When it comes to vehicle finance, two frequently asked questions, by those that are blacklisted or have a low credit score, include:
- Am I able to purchase a car if I am blacklisted?
- Is it possible to purchase a car if I have a low credit score?
The answer to these two questions is ‘yes’.
Simply put, the rent-to-own car finance plan gives you the opportunity to rent a car with the intention of owning it at the end of the contract period. The other available option is to return the vehicle that you have been renting, for another rent-to-own car, similar to trade-in. Unlike vehicle finance available from dealerships and banks, a rent-to-own car finance plan assists customers who do not qualify for vehicle finance.
Here are eight benefits of a rent-to-own car finance option:
- You do not pay interest. This is because a rent-to-own contract is not a financial loan. Instead, you rent a car and then have the option to own the car at the end of the contract term.
- There are no credit checks. Unlike a contract to buy a car, rent-to-own car agreements are simple. This is favourable to customers who do have a low credit score or who are blacklisted.
- The rent-to-own a car option may be a great choice for start-ups, or even small to medium businesses that need vehicles for their businesses.
- The monthly rental amount often includes basic insurance, roadside assistance and a vehicle tracking device.
- Customers can terminate their rent-to-own contracts at any time, subject to the terms and conditions contained in the signed rental agreement. If the contract is cancelled, you may run the risk of losing your upfront administration fee.
- Most rent-to-own contracts allow customers to upgrade or downgrade their vehicle after eighteen months.
- Entering into a rent-to-own agreement gives you the opportunity to build equity and to help to improve your credit score. This also gives the opportunity to save money to pay off debt and increase your credit score.
- Similarly, a rent-to-own car finance plan may be a great option if you don’t have a credit history.
At Earn-a-Car, we pride ourselves on delivering excellent customer service. With over 1,000 cars for you to choose from, we provide vehicle finance plans to suit your budget. Contact us today, and we’ll help you get behind the wheel of your car in less than two hours!