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How to Rent-to-Own with Bad Credit

Did you know that credit scores have only been around for the last thirty years or so? Before they existed, obtaining credit was less strict but somewhat more personal, with credit agencies calling merchants to ask, "What do you think of John Smith?" The merchant might say kind things ("He always pays on time") or share negative opinions ("He hasn't paid in three months!"), and the creditor would decide whether to loan the money based on that personal judgment.

These days, credit scores are the name of the game and they can have a huge influence on your financial life. For example, your credit score can affect your ability to purchase a car. Because of this, you might be wondering how to rent-to-own with bad credit. Is it possible? Will you need to compensate for your substandard credit score? How does the rent-to-own process work?


How to Rent-to-Own with Bad Credit

How to Rent-to-Own with Bad Credit

First of all, yes: it is certainly possible to rent-to-own a car with bad credit. In fact, this is one of the best ways to purchase a new car if your credit score isn't up to par! When you rent-to-own a car, your credit score is irrelevant. Instead, the dealership will assess your employment history, your household income, and your length of residency.

However, before you start the approval process, you will need to make sure that you have found a reputable dealership. Ask people you know for recommendations or search online, paying attention to customer reviews. When you visit potential dealerships, consider their selection of vehicles, their customer service, and their fees and taxes. If possible, try to find a dealership that offers rent-to-own vehicles with no sales tax or property tax.

Once you find a dealership and are approved, the process of securing a car is fairly simple. Keeping your financial situation in mind, you will select a car. Be sure that you can comfortable pay both the down payment and weekly rent payments. Before you sign on the dotted line, it's also a good idea to have the vehicle inspected to be sure you're buying a quality car. Then, you will continue making rent payments for the agreed-upon time period (typically, 24-36 months). When the period is complete and you've made all of your payments, the car will be yours!

Although rent-to-own car programs are essentially another form of an auto loan, they are much easier to qualify for because dealerships don't run credit checks on potential customers. They're also a great way to avoid the ridiculous interest rates offered by Buy Here Pay Here lots. So if you're eager to buy a car, but you're afraid your credit score will hold you back, take a look at rent-to-own car dealerships. They might be the perfect solution.

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No credit? Bad credit? Don’t sweat it! If you’re interested in renting-to-own or leasing a car, be sure to check out Auto By Rent, the largest rent-to-own/lease auto dealer in Missouri and Tennessee. We can help you secure a quality vehicle regardless of your credit history. To learn more about our services, please click here for a free quote or contact the location nearest to you:

North Springfield: 417-447-7979

South Springfield: 417-877-2001

Joplin: 417-553-0555

Marshfield: 417-859-6363

Rogersville: 417-753-3669

Chattanooga: 423-553-8200

We look forward to hearing from you!