Have you been blacklisted because of a poor loan history and hence not qualifying to get financed for your own car? If yes, then you need not get disappointed. There are numerous companies that have come up with rent to buy car facilities. This allows people with not so good looking credit history to buy affordable cars. There are no complications in this kind of facility. None of your credit histories will be checked. Only your affordability will decide what kind of car you can rent to buy so that when you have a stable income later, you can own the car once and for all.
How to rent to buy
The procedure is quite simple. There is a lease application process that needs to be completed first. Your first payment will be decided by the company who is providing the rent to buy car opportunity. Depending on what car you are choosing and your affordability, the amount is decided. You will have to pay the decided amount along with the first month’s rental fee. The rental will be decided on a pro-rata basis. Once the paperwork and payment are complete, you can drive the car home.
Important terms and conditions
The terms and conditions are lucid enough for everyone to understand. Depending on your affordability, you will be able to choose the car you want. After that, you will have to specify if you would want to buy the car at the end of the lease or sell it to the company from whom you are leasing it. This is important because it is also another factor that decides how much rental you have to pay every month and also the time span of the rental changes with this decision. Normally, the total period to pay for the total rental is 48 months.
After you have driven your car back home and given it a few rides, you need to make sure that the car is well maintained and serviced for the number of years for which you will be paying the rent. A damaged car or non-serviced car will not help you get a lot of money if you have decided to sell the car in the first place. Even if you have decided to buy the car after the rental period is over, you need to bring the car at the time of completing the final rental. This will help the company to decide if you will be eligible for another rent to buy facility in future or not.
Why opt for rent to buy cars
It is always better to have something instead of nothing, right? With a poor credit history, it is almost impossible to get loan for a new car. But, if you have longed to get a car of your own and think that you will be able to afford one, then you got to grab the rent to buy car opportunity. There are various cars that you can pick from. It may not be the most high-end car with super-luxurious facilities but it would be enough to fulfill your needs in every way.