Are you tired of living in an uninspired home with bland, outdated furniture? Want to add a touch of luxury and style to your living space without burning a hole in your pocket? Look no further than lease-to-own furniture! With this option, you can take home the furniture of your dreams today, and pay for it over time—all while enjoying the many benefits of leasing! Read on to know the various advantages of lease-to-own furniture.
Flexibility in Payment Options
Customers may have the option to make low monthly payments, or to make larger payments more frequently. Because the payments are spread out over time, it can make the cost of the furniture more manageable for individuals who may not have the financial resources to make a large purchase all at once.
Opportunity to Try Before Buying
This option gives the opportunity to try out the furniture before making a long-term commitment to purchase it. This can be especially beneficial for individuals who are uncertain about their long-term needs or those who want to test the quality and comfort of the furniture before making a significant financial investment.
Lease-to-own furniture can be a good option for people who want to build credit. This is because we report payments to the credit bureaus such as Equifax, which can help to establish or improve a person’s credit history and make them eligible for traditional loans thereafter.
Potential to Own the Furniture Eventually
This option allows customers to rent the furniture for a set period of time, with the option to purchase it at the end of the lease period. This ensures that any amount paid for the furniture contributes towards potentially purchasing it at a later date.
No Long-Term Commitment
With lease-to-own furniture, customers are not required to make a long-term commitment to the furniture. They can return it at the end of the lease period if they no longer want it.
Customizable Payment Plans
Lease-to-own furniture often offers customizable payment plans, which can make it easier for the customer to afford the furniture and find a plan that fits their budget. This flexibility can also make it easier to build credit as the customer can choose a plan that allows them to make regular, on-time payments.
Lease-to-own furniture may also offer tax benefits for businesses that choose to use this option for office or other commercial spaces. Many lease-to-own furniture companies offer the option of a capital lease or an operating lease.
Under a capital lease, the lessee (the person or business leasing the furniture) is considered the owner for tax purposes, and can claim depreciation on the furniture as a business expense. This can lead to potential tax savings, as the lessee can deduct the depreciation of the assets over time, which can help to offset the cost of the lease payments.
Additionally, under an operating lease, the lessee can usually expense the rent payments in the current year, which can also help to lower the lessee’s tax bill. It’s important to note that the tax benefits will depend on the specific terms of the lease agreement and the lessee’s tax situation, and it’s advisable to consult with a tax professional before making a decision.
Lease-to-own furniture is an excellent option for those looking to upgrade their living space without breaking the bank. With the ability to take home your desired furniture now and pay for it over time, it’s a win-win situation. If you’re ready to take the next step, contact Okinus Credit Solutions today to learn more about our lease options.