Features and Benefits of Rent to Own Contracts

Signing rent to own agreement form does commit you to making certain payments over a defined period but also gives you the opportunity to eventually own the vehicle you are renting. This type of agreement has several advantages over a traditional rental or purchase contract:

• You can obtain finance much easier than using traditional providers, such as banks, especially if you have a poor credit record.
• Credit checks are not as extensive so you’re more likely to qualify making this a great option for bad credit car finance.
  
  

You will have to complete an application form and provide proof of identity and residence as well as evidence of income to demonstrate you can afford to pay the agreed amounts. You may also have to pay an initial deposit, although much smaller than for a traditional purchase, and will pay fixed weekly payments which is more common for finance agreements.

A rent to own contract for vehicle acquisition sets out the terms of the agreement, including the number and frequency of payments and their respective amount over a set period. Once you’ve completed these payments over the full term of the agreement, the vehicle gets transferred into your name once you have attained a Roadworthy certificate and paid all the necessary statutory costs.