Most people use this financing option when they need something like new car tires or to replace a mattress that has worn out its welcome. To decide if lease to own financing is right for you, look at the total cost. Snap Finance doesn’t charge you an interest rate, but if you add up the payments you’ll make over the term of the lease, it will be more than the cost of the item if you paid cash up front.Ĭommon fees you’ll see are application fees, processing charges, and late fees. Like any financing arrangement, always look at the total cost of the item. Snap Finance doesn’t charge interest, but that doesn’t mean you don’t pay fees. Future lenders won’t know about your lease to own financing because it won’t report on your credit report. This means it doesn’t help or hurt your credit score. Second, Snap doesn’t report your account to the credit bureaus. Even if they pull your credit to verify your identity, they won’t use your credit score or lack of credit against you. Your approval doesn’t depend on your credit score and if approved, your Snap Finance account won’t affect your credit score.įirst, Snap doesn’t use your credit score to make a lending decision.
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