Are you also here to learn about the Rent to own RV method? Have no credit check and want to hit the road in no time? Worry no more; we are here to make it happen.
It is basically a method by which you can rent an RV and buy it later with smart long-term payments without having instant money and financing options. Here, we will share the 5 best companies in the USA that purchase an RV using this method. Moreover, we will share tips on how to get the best terms for your contract.
This comprehensive blogspot will educate you about everything you need to know about RV rent to own. It will enable you to buy your recreational vehicle with easy monthly payments. Let’s make it happen so you can start your adventures.
Understanding Rent To Own Agreement
Understanding the Rent to own agreement is essential if you are thinking of buying an RV using this method. The following are the key points of this agreement that will help you understand it better.
- Usage time: During this time, an individual is allowed to use the RV for a specific period, known as the lease period. During this period, you have to make monthly or weekly payments.
- Purchase option: In this agreement, the RV owner also provides an opportunity to purchase the RV after a specific duration.
- Proof of residence and income: Another key feature of a rent to own agreement is proof of residence and income. You can sign this agreement using these instead of traditional financing options.
Pros And Cons Of Rent To Own Rv
There are several advantages and disadvantages of rv rent to own agreement. Let’s checkout all these in detail below.
Pros
The following is a list of benefits you will receive from this contract.
- Easy Financing: The primary advantage of this policy is that it offers easy financing. You don’t need to worry about high credit scores and other strict requirements.
- Lower initial costs: The second advantage on our list is that in this contract, the dealer may ask for a minimal initial payment. This means you don’t need to make a huge down payment to sign this contract.
- Older rvs: You can also purchase older RVs like an older Airstream or vintage Boler through this contract. Banks generally do not provide financing for older vehicles.
- Lower ownership expenses: The last benefit is for RV owners. Big companies like RVezy, etc., can make money by renting out their RVs when they are not in use. It increases their income.
Cons
The Rent to own RV agreement has its potential downside as well. Following are the potential disadvantages of this agreement.
- Higher overall cost: This agreement increases the overall cost of the RV. It is because you have to pay both the rental fee and the principal payment.
- No refund of payment. If you have paid any rental portion, it is not reversible. For example, if you decide not to purchase the RV anymore you will not receive a refund.
- Maintenance responsibility When you buy an RV through this contract, you are responsible for its maintenance and repairs. You also need to pay for insurance and storage.
- You have to secure financing at the end of the agreement: You must pay the remaining amount or secure any financing option for the purchase of the RV. Failing to secure it can make you lose this RV.
How Will You Pay Using The Rent To Own Method?
When purchasing an RV through this agreement, you will make payments to the private owner or dealer rather than the bank. Under this contract, a portion of the payment will be used for the principal of the loan, and the others will cover the Rent to own fee. The contract duration ranges from 48 to 60 months. It requires both advance payments for the first and last month. Here are two example showing how it differentiate from the bank financing;
Following tables provide a comparison of the two financing options based on the adjusted RV cost of $20,000.
Bank Financing
| Items | Cost |
| Total Vehicle Cost | $20,000 |
| Cash Needed for 20% Down | $4000 |
| Loan Amount | $16,000 |
| Interest Rate | 7% |
| Terms | 15 Years |
| Monthly Payment | $143.81 |
Rent To Own RV Financing
| Items | Cost |
| Total Vehicle Cost | $20,000 |
| Rental Payment | $233.33 |
| Principal Payment | $333.33 |
| Terms | 5 Years |
| Monthly Payment | $566.66 |
How To Get Best Rent To Own RV Contract?
Do thorough research before trying to get an RV through a rent to own agreement. Here are a few tips to help you find a favorable deal:
- First, you have to determine your needs, such as the type and size of RV you want for your travel.
- Research different RV models and their prices online or by visiting RV dealerships.
- Check out all Rent to own options and payment methods.
- Discuss all terms and conditions of the contract with the dealer or private owner.
- Discuss the monthly payment and its due date.
- Discuss the principal fee being deducted from your monthly payments.
- Calculate the full cost of the RV, including all fees.
- Discuss the rewards and penalties for early and late payoff payments.
- Inspect the RV thoroughly before signing the contract.
Top Five Companies For Rent To Own Rv
Now, after knowing the purchase procedure, the next step is to find the best dealership or company to buy your RV from. Here, I will share the top 5 companies in the USA which provide the best Rent to own RV agreements. Let’s take a detailed look at these companies.
Indie Campers
The first RV rental company on our list is Indie Campers. Its headquarters is present in Portugal. Indie Campers provides services across Europe, North America, Oceania, and many other regions. The company offers a variety of RVs in different sizes and types to meet diverse travel needs.
Cruise America
Cruise America is one of the most famous and largest companies offering Rent to own RVs in the USA. It provides services at 155 locations across 33 US states and five Canadian provinces. The company offers a reliable choice of RVs in a variety of sizes and types.
Worldwide Campers
Worldwide Campers is a famous campervan rental agency in the Netherlands. It is located in the city of LT Maarssen. The company provides services in over 40 countries. It offers over a hundred models of RVs and campervans for Rent. It allows you to enjoy according to your needs.
RVezy
RVezy is an emerging and secure RV rental marketplace in North America. It offers a wide range of RVs for Rent and is well-known for connecting RV owners with renters. This platform is gaining popularity because of the many options it provides. You can also rent an RV for everyday use from here as well.
El Monte RV
The fifth RV rental company is El Monte RV, which provides services at 27 US locations and one international location in Tokyo. It is very popular for not charging generator usage fees. El Monte RV offers a variety of over 1,500 vehicles, including Class C and large Class A motorhomes. It is a cost-effective option for people who want to enjoy RVs without hookups.
Read Also: RV Names: 500 Creative Ideas for Campers & Travel Trailers
Final Thoughts
A rent to own RV agreement is a suitable opportunity for individuals who don’t have any cash or traditional bank financing options. It provides you immediate access to the RV with manageable monthly payments.
However, understanding the terms and conditions of this agreement is essential for getting the best value for your money. If you are also trying to buy it using this option, we recommend you go with Indie Campers. It offers you the best price and has a number of options available for both old and new RVs.
FAQs
Is it possible to rent or own an RV without a down payment?
Yes, it is possible, but it typically depends on the type of agreement and the owner. Some rent to own RV agreements require the first and last payments to be made in advance. So, it’s essential to review the agreement carefully.
Is It Cheaper To Rent An RV or Buy One?
Buying an RV is much more expensive than renting an RV. However it depends on your use. If you are a frequent user and you have the budget then buying is a more suitable option. However, if you want to use it less frequently, then renting would be a cheaper and better option for you.
How To Find Rent To Own RV Near Me?
You can find RV rent to own dealerships by two methods. You can search for sellers by visiting your nearest market or by searching for them on platforms such as RVezy’s marketplace, Craigslist, Kijiji, Facebook Marketplace, RV Trader, etc.
