3 Essential Tips for a Fast Rent-to-Own Approval

Are you in need of a vehicle quickly? If so, a rent-to-own (RTO) agreement could be a great option. The approval process is typically quicker than with traditional car finance, and the applications tend to be more straightforward. The key to a successful application is to be prepared — from having a bond ready to bringing the right paperwork, planning can help to ensure a smooth application and approval process which will get you behind the wheel in no time.

Tip 1: Have Your Bond Ready ($1,400+)

The simplest way to avoid any delay with your application is to ensure that you have a bond ready — for many rent-to-own schemes, a minimum bond of $1,400 is required to secure the car and enter into your agreement. When you have the funds available and show that you're prepared, it demonstrates that you are serious about the application and are ready to proceed upon approval.

If your bond isn't ready straight away, the application process may be delayed and ultimately rejected — these types of delays can mean that you don't get the vehicle that you want if demand is high.

When paying your bond, it's important to remember that it does form a part of your contract and will be handled according to the terms of the agreement. If you stick within your terms and return the vehicle in the expected condition, your bond should be returned when the contract finishes — but if you breach the contract or damage the vehicle, the full amount or a partial sum may be withheld from you.

Tip 2: Bring the Right Documents (and Skip the Ones You Don't Need)

Ensuring that you have the correct documents to hand can speed up the application process a lot — so before you apply, it's important to check what exactly is required by the provider. Typical documents to expect are photo ID, your driving licence, proof of address and proof of income or earnings. A key advantage of rent-to-own schemes is that they often don't need as many documents as traditional vehicle finance or car leasing agreements, and in many cases you also don't need an extensive credit history.

Ensuring that your paperwork is correct and complete can significantly help to get your application over the line faster and get you in the driving seat without a hitch.

Tip 3: Know Which Vehicle Tier Fits Your Bond

Before you apply, it's also helpful to understand which vehicles are available to you within the constraints of the bond that you're willing to provide. With many rent-to-own providers like Certified Autos, there are different vehicle tiers — meaning that some vehicles (for example, large cars or luxury vehicles) will require a significantly higher bond amount.

Matching your budget to a suitable vehicle can help to manage your own expectations and allow you to drive away happily in a car which is a perfect fit for your lifestyle.

If you're unsure of tiers or what your bond allows you access to, speak to the provider before you apply to get all of the information you need. It can also sometimes help to be flexible with the vehicle choice if your main goal is to secure a car quickly.

What Happens After You Apply

After submitting your application, all of your information will be reviewed, and if everything required is there, the assessment process begins. If the provider requires any extra details during this part of the process, it's important to respond to communications quickly to avoid delays.

Once you've been approved, you should be guided through the terms of the agreement, the payment process and how to collect your vehicle. You'll also have the opportunity to ask any questions or clarify any points which you may need further information on.

Common Reasons Applications Get Delayed

The most common reason that applications get delayed is that information is missing or incomplete — not filling in all required parts of the form or submitting documents which don't match your current details can mean that extra verification is required. Another common reason for delay is that the bond required isn't immediately available — and as the bond forms a part of the contract, having these funds ready before application is important. If you're not yet in a position to provide a bond, a long-term car rental could be a practical way to stay mobile while you prepare.

The availability of certain vehicles can also cause problems, as your preferred model may not be available. In this instance, you may be given a timeframe to wait or be offered an alternative.

Conclusion

Getting a rent-to-own agreement approved fast often comes down to how prepared you are. Having a bond of at least $1,400 ready, getting all of your paperwork in order, and understanding the vehicle types available to you in advance can all help to ensure a speedy application process and get you behind your new set of wheels in no time.