Having a poor credit score presents a number of challenges when applying for vehicle loans with a poor credit history at most loan companies, but rent-to-own cars may offer excellent deals for people with very poor credit.
All we here at Auto Net Financial ask is that you allow us to assist you through auto financing process, as we have the means to direct you towards a local vehicle dealer that offers low credit financing and can provide you with rates that suit fit your income.
What are RTO Autos?
A rent-to-own vehicle is a type of automobile that select dealerships offer to consumers in a manner that is very similar to how we would normally rent a car. The clear difference is that the payments made on the vehicle during that term are placed towards the final purchase price, and in most cases the final payment means the buyer officially owns the car.
Another thing that makes these cars different is that buyers usually only need to make a suitable down payment for sub prime auto loans to the dealer, and then meet a weekly payment schedule towards their new RTO auto. It's also necessary to have proof of residency and income available with you as this will be utilized to confirm that a buyer’s monthly gross income is large enough to cover payments.
Benefits for People with Bad Credit
In many ways a rent-to-own car may seem similar to leasing a vehicle, but there are a few key differences that greatly benefit people with credit score problems, such as:
- No Credit Check Financing: Most rent-to-own auto dealers offer people the opportunity to get car loans with no credit check, which means a low credit rating won't keep you from acquiring an RTO vehicle, as there are few incentives offered at most dealerships.
- Payments Equal Ownership: Unlike leasing, payments that are made through out a renting term is treated much like a vehicle loan, where the money collected goes towards the final cost of the automobile.
- Cheaper Down Payments: Rent-to-own autos are usually quality pre-owned vehicles, which means that their overall cost will tend to be much lower than normal auto purchases.
Here at AutoNet Financial we help provide the best bad credit auto loan opportunities for people that earn over $1,500 per month, regardless of how long they have been on the job. We also offer helpful advice on local loan companies, credit repair, and tips for a great auto financing lifestyle that well help you finance a vehicle today.
