Owning a vehicle is a necessity to life; you can't do your daily functions or make any kind of income without one. Not everyone can throw down the money at one time for a new car though. These people, who can't pay off a car right away, will then decide to go get an auto loan usually. Against what most people think, getting financing is not your only option. This alternative option that most people don't know about is getting a rent to own car.
A rent to own car is exactly what it sounds like, you will rent the car but the payments go towards owning it. Many car lots will offer this option of monthly payments where the consumer will care for the vehicle until they own it. This is not an uncommon way to purchase things; it has been used with furniture, home appliances, and electronics for years and just now become popular with the auto industry.
Rent to own car lots are not excessively common, but are not exactly difficult to track down either. A lot of dealerships will offer a rent to own deal, but do not necessarily advertise it. To find out if a dealership near you does this, all you have to do is simply ask them. Also there are online sites that will direct you to dealers that deal with rent to own car deals.
Some people take out rent to own auto loans, but it is very unconventional. This is because the whole purpose of rent to own is that you can afford the monthly payments so there is no need for a loan. But some people think it is easier to get smaller payments on a loan and then use the rest slowly to pay off their monthly rental payments.
There are some things to be aware of before deciding to go with a rent to own deal. Rent to own dealers will usually add on hidden fees, so be sure to go over every little thing on the deal. Also make sure you will never have trouble making payments because until the car is paid off there is a GPS device that the dealer can shut down your vehicle with, even as quick as one day after their payment is late.