Everything you need to know about renting appliances

May 31, 2022 • Chris Bardsley

When it comes to appliances, you might be surprised to learn that there are two main options: renting or buying. It can be costly to buy all the appliances you need for your home. Depending on the size of your place and what kinds of appliances you want, it could cost you thousands of pounds to outfit your kitchen or laundry room. Which leads some people to look at renting these items instead of buying them outright.

In today’s blog post, we will explore the pros and cons of renting appliances – alongside Fair for You’s flexible approach.

The cons of renting appliances

You will end up paying more than retail

Renting kitchen appliances can become more expensive if you don’t make your payments on time or decide to return the item. The companies know that you may not have a great credit score and can’t afford the item outright. They factor in the risk of nonpayment into their prices. It becomes even more expensive when you choose to rent kitchen appliances with the latest tech.

Sky-high interest rates

If you’re thinking about renting the latest models, you should know that the interest rates are usually quite high. They’re often higher than the interest rates you would pay on a loan for the same appliance. That’s because rentals are considered a higher risk by lenders. So, if you’re looking to save money on your new products, you’re better off taking out a regulated loan.

Of course, there are some advantages to renting appliances. For one, you don’t have to come up with a sizeable down payment. And, if you keep the appliance for the full term of the rental contract, you’ll own it at the end.

Some rent-to-own appliances come with hidden fees

There are often hidden fees associated with renting appliances. For example, some companies charge penalty fees for early cancellation or for not returning the device in good condition. Additionally, you may be required to purchase insurance for the appliance, which can add to the overall cost. Remember to look out for devices with good energy efficiency ratings to keep your bills down.

Many rental companies offer free delivery, installation and customer service access. These perks can reduce the initial cost of your appliance. Before signing a rental agreement, read the fine print and ask about any hidden fees. By doing your research up front, you can avoid unexpected costs down the road.

Maintenance is essential

It’s essential to maintain your rental appliances because you have to return them after the lease period is over. Most people don’t service their appliances as often as they should, which shortens the appliance’s lifespan and compromises its function. You could end up with hefty repair bills later down the line. Some rental companies provide excellent service with certified service technicians to help you maintain the appliance. It’s hassle-free and a great way to keep your appliance in tip-top condition.

Benefits of leasing appliances

There are a few advantages to renting appliances. For one, you can spread the cost of the appliance over a few months, and avoid a large initial cost. And if you move, you can return the appliance to the rental company and don’t have to worry about trying to sell it or haul it with you.

Try the Fair for You approach

With Fair for You’s flexible loans, there’s no need to rent household appliances. You can check if you’re eligible for a Fair for You loan with a soft credit check on our website. Don’t worry, our soft credit checks don’t impact your credit score range.

Browse through our online catalogue of appliances, add one to your basket and set up a manageable repayment plan. With Fair for You loans, you will own your appliances outright and avoid sky-high interest rates.

Find Out More

If you or anyone you know is struggling to afford the basic items they need to furnish their home or support their family, then Fair for You is here to help.

As mentioned, we look to offer essential goods to those on a low income, but in a way that’s different to the companies that set out to do so for massive profit at your expense. Instead, Fair for You is on your side, and we strive to offer our stock at the lowest price possible in line with retail value with a flexible payment schedule. Our focus is on people, not profit.

Check out our online shop to view our products for sale, including beds, laptops, sofa, dining room furniture, children’s beds, hoovers and much more.

Best Father’s Day gifts and activities on a budget Previous How to save money on food Next