There are many reasons that consumers turn to rent to own vehicles. While the idea of renting may seem like an odd way to purchase a car, it is actually becoming an increasingly popular option for people who cannot afford huge down payments or who do not have perfect credit.
" We're here to help you find the perfect auto loan with your unique credit circumstances. We will make sure that everything is taken care of for it to be as easy and stress-free possible!"
Aside from these situations, others simply choose to rent in order to test drive a particular model before committing themselves to own one. Renting can also be beneficial for those who want access to certain models without having the hassle of buying and selling when it comes time for them to change their vehicles.
Renting cars with special features can be helpful in some instances. There are even certain luxury cars that consumers can only lease by paying the entire price upfront - unless they sign up for a rent-to-own plan. In these cases, it can be a good option to use car leasing as a way to have the convenience of driving the car for an extended period of time without receiving those back-end costs at once.
What are some cons of renting cars?
However, there are also many drawbacks to consider when deciding whether or not a rent-to-own contract is right for you. First and foremost, unlike traditional leases or loans that facilitate temporary purchasing agreements, all vehicles sold through rent-to-own contracts will remain the property of the dealership throughout the course of your rental agreement.
This means you will not be able to trade in your vehicle after making sufficient payments toward ownership - making it very difficult for you to upgrade if something better comes along.
Further, all consumers should be made aware that those contracts often come with much steeper down payments and monthly rates than traditional leases or loans. They also require drivers to maintain perfect driving records in order to ensure they do not lose the vehicle due to a simple mistake on the road. In addition, customers who enter into a rent-to-own agreement will usually be required to pay for any damage their vehicles sustain while they are under contract - even if it is caused by something like an accident that was not their fault. This means you could end up paying for more than just the price of your monthly car payments, which can lead to very high costs over time.