FAQ's
1.
Q: Is Rent to Own Expensive?
A: If comparing to bank rates then yes it is more expensive than the banks. What may take you 4 years to pay via the banks will take about 5 years with our rent to own or leasing products.
ie. a $50,000 truck will cost $290 per week over 4 years with the bank at 10%, with us it will cost $315 per week over 5 years.
Q: Why is Rent to Own Expensive?
A: It is called rate for risk. If the banks & finance companies have said no, it means that they deem you too risky.
The more risk involved, means the more chance of repayment defaults & repossession. The more risk involved for the financier the higher the repayments.
2.
Q: Who is Rent to Own best suited for?
A: Rent to Own is best suited for someone who has a great business opportunity & just need some funding to get it off the ground.
E.G
Garry is a very experienced driver and has been working in the transport industry for a long time. He has been offered a lucrative contract with a transport company and needs funds to get the suitable truck.
He cannot get bank finance because either:
- The truck he wants is too old.
- The bank wants min 20% deposit & he wants to keep his savings for business capital.
- The banks said no because of an unpaid phone bill he is disputing.
- The banks said no because it is a new business.
and so on... Rent to Own allows him to get the truck & start working and then re-finance once he is a little more established.
3.
Q: What can I Rent to Own?
A: Any commercial vehicle or piece of equipment for sale via a Dealership or Private sale.
- Trucks
- Vans
- Trailers
- Excavators
- Bobcats
- Etc...
4.
Q: What city are you located in?
A: We are Melbourne based but that does not matter. We operate Australia wide and the whole process is online, from application to settlement, so you can arrange your Rent to Own while you are on the road, as long as you have a phone with internet.
5.
Q: Do I need a deposit?
A: Yes & no... for option 1 yes you do need to provide a deposit, for option 2 & 3 there is no deposit involved.
6.
Q: What if I want to try & get Finance at a lower rate.
A: that is fine, we can arrange low rate finance too.
7.
Q: Who is responsible for insurance & maintenance & rego?
A: It is your responsibility, as this is your truck, we are just helping you fund it .
8.
Q: What if I want to payout early?
A: Depending on the Rent to Own option you choose, some allow early payout & some do not.
9.
Q: Dealership sales or Private sales.
A: You can Rent to Own an truck either Private sale or from a Dealership. You may be required to pay for an independent inspection if buying from Private Seller and want option 2 or 3.