Car Leasing options are a growing payment alternative to buying or financing a vehicle with a car loan. Specifically, leasing to own a car involves owning the car at the end of the lease period. If you’ve ever considered financing or leasing a car but have bad credit holding you back, Lease-to-own may be the best (or only) option for you.
While standard Car Lease Agreements may include an option to purchase the vehicle at the end of the term, Lease-To-Own Agreements require that you purchase the car, giving you the benefits of owning and leasing at the same time.
The agreement typically includes making payments weekly or biweekly for a 1 to 2 year period of time.
Since a Lease-To-Own program does not require a credit check, it’s a good option for people with poor credit. The only requirements for a lease to own payment plan are to provide proof of identity, permanent residency or Canadian citizenship, and a stable source of income.
After making payments for the length of the term, instead of returning the car to the leasing company like with traditional leasing, every payment goes toward owning the vehicle. The end goal under this program is for you to own the car once the term is completed, using every dollar of your investment. This is great for those who have a bad credit rating, but still want to own a car.
If you’re struggling with a low credit score or still building it up after some damage, these are some of the benefits of a lease to own agreement:
Although there are many great benefits, there are negatives to consider as well such as:
The worst feeling is going through the process of visiting a dealership, picking out a vehicle, choosing a payment plan you think you are qualified for and being turned down days later.
Canada Drives is the nation’s leader in Car Leasing and Financing and helps potential buyers find out the best vehicle options for them without the long-awaited approval.
Even with low or no credit, you can find out what you are qualified for right away. Apply for free with Canada Drives, and we’ll help you make the most informed decision when it comes to getting a vehicle.
Your online application takes only 3 minutes to complete and we only ask for information we actually need.
Or feel free to call us at 1-888-865-6402