Buying a car is exciting. The freedom and convenience that comes with owning a set of wheels can be exhilarating. However, most customers don’t have the cash upfront to pay for the necessary deposit or upfront administration fee when wanting to purchase a new or pre-loved car. And, if their credit score is low, obtaining car finance can either be difficult, or impossible.
This is where a rent-to-own car finance plan can assist. In short, this option gives customers the opportunity to own a car after they’ve completed the rental term, by removing the red tape that forms part of the standard financial vehicle finance terms from a bank.
Unfortunately, not all rent-to-own companies do have good intentions. We’ve listed three points to consider, that may help you to ensure that you are entering into a legitimate rent-to-own a car contract from the start:
1. Before signing any contract, go and inspect the car and, if possible, take a vehicle mechanic that you trust, with you, to inspect the car’s mechanical condition. Make sure that the seller’s description of the car is in fact true and correct. Or, request that the vehicle is inspected by an AA inspection facility and the report is given to you, before signing the contract.
2. Once you are happy with the condition of the car and the contract has been drawn up, read through the contract thoroughly and make sure that you clearly understand all the terms and conditions. This will avoid any future misunderstanding or misconceptions, that may negatively influence the agreement in the future.
3. Do not pay any money to the seller until you have inspected the vehicle, you clearly understand the terms and conditions of the contract, and are willing to enter into an legal agreement with the seller.
Earn-a-Car is the first lease-to-own, also known as rent-to-own, car company in South Africa. For the past nine years, we have assisted over 5,000 customers to get affordable vehicle finance with zero hidden terms and conditions.
For more information on our service offerings, contact us today.