As a business owner, you need a vehicle to optimise your operations. However, accessing the capital required for a car purchase is not easy, especially if you need that capital as a cash injection into your business to pay employee salaries, rent office space or purchase raw materials for example. If you have a poor credit record, you will have a hard time obtaining vehicle finance. Having easy, flexible access to a car is crucial for your business operations, especially when you need to attend meetings or deliver products from A to B. Think beyond traditional vehicle finance. This is where rent-to-own agreements will help you and is a smart move to purchase a vehicle for your business.
Rent-to-Own in Detail
Rent-to-buy car agreements allow a business owner to get the vehicle they need for continued use while at the same time paying towards ownership of the vehicle. This vehicle finance option is similar to a car rental agreement, however, the monthly premiums are cheaper and you will need to make a once-off upfront down payment towards the car that you choose.
The weekly or monthly payments you make to the car rental company will also include a payment towards the car purchase. At the end of the rental agreement, you will have the option to own the vehicle.
Why a Rent-to-Own Car for Your Business?
Renting a car with the intention to own it, is one of the best car finance options for many business owners. It is less stressful and you don’t have to worry about the effect of late payments on your credit rating. Better still, there are no credit checks and you will own the car at the end of the rental term. This is an easier option to get a car for your business when compared to traditional vehicle finance options.