Also known as rental purchase, rent to own furniture is a kind of legally documented transaction where furniture is leased in exchange for a weekly or monthly payment. In this agreement, you have an option to buy the furniture in question based on the terms of the agreement in place. What distinct rent to own from a traditional lease is the fact that the lessee can purchase the leased piece furniture at any time during the agreement by using a hire purchase plan. If you don’t have an intention to purchase the furniture, the agreement will be terminated the moment you return the furniture to the lender.
Under the agreement in rent to own, a customer renews the agreement when paying the weekly or monthly renewal payments. A customer can choose to return the furniture without any obligations, thus terminating the agreement. He or she can choose to make interval payments on the item for a certain period of time even though he or she is not obligated to do so.
If you need permanent ownership of the furniture in a rent to own agreement, you will be allowed to pay off the remaining balance on the total cost of the furniture and you will be given them in full. Before signing the agreement, you can request certain features to be included which you think are very important for you. Make a list of the things that matter to you before you negotiate the agreement.
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A lot of consumers usually decide to go for rent to own furniture due to lack of a credit check. Other reasons include the ability to obtain pieces of furniture they otherwise could not, and the convenience and flexibility of the rent to own transaction. The terms of the agreement must suit everyone’s needs before you acquire the furniture through rent to own.
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Rent to own is completely different from the traditional means of owning furniture which calls for paying the full amount before you are allowed to take the furniture home. In addition, it involves the delivery, assembly, and repair of the furniture in exchange for the installment fees. The plan helps you acquire the best furniture without extra fees other than the monthly payments for the lease.
If you don’t need the furniture you have rented through rent to own, you can easily return it to the shop without any problems. Most rent to own centers have a tendency to pick furniture that customers have decided they are no longer in need of. Cash options are offered for a certain number of months into the rental agreement.