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Lease-Purchase Programs 101: How Does It Work?


For many people, making expensive investments isn’t feasible with the amount of money in their bank accounts. However, this lack of funds shouldn’t dictate whether or not they are able to replace an HVAC system or purchase new furniture.

That’s where flexible lease-purchase programs come into play. With this type of program, buyers can obtain the financing for appliances or furniture that they need to make a major purchase. Discover how these financing options work and how you could take advantage of them.

How does lease-purchase work?

In this type of program, you get the merchandise you want right when you need it without having to pay the total price at the moment of purchase. Your lease provider will buy the merchandise directly from the retailer for you. You then lease the merchandise from your provider according to the terms set out in a lease agreement. By sticking to the payment schedule, you will own the merchandise at the end of the lease term.

Just as you can enter lease to own programs for vehicles or properties, you can do the same for other substantial investments. Many people will use this type of program to pay for an engagement ring in installments. Others will use it to replace their old dishwasher with an Energy Star rated appliance that can save them over 1,300 gallons of water. This appliance financing is often very advantageous for buyers, as they’ll save money in the long run with more energy efficient appliances but they don’t have to make the full investment upfront.

What are early payment options?

In general, early payment options allow you to pay a lump sum early on to reduce the total amount you will pay over the term of the lease. The exact options will vary by state and can even differ from one retailer to another within a state. Buyers will typically exercise their early payment options when they are able to pay off their merchandise more quickly and want to do so. These options can also offer discounts that you wouldn’t receive otherwise when paying on the regular schedule.

What about credit scores?

Another great advantage of participating in this program is that it is no credit needed financing. That means that your current credit score will not affect your ability to participate in the lease-purchase program. As a stark difference from typical creditors or loan providers, this feature allows buyers who are rebuilding their credit to still get the merchandise they need.

When the large investment for a necessary purchase is staring you in the face, you don’t have to panic. Rather, take a deep breath and contact Okinus. You can learn all about our lease-purchase programs and how you can purchase the things you need without emptying your bank account.

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