Are you looking to own your first car? Do you need to update your current vehicle? Sometimes, not everyone can qualify for standard financing options, especially if they haven’t built up a good credit score or don’t have a deposit. However, there is another option available by way of rent-to-own. At RentBuyIt, we make it easy and convenient for Australians to access a reliable brand-new or near-new vehicle without needing a perfect credit history or a large deposit. Here’s a straightforward guide on how to qualify for a rent-to-own car in Australia.

What is a Rent-to-Own Car?

Instead of buying a car outright or taking a car loan, you can rent the car with the intention of owning it in the future. You make fixed weekly payments, and after a certain period, the car can be yours. It’s flexible, affordable, and perfect if you don’t have a big deposit or the immediate means to get car finance.

Who is Eligible for the Scheme?

Rent-to-own is designed to be accessible to many people. You might qualify if you’ve had little opportunity to grow your credit score, or you simply want a quick, easy, and affordable way to get a car. You just need to be able to afford the payments and meet some basic criteria.

1. Age: You must be at least 21 years old to apply.
2. Proof of Income: You’ll need to be able to prove that you have a steady income to make your weekly payments. You should have a reliable source of income, and you will need to provide bank statements, payslips, and/or Centrelink statements as documentation of the money you have available.
3. Identification: You’ll need to provide 100 points of ID, like a driver’s licence or passport, to prove that you are who you say you are on your application.
4. Residency: You should be an Australian resident and be legally registered at your home address. Usually, you must also provide proof of your current residence, such as a utility bill or rental agreement.

Steps to Qualify for a Rent-to-Own Car

1. Work Out How Much You Can Afford to Pay
   Before applying, figure out what payments you can make on a weekly basis from your salary or other income. Rent-to-own payments are often lower than traditional car loans; however, it’s important to be realistic so you don’t overcommit and strain your finances as a result.
2. Prepare Your Documents
   Make sure you have your 100 points of ID, proof of income such as payslips, and proof of address ready. Having these documents on hand will speed up the application process.
3. Apply Online
   At RentBuyIt, you can easily submit your application online. The application will ask for your personal details, income information, and historical information through your banking after you’ve made an online enquiry on a vehicle of your choice in our car lists. You can select from a range of brand-new and near-new pre-owned vehicles. We offer reliable cars that suit different budgets and lifestyles in major cities, including Melbourne, Brisbane, Adelaide, and the Gold Coast.
4. Wait for Approval
   The approval process for rent-to-own is usually quicker than getting certified for a loan. We review your application to ensure you can afford the payments and meet the basic requirements.
5. Sign the Agreement and Start Driving
   After being approved, you’ll pay the deposit to secure the vehicle. You’ll then sign a simple rent-to-own vehicle contract electronically and then organise a time to arrange the pick up of your vehicle to get on the road!

What Happens After You Qualify?

Once you start your rent-to-own programme, you must make regular payments on your car as agreed in your contract. Over time, a portion of these payments will go towards owning the vehicle outright. You don’t have to worry about a lump sum deposit or complicated loans. When your payments are complete, the car is yours and yours alone.

If your situation changes, talk to us. We want to help you stay on the road.

Why Choose Rent-to-Own?

Drive Now, Own Later: You can start driving your car as soon as you’ve been approved, paid the deposit and collected it.

Simple Process: Easy application and quick approval. It’s a convenient route to car ownership.

Getting behind the wheel of your own car doesn’t have to be impossible. Contact us to learn more or start your application today!