The Need to Know for Rent to Own

What is Rent to Own (RTO)?

It is simply a month-to-month rental agreement with the end goal of ownership. The building that you select is purchased by the contract manager and rented to you based on the agreed upon terms. You will choose the term length that works for your budget and once you make your final payment, you own the building outright. Unlike traditional financing, you are not locked in to a long term contract.

How do I qualify?

You are automatically approved through any dealer offering the Rent to Own program. You won’t need to fill out a credit application, as we do not check credit scores or history to verify eligibility. Delivery is scheduled upon receipt of your deposit. 

What happens if I can’t make my payment?

Situations may happen which make it difficult for you to continue making your payments. Since a Rent to Own agreement is a month-to-month payment, you can cancel the agreement at any time and request for the unit to be picked up. However, any payments you have made toward the purchase are forfeited. 

How much interest is charged?

Rent to Own does not apply interest, but rather a portion of what you pay monthly goes toward purchase and a portion to the rental fee for the unit. The difference is that at the end of your rental term, you are the owner! Keep in mind, that while Rent to Own does make it possible to pay for your large purchase over time, you will end up paying more than if you were to pay for the unit up front.

I want to pay the balance; will I be charged a fee?

Absolutely not! In fact, if you are able to pay off your balance early, a discount may be applied to the remaining payments of your rental agreement based on your balance and payment history.