Rent to Own vs. Layaway: Which Is Better?

Couple watching tabletRent to own (RTO) and layaway are two popular paths to product ownership, but the differences between them run deep. Here are the top five reasons RTO can be the way to go.

1. No Waiting
Unlike with layaway, with RTO, you don’t have to wait to bring home your purchases. Once you have a rental agreement, you can get your items right away (or schedule a convenient delivery time). With layaway, you have to wait to enjoy your purchases until you pay off your balance.

2. Pay Your Way
At Rent-A-Center, you pick the way you want to pay. You can select the 90 Days Same as Cash option, which allows you to take up to three months to pay off the balance; or you can choose weekly, semi-monthly or monthly payments without growing interest. When you layaway, your only choice is to make set payments until the balance reaches zero.

3. Huge Selection
Sometimes less isn’t more. At RAC, every item in the store — from TVs and computers to couches and refrigerators — is available to rent to own. Most stores allow layaway only for a small selection of items.

4. RTO Anytime
If you’re the spontaneous kind, you’re in luck with RTO, because you can begin a lease agreement any day that your RAC store is open. On the other hand, layaway tends to be seasonal, so your timing has to be just right.

5. Upgrade on Your Schedule

You’re entitled to change your mind. So if you find you prefer a larger HDTV, need a newer laptop, or really want a different smartphone, RAC makes it easy to upgrade your items to something new at any time during your lease term. When you layaway, your payments are fixed on a specific item. If you want something else, you could be charged a cancellation fee, and you’ll have to start a new layaway plan.

It’s easy to rent to own at RAC. Start your application process, visit your nearest RAC store to finish the paperwork, and take home the items you want today.