Because of this, we’ve partnered with over 600 car dealerships selling new and pre-owned vehicles across South Africa and provide rent-to-own deals to South African individuals. We know that getting a car for an affordable price can be challenging. It’s important to keep in mind that late payments do incur extra fees.Īt Planet42, we strive to make securing a car as affordable as possible. You only pay for the total price of the vehicle in monthly or weekly payments over a period of time. If you wish, you can also buy the car out at any point during your rental period. You get to own your vehicle at the end of the rental term provided that you’ve made all of the necessary payments and bought the car out at the end of the rental period.This makes qualifying for a rent-to-own vehicle easier than qualifying for a bank loan. You don’t need to have a superb credit score to qualify for a rent-to-own vehicle since the approval rates are higher.Leasing can be an economical option for someone who wants to switch cars every couple of years, however, it still requires a good credit score. If you have bad credit, then chances are you won’t get a sweet deal on monthly payments for leasing, or worst-case scenario, you won’t get any deal at all. With leasing you’ll most likely be taking a loan out from a credit provider. Rent-to-own is quite similar to leasing except that at the end of the renting period, a portion of your payment will go towards buying out the car in full. How is Rent-To-Own Different from Leasing? You’ll need to make a deposit.After paying monthly or weekly sums for a period of time, the car will become yours! This makes it the perfect option for someone who needs a car but can’t afford to buy it upfront or has a poor credit score.
Payments are typically made on a weekly or monthly basis to the car dealership directly and there are no interest costs. One of the benefits of a rent-to-own car is that you can get one without a credit check, all you need to show is proof of identity, residence, and income. Rent-to-own deals allow you to buy a car by paying for it in monthly payments until you’re able to buy out the car fully. This makes rent-to-own deals look like the better option.
If you have a poor credit score or no credit score at all, you might not get the best car loan which means that you’ll end up paying a higher interest rate. Rent-to-own cars allow you to secure a ride without needing to go to the bank for a loan and spending a lot of money upfront. If you have a poor credit score or can’t afford to shell out the cash necessary right now to buy a car, then your best bet is to look for rent-to-own options.
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