Rent to Own a Car: A Comprehensive Guide

Are you having trouble getting finance for a new or used car? Are your loan applications getting rejected because you have no credit history, are under debt review, or have been blacklisted? The good news is that there is still hope, and it is called rent to own! It allows you to rent a vehicle for a specific time, after which you take ownership of it.

We believe that everyone deserves to drive their own car, even if they cannot get financed. Why not rent a car on a month-to-month basis and keep it after 5 or 6 years?

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happy man owning a car

How does rent to own car work?

Rent to own allows you to rent a vehicle on a long-term basis. Depending on the dealership, this can be up to 60 months (5 years) or even 72 months (6 years). After this period, the car is yours – just like when you purchase it through a bank.

Why rent to own?

To be able to get a loan from any financial institution, you must have a good credit record. This means that you must have debt and pay it back on a monthly basis.

Many people do not have debt. Others own their own business and are considered “high risk.” Some have had financial issues in the past, and are now under debt review, or may even be blacklisted. This is life, and it happens. Financial institutions, however, will not see it that way, and will simply reject your loan applications – no matter how desperately you need to get that car.

Can I buy a car if I’m blacklisted?

Yes, you can. You would not be able to get a loan from a financial institution to purchase a vehicle. You should, however, be able to rent-to-own a car as long as you have a monthly income, a valid South African ID, a driver’s license, and no criminal record.

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What are the advantages of rent to own?

Here are some of the benefits offered by some of the dealerships:

  1. No credit check is necessary.
  2. Fixed monthly installments for the duration you rent the vehicle.
  3. There is no remainder or balloon payments.
  4. No interest.
  5. Breakdown coverage and roadside assistance is usually included in your monthly installment
  6. Comprehensive insurance is included in the price.
  7. A comprehensive warranty is normally included.
  8. A tracker will already be fitted into the vehicle.
  9. An amount will be used from your monthly installments for services and maintenance of the vehicle.
  10. You can get your vehicle on as little as one working day.

Rent to own

What are the disadvantages of rent to buy?

  1. There is a deposit/admin fee payable in the beginning. This can be anywhere from R8,000 to R20,000, depending on the dealer.
  2. Some dealers only permit a driving distance of 3000km per month, although others do not have a limit.

What are the requirements for approval?

  • Your gross salary must be at least R8,000 per month (must supply the last three month’s bank statements).
  • A deposit of at least R8,000 must be paid.
  • You must be a South African Citizen with a valid driver’s license.
  • You should have no criminal record on your name.

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What kind of vehicles are available?

You can basically get anything with wheels. Some dealers offer scooters, motorcycles, cars, bakkies, trucks, or even earthmoving equipment.

Can I rent to own cars for Taxify or Bolt?

Yes, some dealers offer the option of using their vehicles as passenger vehicles, although this option tends to be more expensive than a personal use vehicle.


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