When it comes to making major purchases, there are a few different financing options available to consumers. Two of the most popular options are rent to own and traditional financing. So, which option is right for you? Let's take a closer look at the benefits of rent to own so that you can make an informed decision.
When you finance a purchase the traditional way, you're basically doing a trial by fire. If you don't like the product, tough luck—you're stuck with it. However, with rent to own, you have the opportunity to test out the product before committing to it. This can be extremely helpful when making a major purchase like a piece of furniture or an appliance.
Another great benefit of rent to own is that there's no credit check required. So, if your credit score isn't in tip-top shape, you can still qualify for this type of financing. This can be a lifesaver if you need to make a major purchase but don't have the best credit.
With traditional financing, you usually have to wait until your loan is approved before you can take possession of the product. With rent to own, on the other hand, you can often get the product right away and start using it immediately. This is extremely convenient if you need the item right away but don't have the cash on hand to pay for it upfront.