The increasingly popular option of getting rent-to-own electronics has given more options to consumers than ever before. This option can help make furnishing your home with the products you love more realistic, even with less-than-stellar credit history. Learn about these important aspects of getting rent-to-own electronic financing below:
Rent-to-own is a financial arrangement that allows you to acquire rent-to-own electronics (like a television or PS5), MacBook, or other goods, by paying for the electronics in periodic installments. The payment terms are clearly outlined and cater to customers with bad credit who want to buy premium brands and high-quality electronics.
Rent-to-own works differently than other payment arrangements. Each payment installment goes towards settling the total cost of the electronic lease. Once you complete payment for your selected electronic at the end of the lease agreement, you have full ownership rights to the product.
Using a rent-to-own plan for electronics has unique advantages, particularly for customers with poor credit history. These benefits include:
As of 2016, brick-and-mortar RTOs in the US had a customer base in excess of 4 million distributed across 6,700 stores. At the same time, there were about 30,000 online RTO stores across the country.
Rent-to-own electronic arrangements have a simplistic business model that involves periodic payments over time. In some cases, the contract can be terminated according to the agreement at any time.
For clarity, the rent-to-own store will specify the outright cash price for the item if the customer was to buy the item on a single installment cash payment. The rent-to-own agreement will also disclose the total price the customer will pay to own the item on rent-to-own terms, which is usually higher.
For example, a customer buying a computer can either pay $700 for the computer outright or, with rent to own for the computer, they might pay $18 per week for 78 weeks. Therefore, the total cost of renting to own the electronics in this example is $1,404.
If you would like to own the electronics you acquire through a rent-to-own arrangement; you generally have three options. With AFF, here’s an example of what those options look like:
Rent-to-own terms are also different from other services like in-store credit because it is not a loan and doesn’t incur interest. Please note that although the rent-to-own model does not include interest, there are comparable leasing fees included. Also, services like in-store credit require the customer to have stellar credit scores to qualify for the service, whereas a no-credit needed solution considers more than credit history alone.
There are many perks of rent-to-own electronics, such as the following.
*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.
The electronics you can purchase through the rent-to-own program depend on where you apply for a rent-to-own option. Whether you’re looking to upgrade to UHD televisions or video game consoles or purchase a range of electronics for your new home, rent-to-own can provide access to a variety of stores and products depending on where you apply. There are a number of rent-to-own electronics available in the marketplace today.
The electronics you can acquire through the rent-to-own program depend on where you apply for a rent-to-own option. Whether you’re looking to upgrade to UHD televisions or video game consoles or purchase a range of electronics for your new home, rent-to-own can provide access to a variety of stores and products depending on where you apply. There are a number of rent-to-own electronics available in the marketplace today.
Here is a list of some of the sought-after electronics:
TVs are a big deal in the modern world. Whether it’s for sporting entertainment or to catch up with your favorite daytime soap opera, everyone is after the TV that has the most immersive and fantastic experience. This is why TVs are becoming the center of every home’s entertainment system. With the advanced display technology and introduction of Smart TVs, they can now do more than fulfill your viewing experience. Rent-to-own TVs at these larger retailers include a wide selection of name-brand products with clear payment options.
There are a few primary types of TVs on the market today:
In a seemingly dependent world on the internet, laptops and computers are becoming a central part of everyday life. Whether for work, entertainment, or communications, laptops and other computing devices like tablets are becoming a basic need in most households.
There are several types of laptops with varying functionalities:
Ovens are a critical part of a functional kitchen. More so if you love preparing home-cooked meals for your family. Baking is one of the healthiest methods of cooking and is rapidly growing in popularity.
There are three main types of ovens you can choose from:
Over the years, most rent-to-own stores have broadened their services. Most of the stores support in-store and online applications for lease-to-own electronics. American First Finance (AFF) works with all of these rent-to-own stores.
You can apply for a lease through our website. See our network of rent-to-own stores for 2023, which includes the following:
With rent-to-own, people with bad credit can access payment solutions to get quality electronics for their homes. The plan does not require large cash payments upfront, and it has friendly agreement terms.
You can change or terminate the plan without penalty, and it offers a lifetime carryover that lets you resume payments on repossessed appliances. If you need an electronic quickly, consider shopping at stores that offer same or next-day delivery.
American First Finance partners with many merchants across the country, so you get matchless freedom when applying for rent to own electronics. Shop at some of the largest companies in the retail space, including Conn’s, American Freight, Ashley HomeStore, and more.
Apply for a rent-to-own option on our website for ease and convenience.
Use our merchant tool* to find a merchant near you and fill in the application online. The application process takes only a few minutes, and you can sign a contract as soon as you’re approved.
*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.
Below are some of the frequently asked questions related to renting to own electronics.
A: Rent-to-own is a flexible payment method that allows people with bad credit scores to access quality products without having to purchase upfront and in full. This can be an option that helps people with a challenged credit history still access products they need or want.
A: Credit score is not the only consideration during a rent-to-own application, making the service potentially accessible to some shoppers with bad credit. American First Finance will check your credit score, but it doesn’t automatically disqualify you.
A: Where you can use your payment solution to rent-to-own electronics will depend on the company you choose to sign a contract with.
A: You can apply for a rent-to-own electronics lease right here on our website. Although not everyone will be approved, having bad credit doesn’t automatically mean you’ll be denied. Credit checks may be done, but a low credit score does not necessarily disqualify you. First, select your preferred store near you, and you can apply directly in minutes.
A: American First Finance has hundreds of locations across the US for our customers to choose from. Use our Merchant Search tool to find the store near you to apply online and get a decision in minutes.