Can Rent to Own Auto Financing in Washington DC Help You?

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Washington, DC has a very user friendly public transportation system. But if you live far enough out in Arlington or Alexandria, you may not be able to take the Metro to work every day. You're going to need your own vehicle.

What is Rent to Own Financing?

Dealerships that offer rent to own plans allow you to "rent" a car for a set term. And, during this time period, you make weekly, biweekly or monthly payments (your payments will typically coincide with your pay days) directly to the dealer. A portion of each of these payments goes towards the price of the car, and if you make every single payment outlined in your contract, you own the car in the end. It's just that simple.

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Who Qualifies?

It is fairly easy to qualify for a rent to own contract, even if you have repossession, bankruptcy or charge-offs on your credit report. This is because rent to own dealers don't use third party lender, so they don't do credit checks on their customers. Regardless of what has happened in your financial past, as long as you meet certain qualifications, you are eligible for rent to own financing. The typical requirements are: Proof of a steady income, proof of residency and a valid photo ID.

The Vehicles Available

Most rent to own dealerships specialize in financing used cars, so you shouldn't expect to be offered a factory fresh vehicle if you are pursuing this kind of arrangement. When you go step onto a rent to own lot, you will first set down with your salesperson and figure out exactly how much you can afford to spend on a car on a weekly, biweekly or monthly basis. After this amount has been determined, you will then be able to choose from the cars that you can afford. While it may seem that this method greatly limits your options, at least you won't run the risk of falling in love with a certain vehicle only to discover later that it is completely out of your price range.

Rent to Own Advantages

Choosing this option means that you'll be walking into the process with the security of knowing that your less than perfect credit won't prevent you from buying the car that you need. As long as you can prove that you can pay for the car, you'll be given a chance to own the car. Also, your payments will be tailored to fit your income, so you won't have to be concerned about committing to more than you can afford. And many buyers who have struggled with paying bills in the past find that having payment dates correspond with pay days makes it easier to remember when the installments are due.

The Disadvantages

so you'll probably end up paying more for your vehicle than it is actually worth. Also, because of the nature of a rent to own contract, many dealers install their vehicles with GPS trackers and "kill switches." This is so that, if you miss a payment, the dealer can remotely disable the car until you make your payment. If you pay the installment, you'll be given a code to restart the vehicle, and if you choose to not pay, the car will be repossessed. In addition, you should keep in mind that many rent to own dealerships still do not regularly report timely payments to the three major credit bureaus. This would mean that your good payment behavior would do nothing to improve your credit score. If possible, you should try to work with a rent to own dealership that will report your payments.

We're Here to Help

Sometimes, it can be difficult to find a reputable rent to own dealership in the Washington, DC area. However, the experts at Auto Credit Express will only connect you with the most trustworthy and reputable lenders near Adam's Morgan, Dupont Circle or Georgetown. We'll do the legwork for you and let you focus on having a stress free car buying experience. Just fill out our fast and secure loan request form to find out how much you can be approved for, and you'll be back on the road before you know it.

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as of 04/17/2024