Reasons To Consider Rent To Own Cars

There are several reasons to consider rent to own cars, especially if your financial history doesn’t look great. Rent to own cars are fast becoming a popular option for those who don’t have enough cash in their pocket to fully purchase a car and don’t qualify for conventional finance.

Reason 1: No credit checks

One of the most common reasons that people seriously consider purchasing rent to own cars is that credit history checks are not usually required. This means that even if you have been through rough financial patches, bankruptcy etc in the past, you won’t be penalized for it when you’re trying to get yourself a decent motor vehicle.

Reason 2: Low monthly payments

One great thing about rent to own cars is the low monthly payments that are available. You can pay as little as $200 a month, $75 a week etc so the rent to own process is actually quite an affordable option. It’s so much more affordable than getting a car loan, sorting out repayments, buying a new car and spending all your money trying to keep the car up and running properly!

With a rent to own vehicle, you ‘rent’ the car for the duration of the contract you sign and the car only becomes fully yours after the term ends. Each of the low monthly payments that you make, over the 12 month period for example, will count towards the purchase price of the car. Sure, it’ll take you longer to actually own a car, but the low monthly payments make the process of paying for a car a lot more manageable.

Reason 3: Simple buying process

There’s no fuss about waiting for credit check results, no need to make sure that your credit history is perfect or worry about whether you’ll get refused. To qualify, often all you’ll need is proof of identity, proof of residence and proof of income. If you can provide all of this information, you’re well on your way to being able to get a rent to own car!

Most rent to own car companies have a simple buying process. First, you go to the dealership, take a look around, find a car that you like and want. Then, arrange to make a down payment, sort out your monthly payments, get the contract signed and you’re ready to drive away!

Some car rental companies even offer the ability to apply for rent to own cars online, so if you know the type of car you want and your budget then you can get everything sorted from within your own home.

Reason 4: First time buyer programs

Some companies, e.g. Budget car rentals, offer programs that specifically help first time car buyers. If you’re a first time buyer then you may find that you have trouble qualifying for car loans and buying your own car, especially if you’re young and don’t have much of a credit history. If you’re just starting out then you may not want to spend all your cash on a car straight away, so rent to own cars are a sensible option. First time buyer programs are specifically tailored to the needs of a first time buyer and helps to make buying a car a process that is easy and affordable, even for the most inexperienced owner.

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