If you’re in the market for furniture but don’t want to invest a lump sum for a down payment, renting to own could be a great option. Rent to own companies don’t report to credit bureaus, so choosing this method won't negatively affect your score. In some cases, rent to own furniture may even help you build a better credit history depending on how you handle the payments and if you ultimately complete the agreement for ownership.
What is Renting to Own?
Renting to own allows you to rent furniture and other products over a period of time, usually in small installments each month. You can enjoy your brand-name furniture, electronics, appliances, and more for a price that suits your budget. Some rent to own stores, such as Appliance & Furniture RentAll (AFR), offer flexible payment plans to make the process easier.
Renting to own also allows you to upgrade your products at any time. For example, if you’ve made consistent monthly payments and want to upgrade to a nicer piece of furniture, you can simply return your current item, without penalty, and upgrade to the new item you now desire. Additionally, you may. at any time, purchase the items you’re renting early by exercising an early buyout option with a substantial discount.
Benefits of Renting to Own Furniture
There are several benefits of renting to own furniture rather than purchasing it through large retailers. Notable advantages include the following:
- No need for a large initial down payment
- Flexible payment plans that fit your budget
- Upgrade products at any time without penalty
- Enjoy having the furniture without worrying about credit
- Gain access to new, brand-name furniture without putting stress on your finances
- Early buyout options
- And more.
Rent to Own & Credit
Credit is a type of loan that allows consumers to borrow money from lenders and pay it back in installments over time. Building credit involves consistent payments on your loans, bills, rent, etc., so you can establish a positive reputation with creditors. As a result, you help increase your chances of approval for future financial products such as credit cards and mortgages.
Does Rent to Own Furniture Build Credit?
Renting to own furniture does not directly help you build credit. However, making consistent payments and following through with the contract until the end can demonstrate the financial responsibility lenders and creditors look for when considering your creditworthiness.
Although rent to own companies do not report to credit bureaus and therefore do not check your credit, there are ways you can use the rent to own process to build a better score. Most stores offer flexible payment plans that make it easier to break up large purchases into more manageable monthly installments.
Staying on top of these payments can help you build better credit on other loans. Appliance & Furniture RentAll has a wide selection of rent to own products and flexible payment plans to fit your budget and help you boost creditworthiness.
Tips for Building Credit
Although renting to own furniture doesn't affect credit, there are practical ways you can boost your score. Top tips for building credit include the following:
- Pay bills on time and in full. Doing so shows lenders that you are responsible and reliable. To ensure on-time payments, set up reminders or automated payments in advance.
- Work on lowering credit card bills to avoid extra fees. Keep your expenses low by avoiding unnecessary purchases and creating a monthly budget. Additionally, try to pay off high-interest cards first, so you don’t have to pay more in the long run.
- Use less than 30% of your credit limit. Stay within 30% of your available credit limit to maintain a positive score. As a result, you won’t have to worry about hefty credit card statements, late fees, and interest charges.
- Become an authorized user on a credit card. Ask a family member or friend to add you as an authorized user on their account so you can benefit from their good credit history.
- Pay off accounts in collections. Paying off collections accounts is especially important if older derogatory marks still appear on your report. Doing so will help improve your score over time.
Why Choose Appliance & Furniture RentAll?
At Appliance & Furniture RentAll, we understand that life can be unpredictable. Our payment plans make purchasing the quality name-brand furniture you need easier without a large initial down payment. Our flexible terms grant you access to quality furniture that fits your budget.
When you RentAll for Less, you're assured low, affordable rates while enjoying the best customer service in the industry. Choose weekly or monthly payment plans and the freedom to pay online or automatically. We’ll also work with you to select short-term rental products if you’re on a work assignment or have to relocate for a few months.
You can have the items in your home tonight! Try them out, upgrade, and enjoy. Renting to own is easy with AFR.
Complete Your Home with Rent to Own Furniture
Whether you’re looking for bedroom furniture or need a new kitchen appliance, Appliance & Furniture RentAll has you covered. We’ve provided the highest quality rent to own solutions since 1983. Plus, we offer fast local delivery and setup for those near our 19 locations nationwide!
With no credit check required and flexible payment plans, you can enjoy the products you love without additional debt. We'll help guide you toward making your home comfortable and complete. Shop our selection of rent to own products online or in-store today!