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Rent-to-own computers are expensive and can cost double or triple the price of other purchasing methods. They may be useful for short-term needs, but warranties and warranty extensions can also be purchased when buying a new computer. Consider exploring other options to save money.
Rent-to-own computers may seem like an interesting offer, especially if you’re low on credit and currently can’t buy a computer on credit. Most rental leases will work for people with bad credit, but you can expect that you’ll pay for this added feature. There may actually be some good reasons to consider renting out your own computers, but these circumstances don’t apply to most customers. The decision to rent or lease a computer can be a good option if you need a computer for a very short period of time, maybe a month or two while working in a temporary office. Be sure to check for any additional fees charged by the company. For example, make sure you don’t have to pay any extra fees if you return your computer early.
In most cases, consumers look to rent their computers because they don’t have good credit or the cash to buy a computer. Payments for these computers can be structured over five years, and you should note that by the time you’ve made all your computer rental payments, you’ll have paid roughly double to triple the price of other methods of purchasing. For example, expect rent for owned computers that would retail for around $1000 United States Dollars (USD) to cost you at least $2000 and possibly up to $3000 USD.
Some people see some benefits with renting their own computers. Many companies have replacement offers if your computer stops working. The shelf life of many computers isn’t great, and they can fail within a year or two of purchase. Some argue that if you’re buying a computer to rent, you’re at least buying some security in case something goes wrong with the computer. However, remember that warranties and warranty extensions can also be purchased when you buy a new computer. Collateral can be expensive, but you may still end up paying more for the rent-to-own option.
Another consideration is how much you will pay per month. Some companies seem to offer surprisingly low prices, but when you arrive at the shop you find that the price they offer is weekly and not monthly. If you’re going to pay roughly $100 USD as a monthly fee, consider saving that amount for three to four months. You may be able to buy an inexpensive new computer or a good quality used computer for what you’d end up paying four months in “rent” for a computer.
For most people, getting a rental to own a computer is expensive and ultimately much more expensive than the alternatives. If you’re really strapped for cash, look to sites like Craigslist for people who might give away computers or sell them for cheap. Exploring other options can help you save money on a computer purchase.
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