How Does Lowe's Lease To Own Program Work, And What Products Does It Include?

Shopping for your DIY projects can be expensive. From the must-have tools for your home garage to things that will elevate your camping experience, every gadget, utensil, or instrument has a price. While some stores offer tool rental services, it's not the same as having full ownership and unlimited access to the device or equipment without worrying about liabilities.

To help customers obtain products without the need to pay the full amount or rent, Lowe's offers a Lease to Own program, powered by Progressive Leasing. Through this, you get to decide your path to owning a product within 12 months or less through manageable weekly, biweekly, or monthly payment plans. It's particularly helpful if you are not qualified for standard financing or prefer not to use a credit card for large purchases.

How this works is that Progressive Leasing will facilitate the process of owning the item until all payments are made or an early buyout option has been availed. Of course, you get to bring home and use the item during this period. Without a credit history and with an instant approval decision, you can easily shop at Lowe's sans spending a large sum at the checkout counter. 

For early purchase options, except the 90-day option in California available online or at a physical store, you will have to pay more since the products will be worth more than their retail value. Still, it will be worth it, especially if you don't have the funds to pay for the equipment you need right away.

Lowe's Lease to Own program covers a range of merchandise for home improvement, maintenance, and comfort. You can use this payment option for a variety of major appliances, including refrigerators, freezers, cooktops, dishwashers, washers, and dryers — items you may need urgently but which come with hefty price tags. Additionally, outdoor equipment like cooking grills, patio heaters, gas fireplaces, fire pits, grill stands, gazebos, and pergolas are eligible, making the program a great way for you to carry out seasonal landscaping or entertaining upgrades. Home décor and indoor furniture, including sofas, wall art, area rugs, and shades and curtains are also part of Lowe's leaseable catalog.

Beyond home and everyday essentials, the program covers smart home and security systems, storage and organization items, floor care, lighting ceiling fans, as well as tools and accessories. These items are typically important for both functionality and safety, yet they may be difficult to afford all at once. Lowe's Lease to Own addresses this issue by letting you take home the tools and equipment immediately without having to postpone improvement projects or emergencies. 

However, there are also products excluded from the program. Items like paint, flooring, food, live plants, lumber, fertilizer, and trailers are not eligible for lease. Despite this, the selection remains broad enough to cover most of Lowe's tools you might need for your next home remodel. There's also plenty to choose from if you are moving into a new house or simply replacing outdated appliances.

Just like how Lowe's tool rental program works, you can choose the terms or length of the period of your lease under the retailer's Lease to Own program. The standard agreement is set for 12 months to attain full ownership of the items you purchased. You can also opt to pay early if you don't want to be tied to the program long-term or the full year. Lowe's allows you to cancel the lease anytime, provided you reach out to Progressive Leasing's hotline at 1-877-898-1970.

Before you go splurging on the different tools Lowe's sells for DIY enthusiasts and whatnot, here are some caveats. First, despite indicating that there's no need for a credit check to apply, Progressive Leasing may still review your history and information from credit bureaus to determine your eligibility. This explains why not everyone who applies for this payment option gets approved. Another thing is that you will need to provide a credit or debit card for your initial payment for the service. 

You can provide any of the two when you submit your application online via Lowe's app or in-store. Approval is almost always given instantly. Once approved, you have 90 days to sign the lease and make a purchase. You need to reapply if the approval expires. Lastly, Lowe's Lease to Own program is not available in certain states, including Minnesota, New Jersey, Vermont, Wisconsin, and Wyoming, due to consumer laws related to rent-to-own products.