Owning or renting virtually any type of apartment, condo, or house in today’s market can be pretty expensive, with costs like rent, utilities, and maintenance all adding up to a considerable drain on your finances. Many times, this can make your available funds for other necessities like appliances scarce, prompting you to look at alternative means to get these important items. One of the most popular methods in cases like this is leasing.
Leasing an appliance consists of taking possession of the item and making payments each month, rather than paying for all of it upfront. As with most types of products that are leased, there are two primary types of leases you can find:
- Basic Lease: This is similar to renting, where a payment is made each month with no ownership involved at all. These leases are usually for a set amount of time, and many times can be renewed if you desire.
- Lease to Own: As its name would indicate, the end result of this type of lease is that you own the product outright. The entire cost of the appliance is usually either worked into the amount paid each month, or satisfied with a balloon payment made at the end of the lease.
Clear Benefits to Leasing Appliances
There are numerous benefits to leasing appliances over simply purchasing them, one or more of which may apply to your individual situation directly. Understanding these benefits can ensure that you make the best choice when the time comes.
One of the chief reasons people explore the option of leasing appliances is an inability to pay the entire cost for them upfront. With a lease, you have a much smaller amount to pay each month, a predetermined cost that is usually easy to work into most budgets.
Leasing can be especially important for those with imperfect credit, which usually rules out the possibility of taking advantage of in-store financing programs. With a lease, it is easy to find outlets that do not require a credit check.
One of the most annoying things that can happen to a home owner or renter is having an appliance break down unexpectedly. Owning the appliance means you have to take care of the entire fixing or replacing process yourself, which can be costly in time or money even if you have a warranty. Even if you take special care of your appliances, disaster can strike, usually at the most inopportune times.
When you lease an appliance, servicing and maintenance tasks are usually included at no extra charge, for the entire life of the lease. This can range from maintenance for simple wear and tear, on up to a full replacement if a major component goes bad.
Most companies that lease appliances provide you with a range of choices in virtually every area of the lease process. This starts out with how long you want the lease to run, with a myriad of options usually available for you to choose. Payment options are also flexible, both in the amount and method of paying. Handy features, such as automatic payments or the capability to make payment from a smartphone app, are usually easy to find. Many companies even allow you to change different aspects of your lease after it has started, if your needs change along the way.
Finding resources to pick up an appliance you purchased, or to take it in for servicing, can be a hassle, and are duties usually placed solely on the shoulders of the buyer. Leased appliances are usually delivered by the leasing store, and can be placed exactly where you want them with no effort on your part. If the appliance needs to be replaced or returned, this is also usually handled for you.
While leasing appliances is certainly not for everyone, it can be an excellent option to consider if any of these important benefits apply to your individual situation. Always be sure to shop around, and make sure you acquire the very best deal you possibly can.