Buying Furniture Through Furniture Rental

Buying Furniture Through Furniture Rental/Leasing Programs

A Look at 6 Inherent Dangers

Renting and leasing furniture can be defined as closely the same thing, if not the same thing. The one difference could be that a leasing program charges a bit less for the furniture than a rental program. Nonetheless, both programs function about the same. Both are designed to let you use the furniture while you make payments for a particular amount of time. Here are some dangers to consider before deciding to go this route when trying to furnish your home:


Weekly payments. Many rental/leasing companies require weekly payments, rather than monthly, running your bill up quickly. This means that if you rent/lease a sofa for $10 per week, you actually pay $40 per month for a large number of months. (Saving this amount of money per week and then purchasing a sofa outright with cash will save lots of dollars.)

Limits on late payments. Some companies limit you on the amount of times that you can pay late. So, if your paychecks sometime fail to come regularly, this is something to think about. Paying late too many times can warrant the company picking the merchandising up, claiming that you defaulted on the rental/lease agreement. If this happens, you’ve lost the money you’ve paid in on your items. To know more about the furniture rental, read here:

Daily late fees. Regardless of whether you pay weekly, semi-monthly, or monthly, many rental/lease stores charge late fees by the day. This means you will pay the designated late fee times the number of days you were late in paying. (For instance, if the standard late fee is $2.00, you only have one contract, and you were 3 days late in paying, you would owe an additional $6.00.)

Multiple late fees. Many furniture rental/lease plans set up the agreements so they can maximize late charges when a customer pays late. For instance, if you rent/lease a sofa and a dinette table on the same day, you will pay only one total when you go in to make your payment. Don’t let this fool you, though. Many companies set the agreements up per item. In other words, the sofa is on one contract agreement and the dinette table is on another contract agreement. What does this mean for you, the customer? It means nothing if you never pay late. However, if you pay late, the company usually charges late fees by the day. So, if the late fee is $2.00 per day, and you have two contracts, you pay $4.00 in late fees per day. This adds up to a whopping $28 in late fees for only 1 week.

Delivery charges and insurance. While many companies claim free delivery and promote the fact that your furniture is insured when you rent/lease it, don’t necessarily believe this. You likely pay for both in your weekly payments.

Set locations. Rental/leasing companies usually indicate in the agreement that you cannot move the furniture from one location to another without their approval. Even more, they will often come move it for you just to make sure that you don’t leave the state with it.