Rent-To-Own Washers & Dryers

Rent-to-own washers and dryers are becoming increasingly popular, giving consumers more options than ever before. This option can help make obtaining a washer or dryer you love more realistic, even with less-than-stellar credit history. Find out how to get a washer & dryer lease below:

• What Are Rent-to-Own Washers & Dryers?
• How Does Renting-to-Own Washer & Dryers Work?
• What Kinds of Washers & Dryers Can You Rent-to-Own?
• Who Offers Rent-to-Own Washers & Dryers?
• Rent-to-Own Washer & Dryer FAQs

As you go about your daily life, juggling between going to work every day, soccer practice after work, and cooking mishaps at home, you need washers and dryers to help keep your clothes clean. Rent-to-own washers and dryers are popular leasing arrangements for home appliances that, if approved, allow consumers to acquire products by paying as they go.

Rent-to-own agreements are flexible leasing payment options that may help people with bad credit access popular household items like washers and dryers.

The rent-to-own sector gained popularity in the late 1960s due to banks turning down customers with bad credit. Today, the rent-to-own industry serves more than 4.5 million customers annually.

With this flexible payment plan, you enjoy several advantages, including:

• Access to high-quality products
• If approved, get products without full, up-front payment
• Periodic payments as you go

A lease-to-own washers and dryers plan comprises of a lease contract with rental payments. With payment solution providers like American First Finance, lease-to-own options are available for consumers with less-than-stellar credit histories. These consumers may be able to get access to quality washers and dryers with bad credit.

Unlike other purchasing methods, such as in-store credit, the lease-to-own option is not a loan and doesn’t accrue interest.

Please note that although lease-to-own options do not include interest, there are comparable leasing fees included. The in-store credit option may be more available for consumers with good to great credit scores. Therefore, if you are ineligible for traditional financing, a rent-to-own washer and dryer may be a good option for you. A credit check is often performed to determine your eligibility.

If you wish to buy a washer or dryer, you can head to any lease-to-own outlet and apply for a lease-to-own agreement that you are comfortable with. For example, if you want to buy a $600 washer and don’t have enough money to pay the total amount upfront, you can opt to apply for a lease-to-own agreement so that you can pay as you go through renewable rental payments.

Most lease-to-own agreements allow for an Early Buyout Option (EBO) and an Early Purchase Option (EPO,) where you can pay off your lease-to-own agreement in full early and save on rental fees. From that point forward, you will own your own appliances.

Here’s an example of what these options might look like. Please consult with your lease-to-own provider and the lease-to-own agreement for specific details.

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

According to a 2018 study by the Federal Reserve, 40% of Americans would struggle to pay for a $400 emergency like a broken appliance or car repair. This has made tertiary payment options available across the country.

With 23% of American households lacking a credit card and over 7.8 million families unbanked, rent-to-own remains an excellent option.

Hard economic times have made many people with less-than-stellar credit consider the option of applying for rent-to-own services. Today, there are thousands of rent-to-own stores across the country, serving millions of customers annually.

You can rent-to-own any washers and dryers you require for your cleaning needs. If approved, this flexible leasing option lets you get top brands of washers and dryers with low and affordable periodic payments spread out across a specific term.

Here is a list of some washer and dryer types and tables with example pricing.

†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.

^†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.

Washing machines are essential home appliances. They provide peace of mind as they are highly convenient in keeping your clothes clean and well-maintained regardless of the season. Washing machines are categorized into three main types:

• Front-loading – they are huge and are suitable for more oversized loads and bulkier items.
• Top loading – top load washer models tend to be smaller, lower priced, and best suited for smaller laundry loads.
• Washer and dryer combo – they combine the washer and dryer in one compartment. They are ideal for small apartments and homes.

Dryers are critical household appliances to remove moisture from clothes, textiles, and bedding. They save you tons of time and help avoid shrinkage and mold stains on your wet clothes. There are several types of dryers depending on what they use to dry the clothes:

• Gas dryers – they use gas to generate heat and dry clothes. They are energy efficient and cheaper to operate. However, they require a ventilation system, thus not ideal in a small space.
• Electric dryers – these use electricity to heat and dry your clothing. They tend to be cheaper in price but can rack up your electricity bill rather quickly.
• Condenser dryers – unlike other dryers, condenser dryers pull in air from the unit, pass it through the condenser, get warmed up then the hot air is channeled to the drum to dry the clothes.
• Vented Dryers – A vented tumble dryer removes moisture by venting it out of an exterior wall or through a hose.
• Heat pump dryers – these dryers use a heat pump to remove moisture from the clothes. It has a refrigerant system consisting of hot and cold coils that draw air from the surrounding, warm it, and release it to the clothes.

Rent-to-own washer and dryer options provide an easy and affordable way to get appliances. With American First Finance’s lease agreement approval, you can get a washer or dryer, even with bad credit.

People with poor credit scores and bad credit may be considered high-risk borrowers, making it hard to acquire washers and dryers through traditional means. According to Investopedia, bad credit often refers to having a low credit score of below 580 due to a history of failing to pay your bills on time.

People with bad credit may have a hard time getting a credit card or qualifying for a loan. If approved, rent-to-own plans offer them a flexible lease payment option to acquire high-quality products without taking out traditional loans or making a substantial cash outlay. Please note that rent-to-own plans typically require an initial rent payment or processing fee.

With American First Finance, consumers without excellent credit may still be able to acquire products of their choice. So whether you’re getting a top-load washer or a top-rated energy star high-efficiency dryer for your laundry room – we’ve got you covered!

Unlike other companies, American First Finance considers more than just your credit score. You will often need a credit check, but we take more into consideration than just your credit score to ensure you can commit to a rental-purchase agreement. You can apply with our online application process in minutes for a fast decision. Approvals are never guaranteed.

Rent-to-own is an affordable, flexible payment plan that is available to people with bad credit to help them get top-name brands, washers, and dryers without making the entirety of the payment upfront. Rent-to-own options often require an initial rent payment or processing fee. There are many different places to apply for rent-to-own for washers and dryers, so understanding the details of a contract before agreeing is crucial. Always be vigilant when applying for payment options, and make sure you’re clear on the terms to which you agree.

American First Finance partners with many merchants across the United States, giving you freedom when applying for rent to own washers and dryers.

If you’re interested in finding a rent-to-own option, simply use our merchant tool* to find a store near you. Simply click “Apply,” and fill out our brief application and get a decision in minutes.