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Years lens. Price lens. Colors lens. More Filters. MPG lens. Body lens. One of the most difficult parts of financing a vehicle is getting a payment you can afford. If you c. This may make the payments more affordable with your current budget. Affordable car payments are one of the biggest benefits of this type of transaction. When searching for assumable auto loans, Red Mountain Funding can connect you with individuals who are looking for someone to take over their car loan in your price range. If you have found yourself in a situation where you can no longer afford your car payment, you may have wondered what you can do.
You have three choices when faced with this problem. The first choice is to have your vehicle voluntarily repossessed. This option can have a negative impact on your credit, making it more difficult to finance another car later down the road. The second option is to try to sell your vehicle for what you owe on it.
Most car owners are upside down on their loans and would need to sell the vehicle for thousands more than it is worth. The third and easiest option is to have someone take over your existing loan. If you are looking to have someone take over your existing loan, contacting Red Mountain Funding should be your first step.
We will help you find an individual willing to assume your car loan and take over the payments. Red Mountain Funding is a family owned lending company that specializes in helping people get into the vehicle they need. We specialize in financing people with no credit or bad credit as well as helping individuals assume existing car loans with no down payment. We strive to help every person without the stress of traditional dealerships. Contact us today to find out how we can help you get the vehicle you need. Would you like to review your financial options with one of our advisors?
Fill out your information below to request a consultation. The biggest difference between car leasing and renting to own cars is that at the end of the rent to own contract you will own the car. Rent to own auto financing is sometimes called lease to own.
How to Lease a Car With Bad Credit | Canada Drives
Despite using the word "lease" to describe the arrangement, it's very different from new car leasing. Here are a few of the major differences between rent to own cars and leasing used cars:. With a rent to own program, you agree to make payments for a fixed term and then own the car outright at the end. The only difference from a traditional auto loan is that the dealership holds the vehicle's title until you pay off the loan, after which they'll transfer it to you to complete the terms of the financing contract.
With a conventional lease, you don't own the car at the end of the term, though you do have the option to purchase the vehicle at lease end for a fixed price. You typically have to have good to great credit to qualify for a lease , that's not the same for rent to own cars. Rent to own cars with no credit check are available and are designed for bad credit car buyers. Rent to own car dealerships near you typically finance in house, meaning they base an approval on your income instead of your credit score.
Take Over Payments on Used Vehicles
Conventional leasing is typically for new vehicles, while rent to own cars are generally used. If you finance through a rent to own auto dealership, you'll have to choose from the vehicles on the dealer's lot that you qualify for. There are many benefits to rent to own car financing programs when you have bad credit. These loans are designed for people who need a vehicle but are struggling with the challenges of getting approved from regular and subprime lenders.
With a rent to own car, these worries melt away. Here's why: Vehicles on rent to own lots typically cost less than cars that can be financed from a traditional dealership. Payments are usually due in person on a weekly or bi-weekly basis at the dealership, which means a receipt and the peace of mind that your payments are being made on time. It also means payments are flexible for just about any budget. There's usually no credit check required on rent to own cars, which makes getting approved easier.
If you meet all the requirements, you can usually drive away in a vehicle the same day you visit the dealer. Rent to own car programs, like other financing options, also come with disadvantages. Whether they outweigh the advantages depends upon your situation. Lenders that don't check your credit are less likely to report your payments to the credit bureaus. This means your loan won't help you improve your credit score.