Why would people use the Progressive Leasing program to buy tires and wheels when they can just put it on a credit card or pay cash and save money? According to Quentin Fottrell with marketwatch.com:
“A $2,000 credit balance with an 18% annual rate, with a minimum payment of 2% of the balance, or $10, whichever is greater, would take 370 months or just over 30 years to pay off.”
Unless you’re planning to pay off your tires and wheels that you put on your credit card within 1 year, the benefits of using Progressive Leasing far outweigh the benefits of using a credit card:
- With Progressive Leasing, you will own your tires and wheels at the end of a year or sooner if you utilize the 90-day buyout option.
- There’s no hard credit check with the Big 3 credit bureaus so your credit score will not go down as the result of an inquiry. This option is attractive to people who are looking to make a big purchase such as buying a home, where they cannot afford any new inquiries.
- If you need to get out of your lease within that year, you can return the merchandise to Progressive and get out of your lease no questions asked. And then you can apply again for a new lease at any time in the future.
- Since the 90-day buyout option is such a great deal, and the full year is quite expensive, most customers pay it off in 90 days and therefore only pay the $49 initial payment on top of the cost of goods.
- For those of us who have maxed out our credit cards or lost access to credit altogether, Progressive Leasing offers a way for us to get what we need when we need it.
The bottom line is that the Progressive program bides you some time, allowing you to space out the payments over three months versus getting caught in the 30-year minimum payment credit card trap. No cost, no collateral and no credit needed to apply. And you get an instant answer when you apply so you shop immediately and get what you need delivered to your door at danthetireman.com.