This post may include affiliated links. Read more on our disclosure and disclaimer page.
So you have been looking into rent to own and you have heard mixed things about it. Some people think it is a waste of money because you have to pay interest. Some think it is a good idea, but why?
You’re probably very confused now, and worse you’re probably low on funds. Let’s be honest. People who can afford things don’t look to rent to own them.
You can get approved with bad credit.
We have all been there. Sometimes bad credit is just part of life. I get it. I am not judging you. We have all been there. The truth is there are so many reasons that your credit is less than wonderful. Maybe you’re just starting out. You ever hear the saying no credit is bad credit? Well now is when you learn that lesson. Maybe you were in-between jobs for a while. In this economy, I would not put it past anyone to be without a job for a while. Then there is the reason my credit sucked for a while. Maybe you ended up in a divorce. Either way, your credit took a hit.
Well, most rent to own places are willing to work with bad credit. It is true that you can have such bad credit no one wants to help you. If that is your case I recommend checking out this post. In most cases, rent to own places is good to help you repair credit that has taken a turn for the worse. Just keep an eye on that interest rate.
It can build your credit.
Remember when I said no credit is bad credit? Well, it’s true. You need credit for all sorts of things. If you are just starting out in life I recommend buying some of your furniture from a rent to own place. Look for something that won’t break the bank each month. Making even small payments will help raise your credit score over a period of time.
You’ll be able to afford something much nicer.
We all want nice things right? Sometimes we just can’t afford it. I have been there, trust me. There are no reasons anyone has to be punished for being down on their luck. Rent to own businesses not only do good for your credit, but they make you feel good too. You’ll be able to pay for something much nicer over a longer period of time. Sometimes we have to reminded that we deserve nice things too. It isn’t our fault we hit a bump in the road.
I have had to shop the rent to own places before. I know there is a lot of negativity surrounding them. And to be honest you’ll probably pay a high-interest rate, but maybe it is worth it to build your credit. Just be smart. Don’t go crazy and get over your head. Make sure you can afford what you pick out.
What are your tips on shopping rent to own places?