Rent-to-own car lots are a viable option for credit challenged consumers. Although rent-to-own car dealers can get you approved you still need to beware that nothing comes without a cost.
Here is How Rent-To-Own Car Lots Work:
When you choose to get a vehicle from a rent-to-own dealer, the process will be similar to purchasing a car from a traditional dealer aside from the paperwork required to obtain the car and the frequency that you will be required to make payments. Essentially you are able to pick a vehicle and get approved without a credit check and/or without enduring the other hassles associated with meeting traditional auto financing requirements. Then as you make weekly “rental” payments they are applied towards the cost of purchasing the vehicle at a later date.
Basic Rent-to-Own Car Dealer Requirements
You will need to produce a valid state driver’s license, documentation that you are employed with qualifying income, proof of residency, and you may or may not be required to have a down payment. Some rent-to-own dealers may also require a list of references.
Benefits of Rent-to-Own Car Programs
- No credit check is required
- Rent-to-own car programs are better than traditional car rental programs because the payments are used towards purchasing the vehicle.
- Rent-to-own vehicles can be turned in at any time without a penalty.
Drawbacks of Rent-to-Own Vehicle Plans
- Higher payments than traditional auto loans.
- Generally, rent-to-own cars are used and do NOT include warranties.
- The frequency in which applicants are required to make payments can be cumbersome.
Freedom Auto Financing Takes The Stress out of Car Buying
Freedom Auto Financing has relationships with all types of lenders and dealers throughout the country. Apply in one place from the comfort of your home and get multiple viable offers within 24 hours. Apply now – it’s free, fast, and doesn’t require a commitment from you.August 18, 2014