Are rent-to-own cars a good idea?

A rent-to-own car deal may not save you money, but it may be a viable option, depending on your weekly budget. You will also likely find it easier to get out of a rental contract than a subprime loan.

How does rent-to-own cars work in South Africa?

The idea of rent-to-own financing is that you can rent a vehicle for a set period of time, after which it becomes yours. Generally, buyers put down a deposit and then make payments on a weekly or monthly basis. They rent the car for an agreed-upon period, usually 12, 24, 36, 48, or 60 months.

Does we buy cars offer rent-to-own?

Can I buy a car on Rent to Own? No, we do not offer vehicles on a rent to own basis.

Why rent-to-own is bad?

Rent-to-own homes come with a significant risk to buyers. If the owner of the property gets foreclosed on, you’re going to be forced to leave. The contract with be forfeited, and you’ll have to buy the home from the bank. You may be able to get approved for a home even with bad credit.

Can I lease a car with a 500 credit score?

Leasing is normally reserved for borrowers with great credit. Qualifying for a leased vehicle with a credit score lower than around 660 is going to be hard – let alone qualifying for a lease with a score of 500.

Is rent-to-own expensive?

You’re concerned about cost. Although the weekly payments are low, rent-to-own goods often end up costing much more in the long run than the item itself. These business charge exuberant interest rates, so if you can wait to buy that new couch or TV and can put it on layaway instead, you should.

What documents do I need to buy a car cash in South Africa?

If you buy a car in South Africa from a registered dealership, it should come with a roadworthy certificate, its previous owner’s details and proof of payment. In addition, you’ll also need your passport, foreign driving license, proof of residence, and your traffic register number.

Which is the best rent to own car company in Cape Town?

Wheelfin specialises in alternative vehicle solutions and is the leading Rent to Own Car Company in Cape Town and the Western Cape. With more than 200 rent to own vehicles, we provide clients with an affordable alternative to traditional bank finance.

Can you rent a car in South Africa?

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Which is the best company to rent your own car?

Rent-to-own is an alternative to get your own wheels. “Rent your Own” allows a client to use their own vehicle as security in order to obtain a cash amount upfront, whilst still driving the same vehicle. Wheelfin specialises in alternative vehicle solutions and is the leading Rent to Own Car Company in Cape Town and the Western Cape.

How does a rent to own car work?

With “Rent to Own” cars or “Rent to Buy” cars as it is also referred to, the client rents a vehicle over a fixed period of time at a fixed monthly installment and then becomes the legal owner of that vehicle at the end of the rental period. The monthly payment includes insurance, free servicing of vehicle, tracker and annual licencing.