Rent to own may be a good option for those who don't want to take out bank loans.
Rent to own
Rent-to-own, also known as rental-purchase, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics and home appliances, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement. ( http://en.wikipedia.org/wiki/Rent-to-own)
I do not have experienced of renting and I don’t want to experience this someday. Because I don’t like paying and thinking about the item that I rent, because as far as I know of renting an item it is just paying every month/every week. It depends also about the agreement that you made. In this transaction it kind an intricate my mind, instead of saving money, you will waste it by paying every month/weekly. In my case, I only want cash basis because you don’t have any agreement, you will get the item easily. But when my friends talk about this transaction or what we called renting. She said that it helps you to have an item easily although you don’t have any savings; all you want is to pay the item every month and it is also depends about the agreement that you made by the owner. Then suddenly I realized that she is right, renting is just an intricate feeling. It also helps you to have the item easily. But you need to do you’re responsible in paying the item/objects that you rent. I do realize it, because it helps also to people to save money. Especially to those people who have worked. They all need to do is to budget their money.
While rent-to-own transactions are most commonly conducted in the context of consumer goods obtained at a retail store, this type of transaction also describes a specialized real estate agreement. In a rent-to-own real estate agreement, the tenant has the option to purchase the real property at a fixed price within a specific period of time, usually one to three years. As part of the contract, the renter needs to have a non refundable item in which the costumer understands to secure all the items that they rent/borrow.