|SHOULD YOU RENT-TO-OWN A CAR?|
|Posted on: Mar. 15, 2017 in Car Loans, Cars, Money|
You’ve probably heard of rent-to-own (RTO) programs for a variety of items – from furniture and appliances, all the way up to houses. But did you know you can also rent-to-own a car? These programs allow people to pay for a car, often on a weekly basis, until the car is paid in full. It may seem like a dream option if you’re low on funds or you have bad credit. However, there are some things to consider before you head down this road.
This option may seem very similar to leasing a car, but this is not the case. Here are a few major differences:
That last item is critically important. If you have bad credit and want to improve it, renting a car to own it probably won’t help. Leasing or even buying a car through a bad credit auto loan program can help set you back on a path to a better score, because each month you make a timely payment toward your lease or loan program, this will be reported to the credit bureaus. Takin a loan to buy a used car and paying it back properly could be an important step to repairing your credit.
Before you rent-to-own, consider buying used. If you’re worried your credit will keep you from getting approved, CreditYes can help with our bad credit auto loan program! We can match you with a dealership in your area that will be with you ever step of the way. Our service is fast and free. Fill out our secure online application and get behind the wheel of your next car today!