How much is the interest at Rent a center and is it a good way to go?

Question

How much is the interest rate at RENT A CENTER. Also is rent a center a good idea?

Answer 1

There is not an interest rate given. With each purchase, there is a standard contract which includes the price of the item and the additional rental fees plus insurance, then divided into either weekly, bi-weekly or monthly payments. If you pay the item off, the rental fees will end up costing you twice the value of the item. There is also an early payment option. If you can pay off the cost of the item in 3 months, your rental fees are greatly reduced. If you can manage to pay this in three months, it is not an unreasonable price. I would not recommend entering into a full contract, but if you have bad or no credit, the early payoff is a good option. If you call or go into a local RAC, they will be able to quote you prices on both options. The other advantage to using RAC, is that if you are unable to make your payments, you can return the item and re-rent it later. If you do this, you will be credited the amount you have already put toward the purchase of the item. RAC is an option to look into if your credit does not allow you to make purchases on credit. You may be better saving up to pay for it yourself, but if you have a true need or want for it now and decide to use RAC, I would use the early payoff option.

Answer 2

Although I am not sure of the interest rate at Rent A Center, I can tell you that my cousin is renting a television from them and by the time she finishes renting it she could have purchased 3-4 televisions that are equally good if not better than the one she is renting. I wouldn't do it if I were you. Save your money for a few months to buy whatever it is that you are trying to rent.

Answer 3

If you rent something at Rent-a-Center you will pay more for it than buying it. It may say $19 a week but if you read the final price it will be twice as much as you could get it elsewhere. I don't know about the interest, but it's a rip off. It is a good way of establishing credit if you have money to spare.

Answer 4

Rent-a-Center and any name like it is the worse way to go when you are trying to purchase appliances. However, if you have no credit, it is the only way to go when you want and need certain items. You are going to pay 3 or 4 times the amount of the actual value of the property, but people who don't have good credit or no credit really can't complain - unless you SAVE and establish yourself. My first computer was purchased through Rent-a-center and it was really valued at about $200. I paid a hefty $900 when it was all said and done - and it was a Hewlett Packard! But it served the purpose until I could get myself a Dell.

Answer 5

Usually the interest rates at Rent a Centers are extremely high. And, their monthly payments are that much lower than if you were to buy at a regular store. Your best bet would be to go with a store who has the "Make no payments for 1 year" thing where they usually don't have interest for that whole year. Make low payments for the year and then your payments after the first year would probaby be as low as a rent a center without all that interest!

Answer 6

DO NOT use Rent A Center!!! OMG, you'll pay like nearly triple the amount as if you were to just buy it at a store! Like, a $100 new store bought DVD player, will cost you over $300 at RAC!!!! No lie! That place is ONLY good, if you want to have like a major party and need some more furniture or a huge TV for a week! DO NOT DO IT! Seriously!

Answer 7

If one rents appliances or other home furnishing or whatever generally speaking the interest rate is extremely high for there are losses to be countered by the renting or leasing company. What rate you may pay depends on what that states statues allow. Not only do you pay a high interest rate but if one were to purchase that unit from them it is generally much, much higher than purchasing through a regular retailer of the same ilk.

Answer 8

lets just say its really really high. if you have bad credit and are not able to buy one on credit, or if you dont have time to put one on lay-a-way, then its a good idea, but remember they do not report to credit agencies so your credit will not be improved by it.
best thing is they often have a certain amount of time in which you can pay some of it down, and then pay the rest off same as cash, so you can get it at the cash price and not the rental price.

Answer 9

if you use rent a center you will pay about 3 times more than it would cost to buy outright.