The Rental Lease option to buy a car is one of the hottest topics in the car world today. The rental lease option to buy a car is an option that comes with many new vehicles and is gaining popularity because it can save money over leasing or buying outright. Understanding what this option means and how it works can be confusing, but when you know it, you will see the benefits of the Rental / Lease option to buy a car.
For some, the thought of buying a car is terrifying, and the price tag alone is enough to make you faint. You don’t have to save up for the initial cost of the car, but then you also have to come up with some cash to pay for insurance, gas, and maintenance.
The ability to buy a car without tying up your cash in down payment is an increasingly hot prospect for car buyers. Many dealerships offer zero-percent financing, and now there are even cars for sale with a rent-to-buy option.
Rent a Car with Option to Buy
But what if there was another option? What if you could rent a car and then buy it once you were ready? Sounds good, right?
Though it’s not precisely a new concept, the option to buy a car from a rental company isn’t something that many people know about. However, with so many companies offering this type of deal these days, it might be time for you to give it a try.
For example, when you rent a car from ridepartners.net, you can opt to buy the vehicle after your rental period ends. It gives you time to test drive the car and see if it’s really what you want before plunking down any cash. It’s sort of like a trial run on wheels, and best of all, no deposit or credit check is needed if you decide that this is the car for you at the end of your rental.
Lease a Car with Option to Buy
Consider entering into a lease agreement with an option to purchase if you want to get a new car but don’t have the cash or credit rating. This arrangement can benefit both parties if they enter into it with care. A car lease is similar to any other lease agreement, except that the vehicle owner allows another person to use the vehicle under certain conditions for an agreed-upon amount of time. The driver takes on the responsibilities of keeping up the lease payments and returning the vehicle at the end of the lease agreement in good condition.
The lease-to-buy concept has been extended to buying homes and cars to complicate matters further. The monthly payments on price-based loans are calculated with the purchase price rather than the cash value.
The upshot is that you’re essentially renting a car or home until you can afford to buy it. Such deals are bound to be more expensive than traditional leases or purchases because they include financing costs and profit margins for the dealer or lender.
Why does this matter? Because in many cases, your monthly payments will be substantially higher than if you just bought the car or house outright — with no financing whatsoever. If you’re willing to wait until you have the cash to buy something, don’t sign up for any deal that doesn’t have a traditional purchase option?
If you choose to lease-to-own your car, make sure you understand all of the terms before you sign on the dotted line. You might find that it’s cheaper to pay cash for what you want in the first place.
Bottom Line: If you the type of person with the desire to own a car but don’t have enough cash, then rental lease option to buy a car is perfect for you.
