applying online is easy and quick. Your credit will be pulled, but a poor credit score doesn’t necessarily disqualify you. Find a merchant in our network and apply online in minutes.^*

*Be sure to confirm that the merchant you select offers the lease, loan, or cash purchase solution you intend to apply for.

With rent-to-own agreements, consumers with bad credit have an alternative and affordable leasing option that allows them to acquire quality refrigerators without paying full cash price upfront. A rent-to-own agreement may be a new resource for consumers with past credit challenges.

American First Finance has partnered with merchants across the U.S., so you can choose your preferred merchant near you. To apply, use our Merchant Search tool* to find the closest store to your location and click “Apply” to start your application.

*Be sure to confirm that the merchant you select offers the lease, loan, or cash purchase solution you intend to apply for.