What is Rent-to-Own?

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Owning a car can be expensive – especially if you don’t have the cash to buy it outright. If you don’t have a credit history or if you have bad credit, it can seem like a lost cause. But really, all hope is not lost. There are still several solutions available, such as borrowing from friends or family, using a subprime auto loan, or rent-to-own.

Rent-to-own is becoming increasingly popular nowadays as it allows people to drive away with a car without breaking their bank accounts – and there’s the bonus of being able to exchange the car whenever they want for an upgraded model. No matter what your financial situation is, owning or renting a car doesn’t have to be out of reach!

What Is Rent-to-Own?

Rent-to-own has quickly become one of the best options for those without a great credit score to purchase a vehicle. Rent-to-own typically requires less paperwork and stress than getting a loan, almost making it as easy as showing proof of identity, residence, and income—which is much easier to provide than a credit check. It’s no wonder why this option has become so popular among buyers in recent years. Owning a car has never been simpler.

car rental in cape town

How does it work?

Rent-to-own financing is an alternative way to get your hands on the car of your dreams. By making a down payment and then paying periodic installments throughout the agreement, which can range from 48 to 60 months, you’re able to rent a vehicle before owning it outright.

As with any other type of loan, there are both good and bad aspects associated with rent-to-own financing. However, you should weigh the pros and cons carefully before proceeding; as once you have the car, you’re responsible for its maintenance and running costs!

How do I qualify?

It’s much easier than traditional car financing with far fewer documents needed to qualify. All you have to do is provide proof of residence, a payslip, and your ID – no extensive credit checks or additional paperwork! Rent-to-own also lets you budget for manageable monthly payments.

Who can Rent-to-Own?

Do you wish you could qualify for a new or used car but don’t have the stringent credit requirements required? Worry not! Wheelfin Rent-to-own vehicles may be the answer to your problem. Unlike loans, rent-to-own cars do not require a down payment and are far easier with fewer limitations. All you need is steady employment for at least 6 months, a valid driver’s license, and proof of full coverage insurance to qualify. So what are you waiting for?

 

Do you have a low credit rating?

Rent-to-own cars have a lot of great advantages, but the biggest benefit is that credit ratings are never an issue. Most people worry about their credit scores when it comes to getting a car loan, but if you go through rent-to-own, all that anxiety can disappear. No credit checks are needed whatsoever, and you’ll be able to get a car regardless of your credit history. 

 

Do you have proof of income?

Owning a car is a definite game-changer! You have the freedom to drive out when you feel like it, and an Earn-a-Car deal could get you your dream car more quickly than expected. One thing that you will need to take into consideration, however, is having proof of income to show that you can pay the monthly fee over the agreed rental period. Make sure to bring your recent payslips when you come in; if you are self-employed, bringing six months’ bank statements with you is key to our being able to provide you with our services. We want to help get you in that ideal car as soon as we can, so make sure to prepare by having all your documents ready!

 

Do you have a valid drivers license?

How exciting! You can finally put the stuffy approval process of conventional car financing behind you and drive away in the car of your dreams with a rent-to-own arrangement. All that’s required is a valid driver’s license and proof of income – no matter how bad or nonexistent your credit score may be. So don’t wait any longer to experience the thrill and convenience of getting into an affordable new set of wheels. Get started today and take it for a test drive!

pawn and drive my car

Let's look at the Advantages and Disadvantages

Advantages

No credit checks: It’s an amazing feeling to know that your financial past doesn’t have to determine your future. It’s a great idea to take advantage of these opportunities so that you can show prospective lenders that you do have good credit habits.

Ownership of the vehicle: After you have had fun with the vehicle, the end of the rental period is always an exciting time because it means that you get to own the car!

Disadvantages

No warranty: Typically, there is no warranty on a rent-to-own contract, meaning that any expense you incur in the event of a breakdown is yours to bear. It’s important to research the history and condition of the car before committing to a rent-to-own agreement to ensure you are getting a safe and reliable vehicle.

Overpriced cars: Rent-to-own cars can be an attractive option for people who need a car but don’t have the best credit scores. Understandably, dealers may price these cars higher since they won’t receive money from interest payments. That said, shoppers should always be sure to do their research to ensure they don’t pay more than necessary.

Key Takeaway

If you struggle with traditional car financing, you can benefit from rent-to-own cars, which provide a flexible and accessible solution. With the potential to lease and eventually own a vehicle, this option helps you overcome credit issues while still enjoying the benefits of car ownership. However, before committing, thoroughly analyse the terms and conditions, prices, and reliability of the rent-to-own arrangement, making sure that it aligns with your long-term financial goals.