Rent to own cars can be a great way to get the transportation you need at a price you can afford. Even if your credit is less than stellar, or you have issues some other sort of problem with leasing cars traditionally, there are some rent-to-own companies that may be able to help.
If affordability is important to you, here are some tips to finding the most affordable rent to own cars.
Do Your Research
The internet has made this sort of homework incredibly easy. You can learn about companies that interest you before you ever even speak with one of their employees by checking out their websites and reading reviews from past clients. If the information isn't readily available online, it's probably a good idea to look elsewhere for your car.
A company that doesn't care enough about its reputation or clientele to have an easily accessible website or perform regular client surveys is not likely to keep up on all the latest industry trends in auto leasing either, which means they might try to charge higher rates than necessary too.
When looking into companies offering rent-to-own cars, also make sure to ask about any fees you might incur throughout the leasing process. Look for companies that clearly outline all of their charges in advance. If they can't provide a list of fees upfront, it's probably worth considering another company.
Be Honest About Your Circumstances
The good news is that there are still some companies out there that offer rent-to-own cars for less than perfect credit situations or who work with borrowers who have had bankruptcy filings in the past. The not-so-great news is many of them have stringent requirements regarding things like income levels and down payments.
When looking at rent-to-own cars, be honest about your circumstances with any representatives you speak with on the phone or online - they have to tell you if they don't think you qualify. If a company won't work with you after finding out all of the details, it's better to know now rather than later.
Don't Be Afraid To Negotiate
Rent-to-own car companies are businesses, and like most businesses, they want to make as much money as possible – at least in theory. In practice, however, many rent-to-own dealerships will alter their prices based on demand for specific vehicles and other factors to try and increase their profit margins or encourage more people into certain cars that might otherwise be less popular.
If one company is offering a vehicle that interests you slightly higher than another company but has an abundance of that sort of car available, you might be able to negotiate a better deal. This doesn't work in every situation, so don't be afraid to ask for discounts or try and barter if the price seems unfairly high.
Don't Be Afraid To Walk Away
If there's one thing you should remember when looking at rent-to-own cars, it's that this isn't leasing. There are no dealer fees tacked on for walking away early or penalties for returning the vehicle before your contract is up - which means you can take your time deciding whether or not this dealership is right for you without worrying about wasting money.