Progressive finance has developed a hybrid lease/purchase financing program that
approves 9 out of 10 applications regardless of your credit history.
Instead of using a credit history, our approvals are based on two factors:
1) The health and activity of your primary checking account.
2) Your employment history.
☆ This is a lease/purchase program — there is no interest rate. ☆
Progressive purchases the merchandise for you after which you lease back the items with monthly payments. Lease payments are 15% of the invoice per month.
Example: $1,000 invoice = $150/mo payment.
The terms of the lease/purchase agreement are for 12 months.
All the customer needs are these easy-to-get documents to verify the requirements and receive approval:
1. 90 Days same as cash ⇔ You pay the invoice amount within 90 days of the delivery date.
2. 65% buyout option ⇔ After 90 days you may own the merchandise outright by simply paying 65% of the balance left on the account.
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