Rent-to-own is a great opportunity to get a metal carport, garage or storage unit without having to fund the full cost of the unit up front. Rather than paying a monthly rent to improve someone else’s financial position, you could put your money into something that would eventually become yours!
What do I need?
Most rent-to-own arrangements require some form of down payment, this could be a percentage of the unit cost (e.g. 10%) or a figure calculation based on 2 months’ rent. However the initial figure is calculated, it will work out to be a fraction of the unit cost. As this is a rent-to-own program and not a loan application, there are no credit checks required, and once the initial payment is made the building can be assembled within a few weeks of order.
How does the monthly rental work?
Monthly rental costs are calculated based on the cash cost of the unit and rental period. Depending on the original cash price of the metal building, most rent-to-own plans will offer rental periods between 24 and 48 months. If during the process you desire to cancel your rental agreement, the rental company will remove the unit at no cost to yourself, and if your rental payments are up to date you won’t owe anything else.
Can I purchase the unit and end the contract early?
If you find that you would like to pay the remaining rental period off and terminate the rental agreement early, this is encouraged by the rental companies. There are no penalties associated with this early payment as this is a rent-to-own agreement. Sometimes there’s even a discount offered if you desire to terminate the contract early and pay off the balance, and this can be negotiated directly with the rental company you worked with.
Can I rent any type of custom metal building?
It is important to verify which units are available on a rent-to-own basis with your steel building rental company. Some companies will only rent out steel buildings up to a certain size or for certain uses, these specific requirements can be worked out directly with the company you choose.
What about insurance?
Most rent-to-own deals come with the offer of an additional insurance option to cover you for various circumstances, and usually provide to cover for any outstanding payments in the event of death or disability.
Is it going to cost me more in the long run?
All plans that involve a delayed payment, versus paying the full amount upfront, will typically cost more over the duration of the contract. You can calculate the cost by adding the deposit with the total sum of monthly payments. It is important to remember that you can withdraw from the rental agreement at any time without penalties, and you can pay off the remaining amount early if you become able to do so.
Rent-to-own is possible for many people who need the space immediately but cannot afford the full amount upfront. It makes sense to go this route rather than renting offsite storage, as you will own the unit yourself once the rental contract is complete.
If you have any questions or concerns, please contact us today by inquiring online or calling one of our helpful building specialists at (980) 321-9898! Here at Carport Central, we strive to meet all your needs and requirements while staying within your budget!