It is highly beneficial to rent-to-own your first car. Think about it: buying your first car is a major milestone. It is an exciting moment, bringing with it a sense of freedom and independence. It is also a big commitment, with monthly payments, maintenance and insurance to consider. The usual procedure is to apply for vehicle finance, which puts you in debt and requires you to have a decent credit history to get in the first place. Renting to own is a much easier option.
Less financial commitment
With conventional car loans, you commit to a set repayment period, and you are legally obligated to continue paying until the loan amount is paid off, plus interest. This is not the case with renting to own. You can rent the car for a short period of time without having to make any long-term commitments. If you can no longer afford the payments, you simply return the vehicle and stop paying. You will lose the money you have already, but your credit history will not be affected and there will be no further financial obligation.
No credit score needed
When renting to own, you do not have to go through a credit check – your credit history has no bearing on the deal at all. This is great for people with poor credit histories, but it is also ideal for those who have not had the time to build up a credit history. First-time car buyers are often people in their early 20s, who have not yet had much exposure to financial institutions and have not had to borrow any money. This lack of credit history can make it challenging to qualify for a loan. With renting to own, you don’t even need to consider this.
Earn-a-Car offers pre-owned vehicles in top condition, with manageable monthly payments on a rent-to-own basis. With our rent-to-buy car finance option, you have the opportunity to get behind the wheel of a car you will eventually own! If you are a first-time car buyer, your should rent-to-own your first car and enjoy all the benefits of this financing option. To find out more, go to our website or give us a call today.