So you badly need a car but couldn’t afford? No need to worry as rent-to-own cars are widely available and quite a convenient option for all those who lack cash for a shimmering, new vehicle. Contract is slightly different than the usual lease as you actually own the car by end of the term. However, you should purchase or trade at end of the lease period. Payments on rent-to-own cars are supple that allows weekly, bi-weekly or monthly payment relief. If you think this is just for you, investigate dealership to ensure its legitimacy, request test-drive and have it checked by a mechanic. For more details, consider the following steps.
1. Begin your search
Start looking for a car dealer who’s good and genuine. If there’s any agency dealing with car rental, lease or buy in your vicinity, better check but make sure they’re reputable. Do you know someone who has already purchased a vehicle from the dealer? If yes, get in touch and ask about their experience and that’s the best reference you can find. A good dealer always helps you search for a vehicle that fits perfectly with your budget and probably every need. Scoot the market carefully for good offers and convenient payment plans. Have a one-on-one meeting with sales manager for details to ensure you’re pursuing in the right direction.
2. Select a vehicle
Prior selecting the vehicle, highlight your needs and your family’s as well. Determine how much you’ll travel daily, fuel consumption, engine performance and all. Calculate vehicle and fuel cost for assurance if they fall right in your budget. After choosing a vehicle, ask permission for test-drive to know about your choice.
3. Talk out the agreement
The next step involves talking to the sales manager and find out all the details of the rent-to-own car agreement. This includes repairs, insurance, warranty and finance while ask details for both new and used vehicle as warranty may still be effective. Try to get yourself a car that’s insured so you don’t have to pay extra.
Settle upon payment terms, deposit and first installment and all. Once getting all the information precisely, you can easily determine whether the deal is in your favor or against. Remember, such agreements may change from one country to another like if you’re going for car leasing in Qatar, learn about the rules of contract of the place!
Healthy negotiation is an art of getting the right thing at the right price, be it a car rent-to-own deal. Price of the vehicle itself is rental charge but dealer would charge interest as usual. The outcome would be a price bomb that you’ve to pay but wait, have you tried bargaining? If not, better do it and lest you’re not good at negotiation, take someone along having experience dealing with car rental matters. This goes double when you’re in a foreign state where not only vehicle rental but driving rules are like chalk and cheese.
5. Signing the agreement
Gather all the information and get your queries answered before signing the agreement. Don’t rush onto things and most importantly, never make a deal with a pushy sales manager as it’s probably a sign of something fishy! Make sure you’ve all the required paperwork, proof of insurance and driver’s license. If, for instance you rent a car in Doha, better check the driving laws of UAE that’s quite different than US.
Finally, you’re all set to pursue for rent-to-own car agreement! Go through the above steps carefully and have a safe drive!