Rent-to-Own What is the Process

 

Getting from one place to the next without a car can be challenging, especially when you commute to work or have children that need to get to school and back. A car is not a cheap investment but is often a necessary one, and most people will need to pay it off over several years. There is a viable alternative available to South African drivers who may not qualify for financing or vehicle loans, through renting-to-own a vehicle. The Rent-to-Own Process is straightforward and trusted, and we have worked with individuals with varied needs to help them own the car of their dreams.

To begin with, evaluate your finances carefully and consider what exactly you’re able to afford each month towards your rent-to-own vehicle. It is important that you’re realistic about what you’re able to pay back as a fixed monthly instalment, as the Rent-to-Own Process does not involve credit checks and even those who are blacklisted or have bad credit scores can qualify. You’re responsible for your payments, and as long as you make them on time every month you’re well on your way to owning a car after the payment period is up. Another cost to keep in mind is the upfront payment of R3500, which we require as a finder’s fee towards admin and registration.

Once you’ve concluded what you can reasonably afford, apply through our website to find out if you qualify for our rent-to-own service, or get in touch with a member of our professional Car Finance team. You’ll be financing the car until it becomes yours, so you cannot miss any payments or you risk losing all that you’ve invested towards the car so far. The monthly payment you agree to will also go towards a tracker system and insurance. Usually, the payment period stretches over 60 months or less and once complete, the vehicle can be yours after making an extra payment at the end, with is the final cost involved.

In order for us to assess your application for the Rent-to-Own process, we require your current proof of address, a copy of your driver’s license/ID, proof of income and 3 months bank statements (stamped). If you plan to rent-to-own with your spouse, we will require this documentation for you both.When we check to see if you qualify, we will also draw up a list of cars that you’re able to choose from, from our wide selection of quality assured and roadworthy vehicles. For many consumers with tainted credit, owning a car is made all the more complicated – at Car Finance, we go out of our way to keep the Rent-to-Own process as manageable as possible for you.