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Here’s Why You Should Consider Joining Lease-Purchase Programs


Have you ever wanted to buy electronics, appliances, or furniture, but you didn’t have the money in hand? You must have considered other finance options, but the bureaucracy and time commitment might have made the whole process very discouraging. At this time, one of the options that you might not have considered is checking lease-purchase programs.

What Is A Lease-Purchase?

Lease-purchase is an alternative payment program that allows you to pay weekly cash installments for months or years when buying new name-brand items. These items can range from appliances to electronics to furniture and more. This means that you can use the items that you have purchased as you pay for them. When you’re done with the payments, you own the items entirely.

Advantages of Lease-Purchase Programs

Americans have over $1 trillion in credit card debt, making this a good alternative for many families. The Association of Progressive Rental Organizations lists the following advantages as reasons why going the lease-purchase route may be the best option for you.

1. Does Not Require Credit Checks

One of the primary reasons why the other finance options may not be viable for you is your bad credit history. You don’t have to worry about your credit history if you go with lease-purchase. Many experts consider lease-purchase the best option for individuals with bad credit financing. You should know that even in bankruptcy, you are still eligible for this program.

2. Minimal Upfront Payment

In most cases, you have to pay the whole amount or at least the more substantial part of the amount before you can take the item you are purchasing home. This means that if you have less cash, you won’t get to buy what you want. With lease-purchase, this is not the case, as you need minimal upfront payment to purchase the items you need. You will pay off the rest of the amount in weekly payments.

3. Option To Return Purchased Items

If you have used lease-purchase financing for furniture, electronics, or appliances, and after some time you can’t keep up with the payments, you have the option of returning the items. Once you have done this, you don’t have to finish the payments. Better yet, this won’t affect your credit history. You should know that lease-purchase programs are regarded as no-credit transactions.

4. No Interest Incurred

Among your top finance options may be taking a loan. In this case, you will have to pay interest on the money borrowed as you repay it. In the end, you will have paid a lot more money than the worth of the items you bought.

In lease-purchase, there is no interest incurred as the program is not a loan facility. Therefore, while making payments, you will only pay what’s equivalent to the value of the goods you purchase. This means that you can finish your payments earlier and also get to save some cash which you would have otherwise spent on interest.

5. Build Your Credit Score

In terms of your credit score, lease-purchase financing is a win-win. If you default on payments and return the items, it cannot affect your credit history. However, by successfully making your payments on time you can build your credit score. If you engage in this program and make all your payments timely, this will positively impact your credit score.

When Are Lease-Purchase Programs More Suitable?

Are you looking to buy a marvelous engagement ring for your fiancée? Lease-purchase may be your best option to get them the best ring you can. You can go ahead and request for engagement ring financing for the ring you want without any hassle.

Lease-purchase programs are more suitable for situations where you need high-end items for a short period. This can be an engagement ring before your wedding or a TV set as you wait for yours to be repaired. Whatever the item is, consider using lease-purchase financing to make it fit your budget. Contact Okinus today for more information.

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