Best Rent-to-Own Car Companies for Bad Credit in Australia
Securing a traditional car loan is a challenging task for many Australians with a bad credit history. Traditional car loan companies have strict requirements and prefer borrowers with a strong credit profile to avail their loan program. For those who’ve missed payments in the past or declared bankruptcy, it is quite hard to get approval. At this time, rent-to-own programs are the best options for everyone. These programs are specifically designed for people with bad credit. They give buyers the opportunity to secure their own vehicle with a low deposit and easy repayments. Among multiple rent-to-own car companies offering rent-to-own car programs, we’ve shortlisted the best rent-to-own car companies in Australia. These providers are known for their easy-to-approach policies and dedicated services. Our list will surely help you in choosing the right provider based on your budget.
What is the rent-to-own program for cars?
Rent-to-own is a financing option that allows individuals to rent a car with an option to own it later at the end of the contract. This program offers people with bad credit to purchase a vehicle without undergoing the strict credit checks usually required by traditional lenders. Instead of making a hefty payment for a long time, the rent to own car program offers buyers to pay regular installments over a set period. Once all the payments are done, ownership of the vehicle is transferred to the individuals. It is a short-term solution for those who want a car immediately but don’t qualify for conventional financing due to poor credit history.
Let’s look at how this process takes place.
A rent-to-own program provides users flexibility to make payments weekly or Fortnightly based on their cash flow. To avail the benefit from this program, you just need to find a reliable rent-to-own car provider.
- Select a car you dream of purchasing from the company’s fleet.
- Provide all the documents required, such as a valid driving license and proof of income. You must also sign a lease that includes the amount you need to pay weekly or monthly. It’s up to you which plan you choose to make payments.
- Now, you can rent the car, and once you finish all your payments (usually within 1 to 3 years), you own the car.
Why rent to own car program ideal for people with bad credit?
- No Need for good credit: They don’t need good credit to be approved. There’s an option to set repayments according to their business cash flow.
- Credit rebuild opportunities: Some firms help you rebuild your credit by sending your payments to the credit bureaus.
- No need for a large upfront deposit: There is usually no requirement for a large upfront deposit, in contrast to traditional loans. Rent to own car could be a way to see these denied dreams come true once again.
Top 5 rent-to-own car companies in Australia for bad credit
1. I Rent to Own
I Rent to Own is a well-known rent-to-own car provider company in Australia. The company gives business owners (ABN holders) the opportunity to purchase their dream vehicle without worrying about any credit history issues. The company offers its clients a 1-3 year plan to own their dream vehicle and drive confidently on the road. You can get approval within 15 minutes after application submission. Whether you need an SUV or a Sedan, you’ll get it all under one roof. They serve at various locations, including Melbourne, Perth, Sydney, Adelaide, etc.
What makes I Rent to Own the right choice?
- Dedicated customer support at every step
- Minimum upfront cost of about $3000
- A variety of brand new vehicles
- Flexible repayment option, including weekly, fortnightly and monthly instalments.
- Affordable packages with an easy booking process.
- Fast turnaround with servicing options
2. CarCoop
CarCoop is an Australia-based automotive service provider company. The company offers its clients with a minimum credit check. Their financial plans are adjustable for every budget. The company offers its services at various locations, including Sydney, Brisbane, Melbourne and Adelaide.
3. GO Rapid
Go Rapid is also an Australian company that was introduced in 2001. The company has been offering multiple loan plans, including bad credit car loans, home loans and personal loans for more than 20+ years. It provides individuals with flexible options based on their needs and budget. GO Rapid provides fast approvals and a wide variety of vehicles to choose from.
4. Freedom Cars
Freedom Cars is an auto financing company in Australia. It helps people of all kinds of credit backgrounds to access quality vehicles with a simple process. The company supports customers through financial education and dedicated service.
5. Rent Buy It
Rent Buy It is an Adelaide-based automotive provider, known for its flexible rent-to-own solutions and satisfactory services. With Rent Buy It, you can get ownership of your vehicle in 3-5 years. Their plans are suitable for both individuals and business owners. It offers clients an extensive range of vehicles to select from, including MAZDA models.
Conclusion
Rent-to-own car schemes are an important financial support for Australians who want to own a vehicle but have poor credit history. Instead of typical loans or buy-at-dealership options, they make car ownership easy, flexible and understandable. Above, we’ve mentioned the best rent to own car companies in Australia that offer clients access to their own vehicle even with bad credit. These companies are selected on the basis of their performance, services, flexible rent-to-own car options and customer satisfaction. They all strive to get Australians back behind the wheel and help them. You can consider these providers to make a good decision for rent to own a car easily even with bad credit.
