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Appreciating The Pros And Cons Of Rent To Own Electronics Online Stores
Over the years, rent to own has become a multi-billion dollar industry in the U.S economy. Consumers have been attracted to this market segment for both small and large scale purchases because it does allow them to get the goods or items they need without paying the full price up-front. Also, because renters generally pay as they go, there is no need for credit extension: this does imply that credit reports on customers are not necessary because in real sense, no debt is incurred. In general, this is a good option for consumers who would otherwise not afford to pay the full price of a particular item. However, when considering this particular option, it is important to take into consideration the pros and cons of this choice.
One of the main advantages of this option is that it is not difficult to get a place that offers rent to own buying options, be it online or in brick and mortar stores. Currently in the U.S there are more than 9,000 rent to own stores operating, serving slightly more than 5 million clients annually. Another key advantage is that the flexible payment plans allow clients to change the amount they pay or alternatively execute an early purchase option at any time and get ownership of the item. It is also worth mentioning that one can also opt to either make weekly or monthly payments depending on your cash flow.
Though this depends on your agreement, the client is never obligated to make their next payment and can return the item any time to the store for whichever reason. This though usually comes with a caveat in that you will not be able to get your money back. Typically, customers who choose to make fewer payments by increasing the amount of money they want to pay over an agreed period usually pay a significantly lower price which can be competitive to normal retail prices.
People also prefer this option because under no circumstance will it affect your credit rating even when you are unable to make a payment as agreed. All that will happen is that you will lose the item or product that you were previously using. This offers a stark difference from a traditional loan where any default can significantly damage your rating.
There are also stores that offer their clients free delivery, replacement as well as repair on certain parts and if the damage was not caused by carelessness. This does ensure that by the time you finish your payments, the item will still be in good condition.
One of the major cons though is that if a customer chooses a higher number of payments, the total or overall cost of the product can be significantly higher than the retail cost: at times even double or triple the retail cost. It is also worth noting that even though a rent to own deal does not constitute a loan and therefore doesn’t involve interest rates and closing fees, a keen look at the details does reveal that the equivalent interest rate may be anything between sixty to a hundred percent.
There have also been complaints from a number of customers that a number of stores offering rent to own electronics online don’t take their time to explain some details in their contracts, use illegal collection practices such as incessant calls to clients, deliver damaged or used goods and are generally impolite. At times, some of the plans that these stores offer may have some hidden fees on issues such as the return of items or for damaged goods. It is therefore highly recommended that you carefully read the contract document before signing the dotted line and renting an item.
Here are some of the popular electronic products offered on a rent to own basis. They include but are not limited to the following:
1) Product Name: Samsung Bluetooth Tower Speakers
Product Price: $ 63.99 monthly
Product URL: http://is.gd/heGI0K
Product Details: this Samsung TW-J5500 Sound Tower does deliver premium sound through its channel audio, ported woofers and horn tweeters. Its Bluetooth connectivity allows users to connect to Android phones and tablets.
2) Product Name: 50 Inch LG Smart TV
Product Price: $ 74.99 Monthly
Product URL: http://is.gd/aIXr3H
Product Details: this TV combines the Full HD LED picture with what can be described as a nimble Smart TV interface. The unit has been made to beautifully pair with video games and Blu-ray discs.
3) Product Name: Samsung 25.5 Cu. Ft French Door Refrigerator
Product Price: $ 44.99 per week
Product URL: http://is.gd/Oinrrr
Product Details: has some of the best features in the market, high efficiency LED lighting as well as an ENERGY STAR rating to help you save some money on your bills.
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