How to Negotiate Rent-to-Own Purchases
In order to negotiate on a rent-to-own vehicle, you need to fully understand what goes into the overall process and cost. Negotiations can often be more difficult with an RTO, since these vehicles are for people with little to no credit, and dealers will be less likely to budge. However, all dealers are different, and it never hurts to try. Here are the things you need to find out beforehand, so you can negotiate your contract.
Down payment amount – This can be either a set amount or a percentage of the vehicle's purchase price. You may be able to negotiate for a lower down payment, though this will increase your recurring payment and/or total number of payments.
Payment frequency and amount – You may be able to negotiate these if you bring more to the table upfront with your down payment.
Number of payments – Could be flexible, depending on what you're looking for. There could be different vehicles available for a shorter period of time.
Total cost over time – Be sure to know the total cost for a vehicle, including interest payments over time. Compare that total amount against the vehicle's current estimated value so you can evaluate whether the deal makes sense for you, or if there's any room to negotiate on purchase price.
Fees (ETFs, late fees, repo fees, etc.) – Many times, late fees and grace periods are something you can negotiate with a BHPH lender or rent-to-own lot.
Buyout options / final payment details – You may be able to negotiate a discount for paying off the total early, or for making your final payment ahead of time.
Rent to Own Car Dealerships Near You
Nobody said finding a rent to own a car dealership near you was going to be easy. That's where Auto Credit Express comes in. We have a nationwide network of dealers that specialize in special financing cases, much like yours.
A rent to own car dealership is very similar to in house financing car dealers in that they provide much, if not all, of the financing for a rent to own car on their own. They do not rely on third party lenders like banks, credit unions, or others. This means they typically offer no credit check rent to own cars which allow buyers who are facing credit challenges a better chance at getting approved for a rent to own car.
Final Thoughts: Know Before You Sign
Rent-to-own vehicles with no credit check or no down payment are typically marketed to borrowers with bad credit who are interested in skipping the credit check that comes along with traditional or subprime auto financing. Though this can seem like a good idea to get a vehicle in a pinch, you'll likely end up paying more for the vehicle than it's worth, simply due to the higher interest and frequent payments that offset the lack of a credit check.
If you're looking for a rent to own car dealership near you then submit a rent to own request and Auto Credit Express will connect you with a local rent to own car dealership near you. Understanding special finance and rent to own cars doesn't have to be hard, that's why we are here to help.
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