Rent-To-Own: Save Instead of Having a Car Loan!

Rent-To-Own: Save Instead of Having a Car Loan!

By | 2018-09-10T09:05:42+00:00 3 September 2018|Blog|

So, you need a car but you’re not sure whether you should buy a car or opt for rent-to-own vehicle financing. Most vehicle owners have been ‘purchasers’ in the past and while they know about rent-to-own car financing, they’re not quite sure if that’s a better option for them.

The way people rationalise buying a car is that they like the feeling of owning something. Once they have paid off their car loan from the bank, they know that the car is theirs.

Interestingly, as soon as you drive a car off the dealership’s lot, it starts depreciating. When you buy a new car, you also own this decrease in value over time. Selling a car privately also comes with a different set of risks:

  • There are many fraudsters in the industry,
  • You will be responsible for finding prospective buyers, and
  • You will be responsible for making sure that they are legitimate buyers.

It is less hassle to take the car that you are selling into a dealership for a trade-in. However, if you really want to get every Rand that your car could reel in, then selling it privately is usually a better option.

You can avoid all these struggles, including the high-interest rates that banks charge on car loans if you opt for rent-to-own vehicle financing. Rent-to-own companies like Earn-A-Car offer a wide range of vehicles that have been checked by accredited mechanics. When you opt for rent-to-own, you will also save time because the approval process is quick and easy.

Need more information about rent-to-own vehicle finance from Earn-a-Car? Then contact us today.