Deciding what you do with your money is a big decision – and a personal one at that. There are a variety of different financial mechanisms that can be used to fund the purchase of a car. Here’s how to know if a rent-to-buy car finance programme is a good idea for you:
• How Badly Do You Want a New Car?
Many rent-to-buy financing programmes offer pre-owned vehicles. If you want the latest model in a car, then you might have to opt for a brand-new vehicle. Keep in mind that the car will devalue the minute you drive it off the car dealership’s floor and that you may have to opt for financing from a bank instead.
• Do You Want to Avoid an Additional Line of Debt?
Traditional financing from a bank will mean that you have a new line of debt to your name. For many of us, this can be anxiety-inducing. With rent-to-buy vehicle financing programmes, you will be ‘renting’ your car until it is paid off, whereas you will be paying towards your debt if you took a vehicle financing loan from a bank.
• The Ability to Pull Out
With Earn-a-Car’s rent-to-buy programme, there’s a fixed rental payment and no hidden costs. To terminate the rental agreement, you only have to give one month’s notice. If you are cautious of financial commitments, then a rent-to-buy programme would probably work for you.
• Help to Maintain Your Vehicle
Do you foresee that you will need financial help to maintain your vehicle? Earn-a-Car offers comprehensive accident cover and a portion of your monthly rental will be kept aside to assist you to service and maintain your vehicle. With a car from a dealership, you will mostly be on your own, unless you have a mechanical warranty on your car.
Need more information about rent-to-own financing? Then contact Earn-a-Car, one of the leading vehicle financing companies in SA today.