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:
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 (RTO) arrangements 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:
A lease-to-own (LTO) washers and dryers plan comprises a lease contract with renewable rental payments. With payment solution providers like American First Finance (AFF,) LTO options are available for consumers with less-than-stellar credit history. 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 LTO option is not a loan and doesn’t accrue interest.
Please note that although LTO 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 LTO outlet and apply for an LTO 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 an LTO agreement so that you can pay as you go through renewable rental payments.
Most LTO agreements allow for an Early Buyout Option (EBO) and an Early Purchase Option (EPO,) where you can pay off your LTO 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 LTO provider and LTO agreement for specific details.
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 to apply for rent-to-own services. Today, there are thousands of RTO 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 the some washer and dryer types and tables with example pricing.
Type of Washer: Front-loading
Average Price†: $600 to $1,200
Type of Washer: Top-Loading
Average Price†: $300 to $500
Type of Washer: Laundry Centers
Average Price†: $600 to $1,000
Type of Washer: Integrated
Average Price†: $650 to $2,000
Type of Washer: Stackable
Average Price†: $1,000 to $2,000
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:
Some of the leading washer brands include Whirlpool, GE, Samsung, and LG.
Dryers are critical household appliances to remove moisture from clothes, textiles, and beddings. 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:
Popular top brands include LG, GE, Whirlpool, and Samsung.
Rent-to-own washer and dryer options provide an easy and affordable way to get appliances. With AFF’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 RTO 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, AFF 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. RTO 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 RTO 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.
Here are some of the most frequently asked questions about rent-to-own washers and dryers.
Q: What Does Rent-To-Own Mean?
A: Rent-to-own is a flexible payment plan available to people with bad credit to access quality washers and dryers without making full payment upfront if approved.
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 Washers & Dryers?
A: Shoppers have thousands of options when it comes to finding rent-to-own washers and dryers, including brick-and-mortar and online stores. AFF partners with many merchant stores for our customers to choose from.
*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 cash purchase solution you intend to apply for.
Q: How Can I Apply for Rent-To-Own Washers & Dryers?
A: We have rent-to-own washer & dryer options available on our website. Although not everyone will be approved, having bad credit does not guarantee denial. Even though your credit may be checked, a no credit score or a low score doesn’t necessarily disqualify you. First, select your preferred store near you, and you can apply directly in minutes.
Q: How Quickly Can I Get a Rent-To-Own Washer & Dryer?
A: Depending on the local store locations you visit, how quickly you sign a lease agreement, and find agreeable terms for your lease payments you could have next-day delivery. Depending on the product availability and special offers, you could also benefit from free delivery.
Q: Where Can I Shop for a Rent-To-Own Washer & Dryer?
A: American First Finance partners with hundreds of merchants across the country. Our Merchant Search tool* helps you find the store nearest you and apply for a lease online so you can get an answer quickly.
*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.