Dollar Car Rental’s Rent-to-Own: A Smarter Alternative to Traditional Car Loans
Dollar Car Rental is one of the UAE’s most reliable car rental companies. With a network of branches spread across the country, Dollar Car Rental UAE is committed to making car renting hassle-free for its customers. The company continues to launch multiple promotions for its customers to offer significant discounts on specific car models. You can explore all the ongoing offers on Dollar Car Rental here.
Dollar Car Rental offers its customers an affordable rent to own service. As the name suggests, the rent to own service allows customers to rent their favorite vehicle and own it if they agree to the rent to own terms and conditions.
To the delight of customers interested in the rent to own offer, this service is significantly cost-effective, compared to bank car financing. Dollar Car Rental’s rent-to-own offer benefits the customers in various ways and makes the dream of owning a car a reality.
The phenomenon of rent to own works in a way that while the customer pays the rent against a vehicle, a portion of it goes toward the vehicle’s purchase. After the pre-decided rental period, the ownership of the vehicle is transferred to the customer.
Let’s compare the Dollar Car Rental’s Rent to Own service against the traditional Bank Car Loan to help customers evaluate the pros and cons of both.
Downpayment and Processing Fee
Customers who opt for a bank car loan must pay at least 20% of the total amount upfront. On the other hand, customers don’t pay anything upfront when they choose the rent to own service by Dollar Car Rental.
Also, customers must pay a 1.05% processing fee when applying for a car loan. Dollar Car Rental has no such obligatory processing fee. This means you can practically start your rent to own plan without paying anything upfront.
Monthly EMIs and Maintenance Cost
For all types of vehicles, the rent to own service costs significantly lower than the monthly EMIs of a car loan. The maintenance cost of a vehicle is also the customer’s responsibility in a car financing plan, while it is completely free in Dollar Car Rental’s rent to own plan.
Want to know what exactly rent to own will cost you as compared to an EMI plan? Contact us today!
Registration and Insurance Cost
Customers must pay registration and insurance costs during a bank loan application. However, no such fees are included in the rent to own plan by Dollar Car Rental UAE.
Financial Risk
The financial risk is relatively higher in a car loan plan as the EMIs cost more than the rental costs in a rent to own plan. Secondly, as mentioned earlier, maintenance costs are also the customer’s responsibility in a car loan plan. These factors increase the financial risk in a bank loan plan while the risk remains moderate in the rent to own service.
Vehicle Ownership and Replacement
In a car loan plan, vehicle ownership is included as a mandatory clause, while it remains optional in the case of rent to own service by Dollar Car Rental UAE. Additionally, vehicle replacement is not covered in a bank loan plan, while it remains optional in the rent to own service.
Financial Charges / Interest
As per industry standards, a car loan usually incurs 3-5% interest or financial charges. In contrast, the rent to own plan involves customers paying only the vehicle’s rent, which excludes additional financial charges.
Breakdown Assistance
The Breakdown assistance is free of cost in the rent to own plan by Dollar Car Rental UAE. However, no such assistance is a part of the car financing plan.
Ready to rent your favorite vehicle on a rent to own basis? Contact us today at Dollaruae and start your vehicle ownership plan.