For most South African car owners, the most common and accessible way of owning a car is to acquire financing from a bank. However, is this really the best way to go about it? You will find that opting for a rent-to-own car is a far preferable option.

Who has the cash for a car?

How many people do you know who have the cash to purchase a car outright? There are the fortunate few among us who have sufficient cash flow to do so, but most of us have to rely on an arrangement that allows us to pay off our cars in monthly instalments. The traditional way of doing this is to apply for a loan from a bank. This is a relatively accessible option, but it depends on the buyer’s creditworthiness and locks them into a debt that takes several years to eliminate (five is the usual term). If the buyer hits a rough patch financially and is unable to pay the instalments, the bank will repossess and sell the car – and the customer remains liable for the balance. Renting to own is a far more convenient, flexible and affordable option.

Why rent-to-own cars are better

When you rent to buy, you can avoid all the pitfalls of traditional vehicle financing. You can enter into a rental agreement even if you have a bad credit history. If you come up short later down the line, you can simply return the car, and your financial obligation to the rental company will come to an end. However, if you continue paying your rental fees for the prescribed period, the car ultimately becomes yours.  

How it works with Earn-a-Car  

Earn-a-Car specialises in providing quality rent-to-own cars. Our cars offer convenience, affordability, and easy vehicle finance that is not dependent on the buyer’s credit history. Contact us for more information.