RV Lease to Own Contract
What if you would like to try living full-time in an RV, but you can’t afford to buy an RV outright? A lease-to-own RV may be a good solution to make the dream of living on the road happen sooner than you think.
What is Lease to Own?
A portion of your “lease to own” RV payments are applied to purchasing the RV, and at the end of the contract, you will own your RV. One big advantage is that you’re not getting a loan from a bank. This can be a great option for anyone who has trouble qualifying for a bank loan. The fact is, there are thousands of RV dealerships across the country who are interested in working out a lease to own deal with anyone who wants an RV and leases to own can be beneficial to both parties.
Advantages of Lease to Own RV Ownership
Low or No Down Payment
Leasing to own an RV doesn’t involve a large down payment like when you purchase an RV. Sometimes, you don’t need a down payment at all. However, usually a lease to own contract requires the first and last months payments, similar to an apartment lease.
Lease with Low or No Credit
Since you’re not financing through a bank, you may not need to pass a credit check. This could mean if your credit isn’t perfect, you may still be able to lease to own your RV.
You Can Buy an RV That a Bank Won’t Finance
Banks have lending guidelines concerning the age and mileage of an RV. For example, most banks won’t finance a used RV that’s more than 10 years old. But an RV dealership may offer to lease an older RV, in order to find it a home and get it off the lot.
The Terms are More Negotiable
When you’re not dealing with a bank the terms of the lease are more negotiable. Be prepared to negotiate the length of the lease, the price of the RV, the monthly payments, who pays for repairs and maintenance, the amount of the monthly payment applied toward the price, early payoff, and anything else.
Where to Find a Lease to Own RV?
The best place to find a lease to own RV deals is a local RV dealership. They already have experience with lease contracts and may have an older trade-in RV that a bank won’t finance.
Some of the big RV rental companies also have rent to buy options which are a little different than a lease to own. For example, Cruise America will rebate your rent, up to $3,000, if you buy one of their used RVs.
In any case, lease to own is an option to explore, if you wish to buy an RV.