Did you know that furniture is the third most expensive item that you will buy throughout your lifetime next to purchasing a home and vehicle? Yet with furniture financing, it is possible to own beautiful new furnishings while on a budget. However, lease purchasing has unfairly gained a negative reputation when the reality is that companies such as Okinus provide buyers with a second chance to repair their credit and own their dream furnishings. So, why the bad reputation? There are five myths that have surfaced surrounding lease purchasing, and incorrect information has led some buyers to not take advantage of the benefits of financing their new furnishings.
MYTH: Customers Are Obligated to Buy
This is a common myth that’s untrue. The reality is that customers are under no obligation whatsoever to eventually purchase the item. Furthermore, lease purchasing does not result in the accumulation of any legally bound debts. A customer is free to return the item without being penalized.
MYTH: Lease Purchasing Doesn’t Include Name Brand Products
Again, this is untrue. Most lease purchasing companies offer the name brands that you know and love. The bonus is that with furniture financing, your favorite brands are within your reach. If you absolutely adore that Allform sofa but can’t cough up thousands of dollars at once, you can pay it off in monthly installments.
MYTH: Interest Rates Are Outrageous If You Lease Purchase
This myth couldn’t be further from the truth. When you finance your furniture with a lease purchase program, you are not incurring any debts that you are legally bound to, nor is the store extending you credit. Very simply, this means that no interest is being charged at all.
MYTH: Lease Purchasing Involves Long-Term High-Priced Contracts
The truth is that most lease purchasing contracts last between 12 and 24 months depending upon the full cost of the item and the amount of your payments. Additionally, you have the freedom to set the amount of your regular payments and the ability to change your payment arrangements if you’d like to.
MYTH: You Lose the Money You’ve Invested If You Miss a Payment
This is also untrue. Lease purchase furniture financing providers are legally required to offer payment reinstatement with many stores offering a lifetime reinstatement.
While policies may vary between stores, furniture financing is a good option to build credit and obtain the furnishings that you’d love to own.