Thursday, October 26, 2006

Rent With Option To Buy

Sometimes life happens, and we don’t have the credit we need to buy the things we need for our families. Not everyone has bad credit because of being wasteful with money, sometimes things happen that are far beyond our control. Sometimes, just paying one bill late can mean a dent on your credit. No matter why you have bad credit, there are ways you can get things when the bank doesn’t want to loan to you. You should work on improving your credit, of course, but you should also consider finding something to rent with option to buy.
The most common way to rent with option to buy is for home furnishing, appliances, and electronics. You are probably aware of these types of stores, even if you have never been inside one. Rent A Center is just one, and Rentway is another. These stores allow you to rent with option to buy, but you really have to be careful when you do this. You can pay as you go, and by the time your option is up, you may own the item, but you will have paid almost double the cost in a regular store. You really have to want something pretty badly to pay that much. If you choose this type of arrangement, pay off the item as soon as you can to save yourself some money.
Some people like to find a house to rent with option to buy. This is sometimes called a land contract. You may need a down payment to enter into this type of arrangement, but that is not always the case. What kind of credit you will have to have to do this will depend on the person who owns the house. Some owners want to get rid of their home so badly that they will allow almost anyone rent with option to buy just so they can get out of that house and into one they really want to buy.
No matter what it is that you want to rent with option to buy, make sure you consider the terms and penalties carefully before you decide if you really want to proceed. There may be hidden fees you may not be able to live with or afford. There may also be strict payment rules that may cause you to lose your entire investment if you are late on just one payment. Rent with option to buy might be a great way to get something you cannot otherwise get, but just make sure you really know what you are getting.

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