Even though we may have covered this topic in previous blogs, we still constantly get asked by customers and potential clients about the ins and outs of what renting to buy a car actually means. You can never be too informed, so we figured we do a quick summary for you again on the ABCs of rent to buy car contracts, how the process works and what is included in a rental contract. First off, let’s understand again what rent to buy actually means.
What does Rent to Buy mean when looking for a car?
The name of this type of car contract really says it all. This type of contract is one which enables a client to rent a car for a certain time period, and at the end of which (after paying the regular monthly rental instalments and exercising the buy-out option) will own the car in question.
Here are the ABCs of rent to buy contracts;
A is for Approval
In the beginning of a rent to buy contract, as with any contract really, you need to be pre-approved or gain approval that you are eligible to enter in the contract. Luckily, with Future Motor Lease, our pre-approval process is quick, simple and doesn’t entail long and tedious financial paperwork. You can simply apply online and be pre-approved within 24 hours. You will just need to submit a few supporting documents to finalize your application.
B is for Best Car for You
Choosing the best car for you is the next step in the rent to buy process. You will need to decide what type of car you would like the contract to cover based on your day-to-day needs. For working professionals who simply need a small run-around car to get them to the Gautrain station and back and to friends houses on weekends, they are happy with a compact sedan. A tradesman who spends all day in his car driving from job to job, a tough, dependable bakkie would be the better option.
C is for Confirmation
Now that you have been pre-approved and decided on the car that works for you, you will need to confirm the rental contract and pay the activation fee as well as the first month’s rent upfront to secure the deal.
D is for Drive
Time to get in your new rent to buy car and drive!
What is included in the rent to buy contract?
Many customers want to know what is included in the rent to buy contract. When signing with specialists like Future Motor Lease, you can expect the following to be included in your rent to buy contract:
- Monthly car insurance premiums
- 24Hr Roadside Assistance
- Tracker
- Vehicle License Renewals
To apply with Future Motor Lease today and take the first step in your rent to buy journey, click here.
For more information on rent to own contracts, chat to the experts at Future Motor Lease now or call us on 011 026 0003.