A Type of Credit
Interests Rates and Fees
Subtract the option fee, which is from 1-5% of the purchase price from the rent-to-own purchase price. Multiply the loan amount by the interest to determine the annual interest.
Divide the annual interest by 12 to determine the interest for each month.
The average annual percentage rate is 221%.
Sources of Rent-To-Own Credit
Sources vary from automobile dealerships, furniture stores, and house leasers.
When Someone might search for this type of credit?
Whenever one does not have enough money to actually pay for the thing they seek.
Advantages of Rent-To-Own Credit
The ability to "buy" with bad credit scores and the ability to lock in a purchase price.
Pay Day Loan, Pawn Loan, and Title Loan