The fact is that most of us are dealing with something of an economic downturn due to the COVID-19 pandemic. Many people are currently struggling with job loss, either temporary or permanent, as well as cut pay and hours. But the fact is that despite the fact that the economy is suffering, we still need to pay for the same things that we always do.
If you’re living paycheck to paycheck, you may not find yourself with the capacity to pay for unexpected expenses. Additionally, you might not simply be able to apply for a credit card and put your purchase on that. People with bad credit histories tend to be denied for many credit cards, and for that matter, it’s not all that wise to put big purchases on credit cards in the first place. If you’re unable to pay them off in a timely manner, you may actually make your financial situation much worse. With that being said, you may want to consider flexible lease-purchase programs, in which you can lease an item with your payments going towards the ultimate ownership of that product. You may have a limited understanding of these programs, but they come with many benefits, and there are lots of different items that you can buy through them. Let’s explore some of them below.
1. Furniture
Perhaps one of the most popular types of products that can be purchased through lease to own customer financing is furniture. When people need to buy furniture, they often need to buy it fairly quickly. This means that they either have to put forth a lot of money at one time for a piece of furniture that they aren’t quite ready to buy, or they need to buy a used piece of furniture for a less than reputable seller.
Many aren’t aware that there is a third option, in which people can lease furniture with the purpose of owning it in the long term. The great thing about this option is that they can often be approved fairly quickly, allowing customers to leave the furniture store knowing that they’ll be able to get the purchase they want.
2. HVAC
When your HVAC system fails, you’ll notice quite quickly as your home becomes either too hot or too cold. You’ll need to have it fixed immediately, but the issue is that fixing your HVAC system is quite expensive without finance for HVAC options. Fortunately, programs similar to lease to purchase programs are available for finance for HVAC purposes.
It’s important for you to discuss your options with the company from which you’re seeking finance for HVAC systems. Ask about the advantages that you can get from early payment options. For example, you may be able to get discounts. Additionally, being able to make regular payments for your new HVAC system is a great way of rebuilding credit.
3. Appliances
Financing for appliances is just as important as finance for HVAC options. Appliances can break quite suddenly, and it’s not as if you can easily go without your refrigerator or dishwasher. Therefore, you should think about leasing your new appliances with the purpose of buying them in the long term.
This way, you can buy brand new appliances rather than being forced to buy old ones that aren’t actually suitable to use. It can also potentially allow you to buy Energy Star appliances, with use 10 to 50% less energy than typical appliances.
4. Engagement Rings
You may not think about engagement rings as purchases that can be covered through flexible bad credit financing or lease to purchase programs. But in fact, these expensive luxuries are perfect candidates for these options.
Nobody wants to buy a low-quality engagement ring. But a lot of people do this because they want to propose but don’t have the money to buy an expensive ring at the time. Financing a ring allows you to get the ring that you want without skimping on quality.
This leads us to the main benefit of flexible financing and lease to purchase programs: you can buy something high quality, but in a way that you’ll be able to afford. Don’t let yourself fall prey to predatory sellers. Ask about your financing options instead.
