0450 026 435 admin@loanangel.com.au

Get the best loan rates

THROUGH US

 

Get Loan Quotes

We will call you back right away!


 Why Choose Rent to Own Car Finance?


There can be no doubt that for most people, owning a car is not just a luxury, it is a family need. Whether for traveling to work each morning, taking the kids to school, doing the family shopping, or whatever other reason. Having a car in your life simply makes it easier.
Unfortunately, many people cannot afford the full cash purchase price of a new car. Often, they cannot afford a decent used car. This leaves them with two options. Either take out some form of car financing or settle for an older, potentially problematic used vehicle.
Both of these options have downsides. In the case of buying a cheap second-hand car, what happens when it breaks down at a critical time? That piece of junk you had to buy could let you down at any time and be expensive to repair. The finance option is good for some people, but what about those who have bad credit car loan finance? They could go for a high-interest rate bad credit car loan, but these can work out to be expensive. What we have to offer is another option. Rent to buy car finance.

What is Rent to Buy Car Finance?

In order to explain just what rent to buy vehicle finance is, let’s take a look at the traditional ways people fund a new car purchase and highlight the downside with each of them.
Cash purchase – the car owner simply uses their cash on hand to buy the vehicle outright. The downside here is that the buyer can only buy a vehicle that they can afford. This might mean they have to purchase an older, unreliable car that will be expensive to maintain.
Car loan – for people who would like to buy a new or high-quality used car who don’t have the cash to do so, a standard loan is an option. However, the downside is that for many people, those with a bad credit history, this means taking on expensive bad credit finance at a high interest rate.
Vehicle leasing – a good option for some people who like things simple. You pay a single payment every month, and you drive the car you want. The downside with this option is that you never own the vehicle you are leasing. Once the lease term is over your driveway will be empty unless you renew the lease.
So, we can see that each of the three traditional routes for purchasing a car each how at least one downside. Now let’s explain how rent to buy car finance is different.
With the rent to buy option, you get to drive the car you want, and you only have to pay a minimal deposit. You then make monthly repayments just like you would with a loan or vehicle lease. At the end of the finance term, the vehicle is yours to keep, unlike leasing.
Because we own the car for the duration of the finance term, we don’t worry about credit score. The car remains our property until you make the final payment, and then we transfer ownership to you. So, rent to buy solves all of the problems inherent in other ways to buy a vehicle.

What are the Benefits of Rent to Buy Car Finance?

We looked at the downside of other types of vehicle finance above. Now let’s look at the major benefits of choosing the buy to rent option:
• Credit rating not a consideration – we can offer rent to buy finance to people with a poor credit history, as we own the vehicle until it is paid for, which negates risk for us.
• Easy payment schedule – you simply pay a fixed sum regularly, which helps you to budget your own cash flow. No hidden costs and no extra charges.
• The car is yours at the end of the finance term – once you have made the final payment on your rent to buy finance, the car is yours. Whether you keep it or sell and buy a newer car is up to you.
• Drive the care you want not the car you can afford – if you don’t have enough cash to buy your preferred car, and you can’t get regular finance, rent to buy gives you a way to drive the vehicle you want without taking out expensive bad credit finance.

How does Rent to Buy Car Finance Work?

The end-to-end process for applying for and then continuing with rent to buy car finance is very simple:
1. Decide upon the car you want.
2. Give us details about who you are, what you earn and other key facts.
3. We will try and find the car you want at the right price.
4. You pay a small deposit and then begin making regular rental payments.
5. Once the rental term is over, we transfer ownership of the car to you.
That’s all there is to it. Simple and straightforward. A painless way to start driving the car you want regardless of how much cash you have on hand and your credit history.

Why Choose Us for Your Rent to Own Car Finance?

We are a reputable rent to own car finance company with years of experience. When you come to us, you know you are dealing with a professional team that always has your best interests at heart.
Because we don’t rely on the decision of any one lender, we have the flexibility to help even people with the most complex problems gain access to the car they need.
Put simply, if you need rent to buy car financing, we are the best there is. Contact us today to find out how we can help.

Share This