Unlike traditional car leases, this rent-to-own option offers a bit more flexibility. Many rent-to-own car companies sell both brand new and used vehicles which anyone can purchase without a credit check and with little or no money down.

Many rent-to-own vehicles in Brisbane and Melbourne offer flexible payments terms for a certain period. And as soon as you complete your final payment, you own the vehicle free and clear.

Rent to Own Car Companies in Brisbane and Melbourne that Accept Bad Credit

CarCoop is one of the very few rent-to-own car companies in Brisbane and Melbourne where Australians can get cars even with bad credits. Unlike other companies, you can also just walk into our office and drive home a car right away if you meet the criteria and pay the minimal upfront deposit for the car you’re approved for.

For you to get a rent to own vehicle, you will enter a contract to make minimum rental payments for a specific period. Your vehicle will become yours permanently once you fulfil the terms of the service, if your account is up to date and pay the balloon payment which can be as little as $1.00.

As with any rental, if you are late or miss a payment, the company can repossess the car. Your rent-to-own agreement will end as well and any money you put into the vehicle will be lost.

Can Rent-To-Own Be Regarded as Lease-To-Own?

Oftentimes, Rent-to-Own gets confused with Lease-to-Own. Even though they sound the same, there are differences between them. In the traditional leasing model, they typically lease a new vehicle with a full warranty and low mileage. There is an agreed-upon monthly payment plan and there is an agreed-upon number of miles that can be added to the car.

A lessee can return the leased vehicles without any questions asked at the end of the lease term. They will need a purchase agreement if they desire to keep the car. Whereas Rent-to-own agreements provide the purchaser with no guarantee or warranty on the used vehicle. Repairs must be made by the renter if anything goes wrong with the car after it leaves the lot.

Most of these agreements require weekly, fortnightly, or monthly payments. However, the car remains the property of the dealer during the payment period. You become the owner of the vehicle as soon as you make the final agreed-upon payment to the dealer. You lose interest in the purchase if you stop making payments or simply miss them during the rental period.\

Conclusion

Rent-to-own is one of your best options if you don’t have a good credit history or any money to purchase a vehicle.