oboloo Glossary

Lease To Own Purchase Agreement

oboloo Glossary

Lease To Own Purchase Agreement

A Lease To Own Purchase Agreement is a contract between a customer and a seller that allows the customer to pay for goods or services over time. The customer pays a set amount each period, usually calculated on the cost of the goods or services plus interest. After making a certain number of payments, the customer will own the goods or services outright. This type of agreement is ideal for customers who want to make large purchases without taking out a loan or making a large one-time payment. With lease to own agreements, customers can spread their payments out over time while receiving ownership of the desired goods or services in the end.