Everything you wanted to know about Rent to Own

Posted by Whybuy on August 1st, 2019

The Rent to own is a fairly new concept considering the fact that things now available on rent have increased. More and more people are fascinated by the idea of renting things and they need not buy them upfront. This has several benefits including cost effectiveness, flexibility, ability to keep them for as long as required and finally buying it.

Here are the details of the concept of Rent to Own:

What is meant by Rent to Own?

Appliance rental companies now offer the option to renters to buy the products they have rented from them. Instead of looking at the grey market or the second hand market to purchase appliances from unreliable vendors, it is better to buy the appliance that you have been using on rent. Companies also offer that there is no hurry to make the decision as the longer the appliance is with the renter, the lower will be the purchase price. So, if you take a dryer rental Melbourne , you have the option to buy it later.

How does the concept of Rent to Own work?

Companies offering the appliances on rent offer a very easy-to-use method to make the purchase of the rented out appliance. You can simply view the “My Orders” page where you have all the appliances that you rented out from the company. On clicking a button, you can view the price for which the appliance can be yours. Any security payments made earlier would be adjusted. If you a Washer Hire Melbourne and are happy using it, you can buy it after making the balance payment to the company.

What are the benefits of Rent to Own?

With Rent to Own, you have the flexibility of payment. You have been paying a monthly installment as rental and only a small amount is left after you have been using the appliance for a long time. This enables you to own the appliance at your own pace. You can opt for the rent to buy dryer option if you have made up your mind to buy it.

What are the factors on which the purchase price depends?

The factors that contribute to the price of the product depend upon the nature and condition of the product. In addition, as the number of installments that have been paid as rentals for using the appliance go up, the purchase price gets lowered.

Different rental companies have different terms and conditions for the Rent to own appliances. Most companies offer a warranty of at least six months on the products that they offer for rent. They also keep offering maintenance services on the appliances whose warranties have expired, after paying some pre-determined fee.

The ability to buy the products upfront without renting it might be available with some vendors but this, needs to be checked out with the individual companies.

The Rent to own option is ideal for those that are short on cash initially but wish to purchase the product later.