Couple shopping for fridges in store

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 (RTO) Work for Refrigerators?
  • What Kinds of Refrigerators Can You Lease?
  • Who Offers Rent-To-Own for Refrigerators?
  • FAQs About Rent-To-Own Refrigerators

What are 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.

close up of fridge water and ice dispenser

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 cashflow at once. American First Finance (AFF) is only one example of where customers can apply for a rent-to-own agreement approval for use at one of our merchant partner stores.

How Does Rent-to-Own Work for Refrigerators?

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

French door fridge open showing food

Please note that although the RTO model 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 a new dishwasher 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 dishwasher outright. Or you may decide to apply for a rent-to-own contract which may allow you to lease the dishwasher through periodic payments. If you wish to own the dishwasher 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 RTO agreement in full early, often within 90 or 101 days, and own the appliance earlier.
  • Early Purchase Option (EPO) – pay off your RTO 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 RTO agreement.

Popularity of Rent-To-Own for Refrigerators

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 the 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.

What Kinds of Refrigerators Can You Rent-To-Own?

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.

couple shopping for new refrigerator

Available Rent-to-Own Refrigerators

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

 

Type: Top Freezer

Average Price: $1,500 – $2,500

Find a Store*

 

Type: Side by Side

Average Price: $1,400 – $2,000

Find a Store*

 

Type: Bottom Freezer

Average Price: $1,300 – $2,000

Find a Store*

 

Type: French Door

Average Price: $2,000 – $2,500

Find a Store*

 

Type: Counter-Depth

Average Price: $100 – $1,200

Find a Store*

 

Type: Mini Fridge

Average Price: $70 – $1,200

Find a Store*

 

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.

*Payment solutions vary based on 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 cash purchase solution you intend to apply for.

Top-Freezer Refrigerators

Top-Freezer refrigerators are the most common option in most homes. They are the most affordable and 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.

Notable Top-Freezer Refrigerator Brands

  1. Whirlpool
  2. Frigidaire
  3. GE
  4. LG
  5. Samsung
  6. Maytag
  7. Bosch
  8. KitchenAid
  9. Café
  10. Danby

Side by Side Refrigerators

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.

Notable Side-by-Side Refrigerator Brands

  1. Haier
  2. Samsung
  3. LG
  4. BPL
  5. Bosch
  6. Whirlpool
  7. GE
  8. Frigidaire
  9. Maytag
  10. Midea

Bottom Freezer Refrigerators

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.

Notable Bottom Freezer Refrigerator Brands

  1. Whirlpool
  2. Hisense
  3. LG
  4. Haier
  5. GE
  6. Bosch
  7. Samsung
  8. Frigidaire
  9. Maytag
  10. Unique

Apply for a Rent-To-Own Refrigerator Near You

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.

Rent-To-Own Refrigerator Options in Summary

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 up front. A rent-to-own agreement may be a new resource for consumers with past credit challenges.

Apply for a Rent-To-Own Refrigerator Online

American First Finance has partnered with merchants across the US, 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.

Rent-To-Own Refrigerator FAQs

If you haven’t used rent-to-own stores before, you must have many questions. In this section, we have covered some of the ones most customers ask.

Q: What Does Rent-To-Own Mean?

A: Rent-to-own is a flexible payment plan that allows people with bad credit to get quality products without making full payment for the product up front. This enables people with less-than-perfect credit scores to access new products at affordable leasing terms.

 

Q: What Credit Score Qualifies for Rent-To-Own?

A: American First Finance will check your credit, but your credit score is not the only determining factor. We consider more than just your credit score during our approval process, so there’s not a single credit rating that will ensure approval.

 

Q: Where’s the Best Place to Rent-To-Own Refrigerators?

A: American First Finance’s payment options are available in hundreds of store locations across the U.S. for our customers to choose from. Our Merchant Search tool will help you find a store near you, and you can apply for a lease online and get a fast decision.

Find a store near you using our Merchant Search tool.*

 

Q: How Can I Apply to Rent-To-Own a Refrigerator?

A: You can apply for a rent-to-own refrigerator option right here on our website. Not everyone will be approved, but having bad credit doesn’t automatically mean you’ll be denied. Your credit may be checked but having no or a low credit score doesn’t necessarily disqualify you.

 

Q: Where Can I Shop for a Rent-To-Own Refrigerator?

A: American First Finance’s payment options are available in hundreds of store locations across the U.S. for our customers to choose from. Start with our Merchant Search tool* to find a participating store near you, and easily apply online to get a fast answer.

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