Should You Buy, Rent, or Rent-to-Own Furniture?

Date posted: Sept. 10, 2015

If you need new furniture for your living room, dining room, bedroom, or any combination of these, you may find yourself wondering whether you should buy it outright, rent it, or sign a rent-to-own agreement. Below, you can discover the pros and cons of each option to help you make the right decision.

Buying Furniture

There is no denying that buying your furniture outright gives you more power as a consumer. You will have access to the best possible prices for all of today's most popular styles. However, not everyone has access to the large sums of money necessary to purchase new furniture, and those who use credit cards worry about their interest rates over the time it will take them to pay off their purchases.

If you have the means to buy your furniture outright, with either cash or a low-interest credit card, this is the best option. You will own the furniture outright and you will not have high interest rates with which to contend. If you do not have cash or a low-interest credit card, you may consider a personal loan, though the rates for these depend on your credit history and your ability to repay them.

Renting Furniture

Another option involves renting furniture, but this is only ideal in a few situations. First, some people choose to rent furnished homes or apartments simply because it takes the hassle out of moving and buying new furniture. Second, there are people who sign short-term leases for periods of three to six months as necessary. For instance, these individuals may need to fly across the country for job training, and renting furniture makes sense since their residency is only temporary.

On the other hand, renting furniture for long-term use is not a good idea. The payments do not go toward the ownership of the furniture, so no matter how long you pay to use it, you have to give it back when you stop making payments. For many people, it seems like a waste of money – and it often is. Why spend hundreds or even thousands of dollars for furniture you will never own? Fortunately, another method for obtaining furniture falls between buying and renting.

Rent-to-Own Furniture

If you need new furniture but you have less-than-perfect credit or no means for purchasing the furniture outright, a rent-to-own retailer is a great option. With this option, you make small, affordable weekly, biweekly, or monthly payments over a predetermined period, and once you have made all of your payments, you take ownership of the furniture. What's more, you have the option to buy the furniture outright at any point during your agreement period.

The only real downside to rent-to-own furniture is that you will pay more for the furniture than usual if you do not utilize the option to purchase or make additional payments. However, because there are no credit checks and you can use the furniture after you make the first payment, it is still a fantastic option that opens up a new world of possibilities.

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