September 28, 2017

How Rent to Own Works

There is nothing sweeter than the ability to bring it home! By offering rent to own solutions to manufacturers, every customer can own the things they need. Why drive all the way across town to a corporate storage facility when you can store the items you need or create the perfect home office space right in your backyard? At Hometowne Capital, we are friendly, resourceful, and constantly innovating and improving.

How rent to own works

Whether you’re moving to a new house or into a new season of life, sometimes you need extra space. The space can come at a hefty price tag depending on size and customization, and if you’re not in a position to pay for it all at once, rent to own is a great option. Our rent to own programs allow you to set a timeframe, from 24 to 60 months, and pay a consistent monthly payment for that time period. Once the payments are completed, you own the shed!

And better yet, your credit doesn’t affect your ability to be approved. We believe every person deserves the right to own rather than paying a storage company year after year after year. We know that and so should you!

Our promise is to:

  • Work with honesty and integrity as we communicate with our customers.
  • Offer multiple ways to make payments; online, within our app, by phone, or by mail.
  • Stop at nothing to be resourceful and gracious as we work with you through the ownership pathway.
  • Work with you to make smart financial decisions.

Frequently asked questions:

How much is required to get started?
This depends on the size and style of the building you are interested in. Generally, one month rent and a minimal security deposit is required to get started.

What is the interest rate?
There is no interest rate, so to speak. This is simply a monthly rental payment that, when completed, allows you to own the building you’ve been renting!

Will I end up paying more than the cash price?
Yes, you will wind up paying more than the cash price of the structure. However, it does spread your payments over a period of time, which can be very helpful, and there is also a discount for paying off the building early.

What is 90 days same as cash?
90 days same as cash means you can purchase the building within the first 90 days after delivery for the cash price less any payments already made. After 90 days, the regular Early Purchase Option will go into effect and regular monthly payments will continue as stated in the agreement.

When is my first payment due?
The first payment is due after the outdoor building has been delivered.

Can I make changes to the inside of the shed?
While you are renting the shed, you cannot make any changes to the interior. But, you can make any customizations once payments have been completed and you own the shed!

Can I put down a larger initial payment?
Yes! You can put down a larger initial payment. The money will go into your reserve account, which will lower their monthly payment and be applied to the payoff whenever the customer completes their agreement.

How much do I save by completing my payments early?
You may complete your payments at any time during the rental period. Any time you choose to do so, you will simply pay a percentage (the percentage depends on the agreement) of what is currently owed. For example, if you’ve been renting the building for several months and the sum of the remaining payments is $1,000, simply pay $600 (60% of $1,000 according to your agreement) and the building is yours to keep!

What if circumstances change, and I don’t need the shed anymore?
Should life throw you a curve ball or you simply don't need the building, simply call us, and we will return the building at no further cost or obligation. Compare this to financing with a bank where you are forced to continue payments or experience foreclosure.

Where can I make a payment?
Payments can be made by going to the home screen and selecting "make a payment". Payments can be made with Visa, Mastercard, American Express, or Discover. All rental payments are non refundable.

 

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