Or other places like this.. Are they worth it.. Or is it better off buying outright?
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26-06-2012 11:24 #1
How does radio rentals work?
26-06-2012 11:43 #2
If you are talking about their rent and then buy, I think you end up paying more than if you just bought it yourself.
If you are low on $$, you're much better off doing the interest free and paying it off in that timeframe. We've done that with quite a few things and as long as its paid off in the timeframe, it's a good way to go I reckon.
26-06-2012 11:47 #3Senior Member
- Join Date
- May 2009
I haven't really looked into it, but the little investigation I've done shows it to be a really bad idea.
You sign a contract, so are locked into renting for a considerable period of time (perhaps two years). After that time, you can pay the residual out to buy it for a small cost - but this will result in you paying 3x - 10x the cost of the item in total.
I would only consider a rental on a very short term to fulfill a short term need (not what they offer) and considering their effective inflated prices, it is not financially viable as a payment plan to buy.
My neighbour has several products from Mr Rental (similar company) and often has to pay for repairs - but has to send the products back to them for them to use their repairers only.
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26-06-2012 11:48 #4
It works like this - you get a fridge worth say $600 you pay it off and by the end you have paid $1500 for it and then they are really nice and let you buy it for $1.
Stay away from them its the biggest rip off. Either save or get interest free finance, some places also do layby.
26-06-2012 11:51 #5
Buy out right !!!
The amount of 'rent' they charge is outrageous, if you bought the item outright it would cost around 1/3 of the rent charged at the end of your contact.
I think they're aimed at people with poor credit and no savings.
My sister moved down to nsw from qld with just the clothes on her back with her newborn son (she left fob) she stayed with family for a few months but then decided to move into her own home, she rented a small fridge and washing machine from radio rentals, at the end of her contact which is 3 or 4 years I think she will have paid over $4000 in rent when if you purchased the items outright they would cost only around $1000. Also when she moved back to qld (went back to fob) she could only cancel her contact if she paid all of the contact that was owing in full.
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26-06-2012 11:53 #6
Things like radio rentals are set up to prey on those who are desperate and vunerable. You don't have the cash, you can't get credit so you end up resorting to a scheme like this. In the end you really pay for it. You would be better off putting that cash away each week until you have enough to purchase the item you are after outright.
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26-06-2012 11:54 #7
See if you can find a place who has Certegy. It's interest free for a set time and depending on what you want there is a 25% deposit.
26-06-2012 11:57 #8
Eeekk so glad I wrote this post! Im not moving for a while just wanted to look at my opions..
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26-06-2012 12:06 #9See if you can find a place who has Certegy. It's interest free for a set time and depending on what you want there is a 25% deposit.
26-06-2012 12:22 #10
yeah i regret going through radio rentals worse mistake EVER@
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