If you're experiencing bad credit issues, you are not alone. Many Americans are going through the same thing right now, due to the economic recession, which has caused people to lose their jobs, homes, and vehicles. Fortunately, there are ways to obtain the things you need for everyday life such as a car - even if you haven't been able to get approved for a bad credit auto loan you may be able to easily drive away in a rent to own cars through one of a local car lot.
A rent to own car is a vehicle that is sold to consumers under the conventional agreement that they will make weekly or biweekly payments for a fixed term, and at the end, they'll own the car. Generally, these arrangements require no credit check, making it easy for anyone with poor credit to get into a car they need, as long as they have a steady income and a stable residence.
As you can see, there are many differences between leasing a car and getting a rent to own car, but it's not all different. In fact, there a few similarities, such as they both come with fixed payments and the payment terms usually last between 2-3 years.
If you've ever financed or leased a car in the past, you may be wondering what the difference is between getting a rent to own vehicle and leasing a vehicle. There are a few major differences including:
Typically, the process involved in getting a RTO vehicle is pretty simple. You fill out our online RTO Finance Request Form to see what price range can fit into your monthly budget. We will then set you up with one of the hundreds of dealers in our network that is near your home town. You will visit the dealership, and meet with a salesperson that will help you choose the vehicle that fits your needs. Finally, you will place a down payment on that car, truck, or SUV.
You can then drive the vehicle home and make your biweekly or weekly payments right at the dealership. Most RTO auto financing agreements take a minimum of 12 months and a maximum of 36 months to complete. Each payment you make during that time is applied to the balance of the vehicle. So, at the end of the term, after paying any leftover balance between the car purchase price and the amount you've paid during your loan, you will own the car.
Suffering from bad credit can leave you feeling hopeless and stressed when looking for auto loans, but with a rent to own vehicle you don't have these worries. There are many benefits in our rent to own car programs to take advantage of when you have a low credit score.
Unfortunately, with all advantages must come disadvantages, and RTO programs are no different. Here are the minor downfalls of rent to own car lots:
If after seriously weighing the pros and cons of rent to own cars you decide this is the best option for you, you can apply online now. The RTO dealerships we work with are accredited and legitimate businesses, and are located throughout the United States and Canada.
The vehicles sold on a rent to own car lot are typically inspected by in-house mechanics before being put out on the lots; since you are renting the vehicle the car lot want to ensure that it is in good repair. This should give you the peace of mind that you are getting a rent to own car that is reliable, well running, and affordable.
Let us take the hassle out of financing. Get your new car today!