Aaron’s: Your Guide to Rent-to-Own Furniture, Appliances & Electronics

Aaron’s is a well-known name in the rent-to-own industry, offering a convenient way to acquire furniture, appliances, electronics, and even computers without the immediate need for traditional credit. But is Aaron’s the right choice for you? This comprehensive guide dives deep into what Aaron’s offers, the pros and cons, and how it compares to other financing options.

What is Aaron’s Rent-to-Own?

Aaron’s operates on a lease-to-own model. Instead of purchasing an item outright, you lease it for a set period, making regular payments. After a specified number of payments (typically 24 months, but varies), you own the item. This differs significantly from traditional financing, as it doesn’t require a credit check. This makes it an attractive option for individuals with limited or damaged credit histories.

What Does Aaron’s Offer?

Aaron’s boasts a wide selection of products, including:

• Furniture: Sofas, loveseats, bedroom sets, dining tables, and more.
• Appliances: Refrigerators, washers, dryers, stoves, and dishwashers.
• Electronics: TVs, sound systems, gaming consoles, and computers.
• Computers & Tablets: Laptops, desktops, and tablets for work or personal use.

They often carry popular brands like Samsung, LG, Whirlpool, and Ashley Furniture. Aaron’s also offers delivery and setup services, and typically includes repair coverage during the lease period. This can be a significant benefit, saving you unexpected repair costs.

How Does Aaron’s Pricing Work?

The total cost of ownership through Aaron’s is generally higher than purchasing the same item with cash or through traditional financing. This is because the lease payments include a markup that covers the convenience of no credit check and the included services. The pricing structure is complex and varies based on the item, location, and lease duration. It’s crucial to carefully review the lease agreement and understand the total cost before signing.

Pros and Cons of Choosing Aaron’s

Pros:

• No Credit Check: A major advantage for those with poor or no credit.
• Flexible Payment Options: Aaron’s often offers flexible payment schedules.
• Delivery & Setup: Convenient delivery and setup services are typically included.
• Repair Coverage: Most leases include repair coverage, protecting against unexpected costs.
• Early Purchase Option: You can often purchase the item outright for a discounted price before the lease term ends.

Cons:

• Higher Overall Cost: The total cost of ownership is significantly higher than traditional financing.
• Limited Selection: The product selection may be limited compared to traditional retailers.
• Ownership Not Guaranteed: If you miss payments, you risk losing the item and any payments already made.
• Strict Return Policies: Returning an item can be difficult and may incur fees.

Aaron’s vs. Other Financing Options

Before opting for Aaron’s, consider these alternatives:

• Credit Builder Loans: Designed to help establish or rebuild credit. NerdWallet’s guide to credit builder loans provides a good overview.
• Secured Credit Cards: Require a security deposit, making them easier to obtain with limited credit.
• Buy Now, Pay Later (BNPL) Services: Offer short-term financing for smaller purchases.
• Saving and Paying Cash: The most cost-effective option, although it requires discipline and time.

Is Aaron’s Right for You?

Aaron’s can be a viable option if you have no other access to credit and urgently need a specific item. However, it’s essential to weigh the higher cost against the convenience and understand the terms of the lease agreement. Carefully consider your budget and explore alternative financing options before making a decision. Always read the fine print and ask questions to ensure you fully understand your obligations.