Finding affordable new trailers for sale is not always an easy search. This has been compounded by the negative effects the pandemic had on almost every industry. Supply chain delays, rising costs of building materials and inflation have made trailers and most other products much more expensive. For anyone, especially a startup or small business, rent to own trailers are the best option when you need to buy new on a budget.
Renting trailers can be costly if done over a long period of time, and you may not get the nicest model. Additionally, no matter how long you rent a trailer, you’ll never own it. Consequently, buying a nice new trailer outright comes with a hefty price tag, and may require passing credit checks, financing, and massive down payments.
What Are Rent to Own Trailers?
Rent to own programs are a great way to finance a new trailer purchase with poor credit, little cash and low risk. When the trailer is paid off within the agreed term, ownership is transferred to the renter. Unlike a traditional lease, there are no penalties for ending the contract. The only requirement is that the trailer is returned, and the current month is paid. But why lease to own a trailer? There are many reasons this is a desirable option:
- Lower down payments compared to buying.
- No need for a bank or financing agency.
- Option for people with bad credit or no credit at all.
- It’s easier to budget, especially for businesses trying to lower startup costs.
- Early payoffs are rewarded with trailer discounts.
- Trailer can be returned at any time during the term without extra charges.
- Ownership is transferred to renter at the end of contract.
A trailer for rent to own is returnable if you change your mind or can’t afford it anymore. However, you will be on the hook for things like downpayments and other dealer fees which may be non-refundable. It’s important to always review the return policy and fees associated with returns.
How Does Rent to Own Trailers Work?
After downpayments and initial dealer fees are paid, the remaining cost is divided into equal monthly payments. After the final payment, you own the trailer! You can also save money if there is an early buyout opportunity in your contract. Typically, a downpayment is charged when the lease is signed, at pickup, or divided between both. If you prefer to have your trailer delivered, then some trailer dealerships will offer an inhouse or third-party delivery service and include that as part of your cost.
Some trailer dealers may include trailer insurance as part of the scheduled payments. However, it’s recommended that the customer purchase general liability insurance as well if you are using the trailer regularly for your business.
As far as choosing the right contract payment structure, it always saves money to choose the shorter terms. Although a contract with a longer term may bring your monthly payment down, it can also bring the total cost up. For example, a calculated monthly payment for a 36-month term contract on a $10,000 trailer could be $480 a month, but on a 48-month term it might be $440 a month. Despite the higher monthly payment for the 36-month term, you save thousands due to lower interest and fewer payments.
What You Need to Get Started
Lease to own requirements may differ due to variables like the business and the trailer’s retail value. If you are looking to purchase an expensive or custom trailer, like a concessions trailer, the process could involve proof of income, listed assets and expenses, or more. However at Country Blacksmith Trailers, we have a simple process for our rent to own trailers in Illinois. All we need are the following items:
- A valid driver’s license.
- A valid vehicle insurance card.
- Official proof of address.
- The initial down payment.
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Where to Find Rent to Own Trailers
Many trailer dealerships now offer this program to customers as a flexible way to finance new trailers. However, you need to find a trailer dealer near you or that offers their rent to own program to your state. At Country Blacksmith Trailers, our rent to own program extends to the following twenty-seven states:
Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Wisconsin, Wyoming.
Whether you need a bumper pull or gooseneck trailer, Country Blacksmith Trailers has dozens of new flatbed, dump and utility trailers available for rent to own customers. You can apply online or in person at our trailer dealerships in Carterville or Mount Vernon, Illinois. Contact us today if you have any questions or wish to get a quote on one of our lease to own trailers. We’ll get you towing in no time!