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Renting a car is often the only obstacle in some people's minds to making their dream of owning a new or used vehicle come true. For many, it might be the difference between driving off in that brand new car, SUV, or truck they've always wanted and not being able to do so because money is an issue. It also gives people more time on their end to save up for something they want without needing to rush into anything right away.

How Do Know The Eligibility For Renting To Buy A Car?

"A rent-to-own car enables an individual who don't have enough money for buying a new or used car outright installment payments that accumulate installment sale contract between them and the dealer. The consumer's credit history may be checked by the business before finalizing a lease offer."

Renting to own a car or truck?

The monthly payments, as well as the down payment on your vehicle, which you'll often time, come with some extra bells and whistles. Leasing is probably more expensive than buying if you use up the miles at rental rates of $50 per day; expect to pay around $5-$8 per mile.

You can also avoid this fee by renting an unfinished model (a base model) and adding options later on. This option, however, will likely require a good amount of cash up-front to cover these additional costs, but there might still be finance options available for those who prefer them. With leasing, ownership is temporary and clear evidence that the company is doing everything it can to keep costs down.

"It is a good option to buy a new car if you have not enough cash to buying it."

The rent-to-own process: How does it work?

Typically, the dealer purchases people's current vehicle and uses this as part of their down payment, along with a portion of the monthly payments in order to get the deal rolling.

At this point, equity has built up in your original used vehicle, and you can sell it to the dealer or trade-in for another model. Renting to own could be a great option if you're looking for a well-priced vehicle that comes with a complimentary factory warranty.

One main benefit of leasing is its flexibility. Say for example, after two years when your lease agreement is over, you no longer want or can afford to make the monthly payments anymore; dealers are able to help with sales solutions in some states including outright purchases or an extension of the lease period.