Gun's E-Z Own: Should I purchase the product with payments or rent the product?

One the questions we often get, "Should I purchase the product with payments or rent the product?"

This question we get most often when a client is trying to get temporary accommodations for a elderly loved one. This is a very tough question. Clients have thought it would be 6 months and ending up being two years. Then after two years it might be longer yet and decided to purchase the items rather than paying more rent on the items.

Today I will point out a couple of pros and cons for each.

If I rent the furniture.
Pro
-I save money if it a 3-6 month rental.
-It can be returned and I don't have to worry about moving the furniture. Gun's E-Z Own will do that.
- If there is a problem with the rental items, Gun's E-Z Own handles the repairs or replacement.

Cons
-If the rental goes for over 16 months I will have paid enough in rental fees that could have purchase the items.
-If I want to buy it out right after the rental period, Gun's E-Z Own CAN NOT use what rental fees I paid on the items towards the purchase. I will have to pay the original retail price. (Because of Minnesota regulations)
-I don't own the furniture


If I purchase the furniture
Pro
-Once paid for I completely own it
-Once it is paid for I can re-sell it if I don't need it any more
- I don't lose out on any money spent on the item if I purchase it.

Con
- I am responsible for repairs of the items.
- I can still return the property if the "rental" ends up being short term, but I will have paid interest on
- Now what am I going to do with it.

Even though most of our rentals are only short term, every great once in a awhile a rental goes on much longer than anticipated.

Here is a rule of thumb I hope helps. If you think that the rental may be 12-24 months, consider purchasing it under loan contract. Yes, you will be paying interest on it, but at least once the 16 month loan is paid for, you own it.

If it is for sure to be 12 months or less, rental is the way to go for a temporary solution to a temporary situation.

We are more then happy to rent to our clients for the long term. But we also want to be fair and make sure you have the the information to make an educated decision.

Thank you for reading. Have a wonderful day.