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Electro Finance
REVIEW

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By : Mr Credit Card

Electro Finance: A Lease to Own Electronics Firm

Electro Finance is a lease to own company specializing in electronics. You can lease electronic equipment and gadgets and have early pay option to own it outright. Their fulfillment center is Best Buy so picking up your products should be relatively simply. Electro Finance is for those of you who want to spread out your payments for your electronic gadgets over time. It is also for folks who do not have the best credit and cannot get financing from other companies. Since they do not perform any hard inquiries, leasing with this company should not affect your credit scores.

In this review, I will go through an example of leasing an apple laptop, work through the numbers and go through the procedures to see how it works.


Requirements

Before we proceed, let's get this out of the way. Those of you who want to apply need to meet the following criteria.

  • 18 Years Old
  • Social Security Number or ITIN
  • Checking Account
  • Credit Card or Debit Card


How the Lease To Own Works? Step 1: Choose Your Product

electro finance apple laptop electro finance apple laptop


Let me show you with an actual example. I just looked at Electro Finance website and decided to see what happens when I lease an apple laptop. But before I proceeded, I clicked on the lease calculator link (see red arrow in screen shot) and started to calculate my lease payments. I was allowed the option to choose weekly, bi-weekly, or monthly payments. For the purpose of this review, I chose monthly payments.


Step 2: Lease Payments and Early Options

electro finance apple laptop electro finance apple laptop electro finance apple laptop


Lease Monthly Payment - The cost of the Apple laptop is $2119.99. I plugged this into the lease calculator. As you can see from the screenshot, you have to pay $50 administrative fee and pay $381.60 a month.

Early Option Payment - I am also given the option to purchase the the laptop after 30 days, 60 days or 90 days. If I decide to purchase the laptop after 30 days, I would have to pay 5% over the cash price which worked out to $2225.99. If I decided to pay up after 60 days, I would have to pay over 8% of cash price at 2289.59. I could also pay up after 90 days and own the laptop by paying 10% over cash price at $2,331.99. Early Payment Option is not available in NJ, VT, WI and WV.

Minimum 5 Month Lease Payments - Max 11 Months - If you do not opt for early purchase options, you have to pay your lease for a minimum of 5 months. Once your 5 months is up, I can buy up my lease for $1,165.99. Or if I decide not to buy up my lease, I can continue to lease it for another 6 months (you can lease a total of 11 months).


Step 3: Application Process

Now that I have gone through the numbers, this is what I have to do to proceed. The process for applying for a lease to own with Electro Finance is pretty easy. Let's run through the whole thing again.

Shop on their website - You just have to go to their website and search for a product that you want. Since Best Buy is their fulfillment center, you will pretty much be able to get every gadget that you want. In this example, we used an Apple Laptop

Add the product you want to your CART - After adding the products you want to your Cart and begin the checkout process, you will be required to fill in some information in order to get approved for the lease to own payment plan.

electro finance application electro finance application


As you can see in the screen shot above, you will be asked to create an account with your email address and a new password. You'll also have to provide your name, phone number and address. After you have submitted your info, you will be asked to give more information about your income, credit card number etc.

Once you have been approved, you can collect your product as soon as the next business day. Since Electro Finance used Best Buy as it's fulfillment center, it should be quite convenient to get your product.


Pros and Cons

Pros

  • Allows Those with Bad Credit to Lease and Eventually Own Products - Electro Finance allows those of you with bad credit to get an electronic product you want and pay over time.

  • Product Price Listed on their website - This might not seem like a big deal but other lease to own sites like Leaseville and Flexshopper only list the "lease price" on their products.

  • Allows Monthly Payments - This is in contrast to many other lease to own sites and only have weekly payments.

  • No Hard Inquiry - There will be no hard inquiry on your credit report when you use Electro Finance.

  • Well Known Fulfillment center in Best Buy - Everyone knows Best Buy and they have presence nationwide.


Cons

  • Early Pay Option Not Available in Certain States - As mentioned earlier, those from the state of NJ, VT, WI and WV.


Our Take

There aren't many lease to own online stores for electronic goods. Electro Finance is one of them. What I like about them is that the goods and products come from Best Buy (everyone knows them). And on their website, they actually list the cash price of their products (unlike others who post their lease amount per week).

If you have bad credit, and can only afford a "lease to own" on something that you need right now, then Electro Finance is an online store where you can get an electronic product that you want. The application process is simple and transparent and you will know how much you have to pay and what is the total price you eventually have to pay to own the product. Furthermore, Best Buy fulfills the products and you can get what you want in as little as one day.


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