For people with damaged credit who are uncertain about how long they may need a car in the Windy City, rent-to-own dealerships may be a perfect solution. Chicago rent-to-own car dealers can help people acquire a vehicle even when they have credit problems.
These types of programs generally assist families with no credit or bad credit, and can help people who have had bankruptcy, charge-offs, or repossession get back on the road quickly.
Rent-to-own programs in Chicago generally offer used vehicles, with payments due weekly or bi-weekly. The process is very similar to the one that might be utilized by a buy here pay here dealership. However, unlike BHPH dealerships, they offer the additional flexibility of allowing you to return the vehicle and simply pay what you owe up to that point. This can be advantageous if you commute from the south suburbs or northwest Indiana, but are uncertain of how long you'll need a car, or if you have a job, but are worried it won't last.
Unlike a pure rental arrangement, rent-to-own auto dealers also offer you the advantage of being able to own your vehicle at the end of the contract term. A part of your weekly or bi-weekly payments goes towards the ownership of the car, unlike a new car lease where you would have to pay a sizeable buyout at the end.
Just be sure you understand your rent to own vehicle contract thoroughly. While there won't be mileage restrictions if you end up buying out your vehicle, you may find yourself paying over-mileage fees if you've driven the car extensively and decide to turn it in early, just as you would on a leased car. Also, because these are often used cars without warranties, be sure to get estimates on how much the basic repairs will cost.
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The biggest advantage of renting to own a car in Chicago is that everyone qualifies, no matter what their credit looks like. So, if you live on the west side and have terrible credit, you can get the same deal as someone with marginal credit would on the south side. In fact, many Illinois RTO car lots won't even run a credit check on you, requiring instead only a down payment, proof of income, and identification before signing. Of course, the trade off here is that rent-to-own financing may not help you rebuild your credit score. So, if you are primarily concerned with rebuilding your credit, you should maybe consider one of our Chicago car financing programs.
Fortunately, here at Auto Credit Express, we have solutions for every credit situation. To get started, simply fill out our quick, loan request form to see what you can be approved for.