Do you need a storage or shipping container? If you're not ready to make an immediate investment, take a look at what you need to know about rent to own storage containers and rent to own shipping containers.
Does the Company Require a Credit Check?
Some rent to own companies need to verify the customer's ability to make timely payments. Credit scores range between 300 and 850, according to USA.gov. Higher scores equal better credit—and possibly lower interest rates on loans.
If you have less than stellar credit, you'll need to find a company that doesn't run a check or will accept the results. Before you invest a significant amount of time and energy into researching a container company, ask about credit checks.
How Fast Is the Approval Process?
Do you need a storage or shipping container right now? If you have a strict time-frame, choose a company with a quick approval process.
The average approval process varies in length. Factors such as a credit check or background check can impact the time it takes to go from an initial application to a container delivery. Discuss the steps of the approval process with your potential future storage/shipping contractor before you decide on one company.
What Are the Payment Options?
How often will you need to pay for the container? The company may offer financing options to fit different budgets. While the overall price won't change, ask if you can lower monthly payments with a longer contract. If higher monthly payments aren't a problem, ask about potentially lowering interest with a shorter rent to own schedule.
Can You Pre-Payoff the Container?
Even though rent to own storage containers and rent to own shipping containers come with a set payoff timetable, some companies will allow you to buy out the contract early. Ask the container company if they charge a pre-payment penalty or if this option will save you money over the course of your contract.
How Much Money Do You Need to Put Down?
Your initial investment may include a lump sum down payment. Before you choose a company to rent from or sign a contract, ask about the potential down payment.
The larger the payment, the less you'll owe over time. But if you need to save money now, discuss the option of a smaller down payment. While this may extend your payment schedule or increase monthly payments, it can help you to get a container without a major initial investment.
