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5 Myths and Facts of Lease-Purchase Financing

Questions are constantly asked about lease-purchase financing (also known as “lease to own” or sometimes “rent to own”). Will it end up costing me a fortune? Is qualifying for it next to impossible? Let’s answer these questions and more in 5 Myths and Facts of Lease-Purchase Financing!

MYTH #1: Lease-Purchasing Costs Far More Than Buying

FACT: Not necessarily. Depending on the agreement and the length of your payments, the total amount you pay for the merchandise can be the same amount or very close to the original price. What you avoid – if you’re wise in how you set up your payments – is the inconvenience of paying a large down payment, lengthy monthly payments, interest rates, or simply paying one huge lump-sum of cash.

Acima Credit provides a solution for those who need furniture, mattresses, and even tires but may need some help with a payment plan. Acima has teamed up with thousands of retailers to provide fair financing on products. Leased items are available for purchase within 90 days for just a $10 fee. Only $10 to not drop $3,000 on a couch in one sitting.

MYTH #2: Lease-Purchase Agreements Are Rigid and Uncompromising

FACT: Not all of them. Some lease agreements are negotiable before signing. For example, when you lease a car, you first negotiate a price with the dealership. This price affects how high or low your monthly payments are. Likewise, many retailers will custom tailor a payment plan around your needs and pay schedule.

With Acima Credit simplified lease-purchase financing, after just 90 days you own the product and your account is closed. If you need longer than 90 days there are weekly, bi-weekly, twice-monthly, or monthly payment plans over a 12-month term. The customer is never penalized for paying off the product early. Acima works with you to move you toward ownership.

MYTH #3: Lease-Purchasing is Near Impossible to Qualify For

FACT: Wrong! A low credit score can be a huge obstacle when it comes to financing. Depending on the type of lease, bad credit can hinder you, but not always. With Acima, credit score isn’t a factor in qualification. (READ: No one checks your credit score!) And they never do credit checks. Qualification is based on a few simple conditions:

  • Customer must have a deposit of at least $1,000 in their checking account each month
  • Customer must have a checking account that is at least 90 days old
  • Customer must have at least three month’s history with their current employer or source of income
  • Customer’s checking account is free from non-sufficient funds (NSFs), excessive overdrafts, and negative balances

MYTH #4: Lease-Purchasing is Complicated

FACT: Lease-purchasing shouldn’t be confusing or complex. Acima makes it as simple as possible. Customers can simply find any one of Acima’s supported retailers, apply in store or online, get approved within minutes, and shop.

MYTH #5: Lease-Purchasing is for Real-Estate and Cars

FACT: Acima works with lots of industries to provide leasing for everyday products like refrigerators, kitchen tables and tires. The company understands that sometimes people need help making important life-purchases. It’s leasing-to-own system has made lifestyle improvements simple and attainable.

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