In recent years, rent-to-own companies in Michigan have become much more sophisticated and offer a wide range of services to their customers. This includes everything from financing options to home improvement assistance.
Most rent-to-own businesses are regulated under state law and follow strict guidelines that protect consumers. However, some unscrupulous companies may try to take advantage of renters and do not provide proper customer service. Here are some tips to help you find a reputable rent-to-own company.
Ask friends, family members, neighbors, or coworkers if they know anyone who owns a rent-to-own business. They can recommend a good company based upon their experience.
Look online for reviews about rent-to-own stores. You can search Google or Yelp for “rent-to-own review” or “rent-to own store review”. There are many websites where people post reviews about different companies and their experiences.
Be wary of any company that offers a free inspection of your property. A legitimate rent-to-own store should require you pay for an inspection before you sign a contract. If they do not ask for money upfront then beware!
Make sure the rent-to-own agreement clearly states how long the term of the rental period is. Some companies only allow payments over 6 months while others allow payments for 12 months. Also make sure the payment plan is affordable. Many Michigan rent to own homes have higher interest rates than banks.
Do not agree to any hidden fees or charges. Companies often add additional costs onto the monthly payment without informing you. These fees include late fees, equipment repairs, and other miscellaneous expenses.
