There are many premium car rental firms around Singapore. Some of them offer to rent or lease to own offers to clients. A lease contract to own your car has advantages and disadvantages, like any other financial decision.
Advantages of Lease to Own Cars
There are three points to consider when pondering the advantages of getting a lease contract to own cars in Singapore.
#1 Lack of Credit Checks
People can get a lease contract to own cars in Singapore more efficiently than buying or leasing a vehicle. The lack of criteria in the programme makes the rent-to-own option quite appealing.
#2 Lack of Interest
You do not have to pay interest on your company car lease since you are not being loaned money for the automobile unless you use dealer financing. You pay a weekly rental charge and money towards the vehicle.
#3 Does Not Affect Credit
You might get penalised with a fee if you are late or miss a payment. Nevertheless, your credit will go unharmed. However, your credit may still suffer if you use dealer financing from premium car rental firms around Singapore.
Disadvantages of Lease to Own Cars
The disadvantages of getting a lease contract to own cars in Singapore come in three.
#1 High Costs
One of the primary disadvantages of a lease contract to own cars in Singapore is that you will pay far more for the goods than it is worth. You may not be paying interest, but your payments will total more than the vehicle value.
#2 Frequent Payments
You will be paying more often than the average automobile buyer or leaser. Some premium car rental firms in Singapore require weekly payments for the vehicle.
#3 No Guarantees
Most arrangements and contracts for lease-to-own cars do not include warranties. If you do not acquire one outside of your agreement and your car breaks down shortly after you begin making payments, you may be out of luck.
Check your contract for early termination clauses. It might be crucial if the automobile requires extensive repairs. You may elect to stop the rental after a few months or a year of ownership. If you violate the conditions of your contract, you will most likely forfeit your down payment on your vehicle.
Hertz has around 10,200 corporate and franchise sites worldwide. The competence in fleet management and operational leasing in Hertz Singapore supplements some of Darby’s regional distribution and assembly of motor vehicles. They are devoted to providing excellent automobile rental alternatives for your budgets and demands. Visit their website to learn more about their premium car rental services around Singapore.