Renting-to-own may seem like an affordable solution if you're in need of a new appliance as soon as possible, but you may want to do your research before making this decision.
Nicole Broomfield needed a new washer and dryer so she decided to go to the rent-to-own route and bring home a new Kenmore set.
"It should have been $1,792 and some change," Broomfield said.
But that was not the case.
The company sent her a letter at the end of the year and she learned she had been charged nearly $7,000 for her new appliances.
Broomfield insisted she was only told about the reasonable weekly payments, she never read the fine print of the contract.
"Legally not much can be done when you sign the contract," said Sara Kememer with the Better Business Bureau.
BBB said to beware of introductory rates and find out the total payment before you sign a contract.
"A lot of people take their finances week by week, so they are enticed by that great starting low-interest rates," Kememer said.
Nerd Wallet said you can buy a $450 television and put it on your credit card that carries a 20% interest rate. Over 22 months, you will pay nearly $90 interest.
Buying that same television at rent-to-own at $20 a week for one year puts you at a price tag of over $1000. That's nearly $600 over the cash price.
Buying a cheaper model or a used one could save you hundreds of dollars so you don't waste your money.