Rent to own car purchases work similarly to the auto loans offered by other in-house financing dealers, like buy here pay here dealerships. You take out a loan directly with the dealer you're buying the vehicle from, and you agree to make payments for a fixed term and then own the car outright at the end.
Rent to own vehicle purchases can be great if you’re looking for fast auto financing with no credit check. But if credit building is a top priority, you may want to consider getting financing from a subprime lender instead. Because rent to dealers typically don't look at your credit, they may not report your loan or on-time payments to the credit bureaus. This means that all your timely loan payments won't improve your credit score. Subprime lenders, on the other hand, check your credit and report loans and on-time payments to the credit bureaus, which gives you a chance to improve your credit.
Subprime lenders can also be seen as a better option because they may not have as large of a down payment requirement. This may be easier on you if you’re on a tight budget or don’t have a trade-in to use as a down payment. Learn more at https://medium.com/@jamesdonrichards123/emergency-loans-no-credit-check-1c49be7ebc05