Rent to own otherwise known as rental-purchase is a type of legally documented transaction under which tangible property it being furniture in our case, is leased in exchange for a weekly or monthly payment. This agreement also has an option to purchase the piece of furniture in question in accordance with the terms of your agreement. 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 have rented for a short period and have no intention to buy, the agreement will be terminated when you return the furniture.
Under the agreement in rent to own, a customer renews the agreement when paying the weekly or monthly renewal payments. A customer could also terminate the whole agreement altogether with no further obligation by returning the piece of furniture. 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.
In case you need to own the furniture completely, then the shop owner will allow you to pay off the remaining balance of the furniture cost and once this is done, the furniture will be yours. You can request certain features before signing an agreement in a rent to own acquisition of furniture depending on what’s important to you. Make a list of the things that matter to you before you negotiate the agreement.
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The primary reason why many consumers opt for rent to own furniture is lack of a credit check. Other benefits that make many people want to acquire furniture through this method is that you are able to get any furniture you want with the convenience and flexibility you deserve. In this method of owning furniture, the seller and buyer are both required to agree on the terms before the agreement is signed.
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Researchers have contended that rent to own acquisition of furniture is not comparable to traditional methods of purchasing furniture. This is because rent to own includes delivery, assembly, and repair in their services unlike the traditional installment plans. Not only will you be getting the best furniture through this method, you will be getting it without extra fees.
If you feel that the furniture you have rented is not exactly what you want, you can easily take it back to the shop. Most rent to own centers have a tendency to pick furniture that customers have decided they are no longer in need of. There are also cash options offered in certain number of months while into the rental agreement.