There are allegations that rental shops charge high rate of interest but they are your best friend if you are going through a financial crisis or if you like to experiment with newer and better products. Like all other things, renting has its pro and cons. So here are certain advantages of renting a product over buying:
- There are large numbers of local stores and online companies that are available to provide products on rental and help with financing option like financing LED. The rents are paid in month- to- month or week- to- week basis for a long or short period of time. Renting is much more affordable than buying, especially during financial crisis. Moreover a large number of top brands are available on rent which you may not be able to afford in a retail shop.
- Most rental shops allow you to purchase the product after the period is over; the purchase price is adjusted with the amount paid as rental fee. In this way you can also check the quality of product that you are purchasing which is not possible when you directly purchase.
- During the rental period if the product stops working then most rental companies does not charge any penalty. If you buy a product, even during warranty period certain damages are not covered like if the circuit is burnt due over flow of charge the company will not take its liability. If the warranty period gets over then you have no choice other than buying but the rental companies replaces the damaged product or repairs it free of cost.
- Buying a product means you have to keep certain amount aside for maintenance and servicing charges. For rented products no such liability is there and you can easily avoid servicing of the products.
- The local markets are flooded with product then there are online stores. Almost every month a new product arrives or the old model is replaced by a newer and better one. To keep yourself updated is not an easy task and once you buy some product then you have to use it for a longer term. Whereas if you rent a product you can use it for a short span and can experiment with newer products.
While renting can be a better option than buying but as customer it’s necessary to go through the terms and conditions thoroughly. Accordingly choose the rental shop that provides you with greater benefits.
The author of this article is an expert about financing and rental of products. He helps people with various other things like financing fireplace.