Leasing appliances can serve as an affordable alternative to buying new ones, especially under specific circumstances. Here are examples of situations where leasing appliances, as opposed to buying them outright, can be advantageous:
1) Leasing appliances is a viable option when the duration of your stay in a home is uncertain – The reasons for not knowing how long you’ll be staying in your residence can include a job-related transfer, moving to go to college, waiting for your permanent residence to become available, etc. In all these cases, leasing appliances rather than buying and then trying to sell them before moving can prove to be far more convenient and save money.
2) A tight budget after the purchase of a home – Many lenders are still requiring big down payments for home purchases, which can result in tighter than normal budgets for new home buyers. Leasing can get appliances into the home without the need for another sizable investment. While leases are different from “rent to own” programs, many leases do include an option to buy the appliances under lease after a specified minimum time frame, meaning that new homeowners can keep their appliances in place if they so decide.
3) The breakdown of an older appliance – In certain cases, such as the final breakdown of the household refrigerator, waiting to buy a replacement is not an option. If the cost of a new model doesn’t fit into the budget, leasing may provide the solution.
Leasing appliances provides a great solution for relatively short term needs as well as for situations where budget constraints don’t allow for the purchase of new products. With a lease, you’ll be able to get the appliances you need, an affordable payment, and convenient options to purchase or return them depending on your personal circumstances.