Is a rent-to-own car for you? That depends on whether you are in a position where the advantages offered by this type of vehicle finance are suitable for your current situation. The benefits of rent-to-own cars are ideal for people who need to purchase a car but who cannot do so due to a poor credit history. Let’s take a look at the three main reasons why renting to own offers such an efficient solution.
You may ask: “If I can’t buy a car, I could always just lease one. What’s the difference between that renting to own?” The answer is simple: ownership. With rent-to-own agreements, you are indeed renting a car for a specific period as you would with conventional leasing. The difference is that, at the end of that period, you become the owner of that car, as opposed to having to return it or extend your lease. Renting to own is a fuss-free way to become the owner of a vehicle.
No credit checks
One of the biggest pitfalls of conventional car financing is that you need to have good credit to qualify for it. You may have a deposit saved up, as well as the income to cover the monthly payments, but because of a financial hiccup a few years back, you can’t get a loan at all, or the bank wants to charge you higher interest. With rent-to-own, this is never an issue. At Earn-a-Car, we do no credit checks at all. As long as you can put down a deposit and show proof of income, you can qualify for a rent-to-own deal.
In many respects, renting to own is similar to paying off a vehicle loan, but there is one crucial difference: interest. With a car loan, you are charged interest, which means you pay much more than the vehicle is worth in the long run. With a rent-to-own deal, you pay no interest at all, because you have not borrowed any money. You have not acquired any new debt; you are simply paying a rental over a certain period, after which, the car becomes yours.
Earn-a-Car offers pre-owned vehicles in top condition, with manageable monthly payments. With our rent-to-buy car finance option, you have the opportunity to get behind the wheel of a car you will eventually own! Instead of considering buying a new vehicle, come to Earn-a-Car for a rent-to-own option. To find out more about the benefits of rent-to-own cars, go to our website or give us a call today.