© 2024 Leland's metal buildings. All rights reserved.
Learn about our rent-to-own payment plans.
If you’re considering buying a metal structure, it’s important to know all the payment options available to you. Our partnership with AFGRentals can help! They offer a “rent-to-own” option for portable buildings, which means you can rent the building, and at the end of your contract, you own it completely.
This is a great option because it’s better than renting a storage space where you don’t get to keep anything at the end. It’s also a great alternative to traditional financing that requires credit checks and is only available to people with certain credit scores. With rent-to-own, almost everyone qualifies and your payments go toward something you’ll actually own! Our goal is to help you get the portable building you want, and AFG’s competitive monthly rates, make that possible.
What is a rent to own program?
If you’re in the market for a metal structure but don’t have the cash upfront to make the purchase, you may want to consider a rent-to-own metal building option. With a rent-to-own metal structure, you can make monthly payments towards owning the metal structure outright without having to make one large payment upfront. So, let’s answer some common questions about rent-to-own metal structure to help you make an informed decision.
Rent to own (RTO) is an affordable payment option with no credit check required! All rent to own contracts are divided into monthly payments, which are figured into the price of the building. You only pay a deposit when applicable and the initial payment, then we deliver the building!
As with any contract where you pay for something over time, the total cost is higher than the cash price. The extra charges are not finance charges. Since this is a rent to own contract, rental fees are assessed at the beginning of the rent to own process. We do not charge penalties if you wish to pay off the contract early. In fact, we will give you a discount on the contract amount for early payoffs!
How does rent-to-own work?
Rent-to-own is a payment option that allows you to rent a metal structure for a set period of time, with the option to purchase the structure at the end of the rental program. The rental agreement typically lasts between 24 and 48 months, with monthly payments that are lower than a typical loan payment.
During this time, you’re essentially renting to own the metal structure, and a portion of your monthly payment goes towards the purchase price of the structure itself. Once the rental term is over and you’ve made all the necessary payments, you’ll own the metal structure outright.
Are there any credit checks?
Most rent-to-own storage shed companies don’t require a credit check, as they’re not extending credit in the traditional sense. Instead, they’re renting you a metal building with the option to buy it at the end of the rental term. However, some companies may require a credit check if you opt for an early payoff or if you miss a payment. It’s always a good idea to ask the company you’re considering if they require a credit check, so you can be prepared.
Rent to own versus Financing
RTO is a rental program, not a loan, so NO credit is required. You are simply renting the rental property on a month-by-month basis. The RTO contract may be canceled at any time. Simply call and request that the rental property be picked up from your location.
Upon completion of the rental contract, either by taking advantage of the early payoff option or by completing all of the monthly rental payments, the metal building is yours!
How is rent-to-own different from financing?
When you get a rent-to-own building versus a financed one, the customer has no obligation to continue making the payments if he/she gets in a financial bind later on. So if you get an RTO building from Leland’s Metal Buildings and 6 months later you realize you are over-leveraged, you can simply call in and have your building picked up, and your payments stop.
If you quit at any time, this does NOT hurt your credit (financing DOES NOT work this way). If you call in to cancel your rental and later you need to rent another building, you can order another one, and for being upfront on your first one, you will not even hurt your credit/relationship with Leland’s Metal Buildings.
How much is the down payment?
The down payment for a rent-to-own metal buildings varies depending on the company and the metal building’s price. Some companies require a small down payment, while others may require the first and last month’s rent upfront.
In some cases, you may be able to negotiate the down payment amount or structure with the company you’re working with. It’s important to understand the down payment requirements before signing a rental agreement so that you can budget accordingly.
Payment Terms and Eligibility
Our rental agreements are available in 24 months, 36 months, 48 months, and 60 monthly payments. Credit checks are not required, and your credit score is not used to determine eligibility. The application process is a simple application, and approval is usually quick and easy.
What is the interest rate/finance charge?
There is no interest rate or finance charge. However, since this is a rental contract, rental fees are charged. The total contract amount may be figured by multiplying the monthly payment amount by the contract term.
The contract terms are easy to understand, and the cost of renting is reasonable. There’s no interest rate or finance charge, but since this agreement does include rental fees, they will be applied as part of the monthly payment amount.
What if I want to pay off the metal building early?
If you want to pay off your rent-to-own metal building early, you’ll need to contact the company you’re working with to find out the payoff amount. The payoff amount is the total amount you’ll need to pay to own the rent to own metal building outright, and it may be different than the remaining balance on your rental agreement. Some companies may offer a discount if you decide to pay off your rent to own metal building early, so it’s always worth asking.
Can I pay some money down to make my payments lower?
Since this is a rental contract and not financing, paying money down and financing the rest of metal building is not possible. As a rental, the payments are figured on the full value of the building. Making a larger payment up front is the same as paying the rent in advance because we will apply it to future months’ rent.
We recommend that you make only the required first month’s payment and a security deposit, then make your payments each month while saving enough to pay off the contract in full to receive the Early Pay Off Discount.
What happens at the end of the rental term?
At the end of the rental term, you’ll have the option to purchase the shed. This is a great opportunity for those who are unsure about making a large financial commitment upfront, as it allows you to test the shed and ensure it’s the right fit for your needs. If you decide to purchase the shed, the remaining balance can be paid off with cash or conventional financing.
However, if you decide not to purchase the shed, you can simply return it to the rental company and walk away. It’s important to note that if you do choose to purchase the shed, the rental payments you’ve made thus far will be applied toward the purchase price. This is a great way to own your own storage shed without breaking the bank.
Rent to own program details
Bankruptcy:
An RTO contract is considered by law to be an executory contract. Should the contract become a financial burden, you have the option to be relieved of the contract by returning the item according to the rent to own agreement, and no further charges will be incurred. Under United States Bankruptcy Law § 365, should you file bankruptcy, you have the option at that time to assume or reject the contract. You should consult legal advice for complete information and provide a copy of your Rental Purchase Agreement.
Late Payment:
Due to the month-to-month contract of your Rental Purchase Agreement, all payments are due on the date (either the 1st or the 15th) that you have selected. If your payment is late, it may be subject to a late charge. See your contract for details. Pay close attention to your due date and pay on time to avoid having your building picked up. If your account is past due, the rental company may pick up the building during normal daylight hours.
Early Pay Off benefits
Early Pay Off (EPO) is offered as a promotion for customers who want to save money by paying off their contracts early. At any time during the contract, you may pay off the remaining contract balance in full and receive this discount.
The unused portion is time that has not transpired. Back rent is not discounted. If you make a payment larger than your regular monthly payment but not equal to the Early Pay Off amount, the payment will be applied as advance rental payments only.
