Understanding the Rent-to-Own Option: Pros and Cons

When you're ready to invest in a portable building, but you're not quite ready to pay the full amount upfront, the Rent-to-Own option might be the perfect solution. It offers flexibility and convenience, but like any financial decision, it’s important to weigh the pros and cons. Here’s a simple guide to help you understand if Rent-to-Own is right for you.

The Pros of Rent-to-Own

1. No Credit Check Required One of the biggest advantages of rent-to-own is that there’s no credit check. If you’ve had credit challenges in the past, you can still qualify easily and get the building you need without a long application process.

2. Affordable Monthly Payments Rather than paying a large lump sum, rent-to-own allows you to break the cost down into manageable monthly payments. This makes it much easier to fit into your budget.

3. Quick Approval and Delivery Since the process is simple, your order and delivery can happen much faster compared to traditional financing methods. You could have your building ready to use sometimes within a week of signing your agreement!

4. Early Payoff Options Most rent-to-own contracts allow you to pay off your balance early with no penalties. This means you can take advantage of flexibility now and still own your building outright as soon as you’re ready. ALL of our buildings can be paid off in 90 days, same as cash, and the 90 days starts on the day of delivery!

5. No Long-Term Commitment (if needed) If life changes and you no longer need the building, rent-to-own gives you the option to return it without the long-term obligations of a traditional loan. You may voluntarily request to end the rental contract, and your building will be picked up and returned to a dealership for resale. There is no negative impact on your credit!

The Cons of Rent-to-Own

1. Higher Overall Cost Because you're spreading out payments over time, you’ll end up paying more than if you had bought the building outright. It’s important to know the total cost over the life of the agreement. Many times, the rental payment is very close to what is paid for a storage unit that you will never own. **On a positive note... Although you may pay more for the building over time, one of the great advantages is that the payments are affordable, and by faithfully making them, you will eventually own your building outright!

2. Limited Ownership Until Paid Off Until the final payment is made, you’re technically renting the building. Full ownership doesn’t transfer to you until the balance is completely paid.

3. Potential for Repossession If payments are not made according to the agreement, the company has the right to reclaim the building. It’s important to make sure the monthly payment fits comfortably within your budget. **Another positive note... If the building must be repossessed, it won't affect your credit, as you're simply ending a rental agreement, not defaulting on a loan.

Is Rent-to-Own Right for You?

If you need a portable building now but prefer a budget-friendly path to ownership, rent-to-own could be a fantastic option. It gives you flexibility without the hassle of traditional financing. However, if you’re able to pay upfront or save over time, purchasing outright might save you money in the long run.

At Willow Prairie Portable Buildings, we offer easy, affordable rent-to-own options with no credit check, simple terms, and outstanding customer service. We're here to help you find the best fit for your needs and your budget. Ask about our $0 Down opportunities!

Still have questions? Reach out to us today — we’re happy to walk you through the process and help you take the next step toward owning the perfect building! Call or Text Michael: 260-319-1160. Or you may email us at getmeabarn@gmail.com.

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