Financial jargon can leave you feeling like you're stuck in a confusing maze. But don't worry, we're here to be your map! As a leasing company, we've cracked the code on common terms like "finance," "loan," and "lease" to help you navigate your next purchase with confidence.
Key Terms to Know:
- Finance: Funding an item, often through a loan or lease.
- Lease: An agreement to let an individual take home an item and pay for the cost over a period of time
- Loan: Lending money to an individual with an expectation of repaying the original amount with interest
- Layaway: Making payments gradually toward a product to take home at the end of the agreement
- Credit: Trust given to buy something before paying, based on past financial behavior
- Fees: Charges for processing, service, or late payments
- Income: Money earned through work or investments
- Interest: Cost of borrowing money, usually a percentage of the loan amount
- Debt: Money owed to others, typically from borrowing
- Budget: Planning your income and expenses
- Pay off: Complete a payment agreement
- Early Buyout (EBO): Early purchase of a leased item, often at a discount
- Cash Price: The full cost of an item when purchased outright with cash
- Initial Payment: The down payment required at the beginning of a lease-to-own agreement
- Fair Market Value: The estimated price of an item based on current market conditions. This is often used to determine the buyout price of a leased item
- Buyout Price: The amount you can pay to take full ownership of a leased item before the end of the lease term
- Rental/Lease Fee: The recurring charge you pay for the use of the item during the lease term. This fee covers the cost of financing and managing the lease agreement
- Total of Payments: The sum of all rental/lease fees due over the entire lease term
- Remaining Balance: The amount you still owe on the lease agreement after making a payment
- Term: The length of the lease agreement, typically measured in months or years
- Renewal Period: An optional timeframe at the end of the lease term where you can extend the lease and continue making payments
Lease-to-Own: No Credit Needed, Same Day Take-Home!
Unlike loans, our flexible lease-to-own options offer:
- No credit check: Your past doesn't hold you back!
- Same-day take-home: Enjoy your purchase immediately while making payments
- No interest: Skip the extra cost of borrowing money
- Early buyout discounts: Pay it off quickly and save cash
Simple Requirements, Quick Approval:
Forget layaway's wait period. With us, you just need:
- A job and bank account for the past 90 days.
- A quick online application with an almost instant response.
- Approval for up to $5,000 to finance essential items.
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