Frequently Asked Questions About Rent-to-Own
By SchwebAdmin
Raber Storage Barn’s Rent-to-Own (RTO) program is very beneficial for Midwestern homeowners who are unable to purchase an outdoor structure outright. This flexible program allows homeowners to enjoy a brand new shed while making smaller monthly payments until the full amount is paid. Once the contract is paid in full, the shed belongs to the homeowner. It’s a great, no-obligation program that is perfect for people who need temporary storage or financing assistance. We’re asked about this program regularly, so we thought we’d answer some frequently asked questions about rent-to-own programs to help you get started.
What is Needed to Qualify for RTO?
When applying for our RTO program, you’ll need a few things to qualify. You’ll need the first payment, a security deposit, your social security number, and your driver’s license. If you’re renting a property, you’ll also need a landlord release. You can fill out our application to see if you qualify and can get approved for our program today.
How Long is the Contract?
There are multiple options for our contracts. Terms for the contract can be 24, 36, 48, or 60 months long, depending on your budget. Once the contract is over and all payments are secured, you own the shed.
When Do The RTO Payments Start?
You will pay a security deposit and the first payment when you order the shed and get approved for RTO. Once the shed is delivered, monthly payments will start 30 days after the delivery date. We will give you a payment coupon book when we deliver the shed to give you a guideline on when payments are due.
Can Auto Pay Be Set Up?
Making payments is easy. You can pay online with an e-check once a month, send checks in the mail, or call in a debit or credit card number. We can also have autopay set up, which will automatically withdraw the payment from your account every month.
Is There Any Interest? Will It Impact My Credit Score?
No, since this is a lease agreement with rental charges and not a loan. Interest rates and credit scores come into play when obtaining a loan, but not rental charges. There are no credit checks involved in RTO, so no hard credit inquiries will be made. So there is no interest rate and no credit check, but you will have to pay a monthly rental rate.
What is the Maximum Approval Amount?
The maximum approval amount for Raber’s RTO program is $16,000. Any qualifying structures costing less than $16,000 are eligible for this program.
Can I Pay It Off Early? Is There a Penalty for Early Payoffs?
Yes, you can pay off the shed early. You can pay it off at any time during the lease. There is no penalty for early payoffs.
Is There a Same-as-Cash Option?
Yes, we offer a same-as-cash option. If opting for this, you’ll have 90 days to pay off the shed. Same-as-cash allows you to pay the original cash price for the structure with no rental fees, but only if you pay the full balance within the 90 days.
Can I Use RTO for a Tiny Home?
RTO is offered for most of our portable buildings. Unfortunately, tiny homes are not eligible for this program.
Are Returns Allowed?
Yes, you can return the structure at any time for any reason. RTO has no obligation to buy; if you decide you no longer need it, you can return it. However, all the money you have already paid towards the shed will not be refunded. Also, once you pay off the entire contract, the shed is yours.
When Is RTO Right for Me?
RTO is a great program if you need a temporary storage solution when you’re remodeling your home or moving. RTO sheds are typically less expensive than getting a POD, making them perfect for home improvement jobs. We recommend getting an RTO shed if you are currently renting a storage unit, as you’ll pay similar rental fees for a shed that’s on your property instead of having to drive to your unit. Additionally, RTO is beneficial if buying a shed outright is impractical for you, whether you need it for additional storage, a workshop, or recreational use.
What Other Financing Options Do You Offer?
If RTO is not what you’re looking for, we offer financing options through Express Financing Solutions to get a loan for your Raber structure. This financing option fits any budget, and also gives fixed monthly payments with competitive low rates and no prepayment penalties. Financing would be a loan, so you would need approved credit for this option. Fill out this application to see if you’re eligible today.
Build Custom Outdoor Structures with Raber
Raber Storage Barns builds premium custom outdoor structures for Midwestern homeowners. Our RTO program has helped many homeowners get the storage they need without breaking the bank. If you need a storage solution, check out the buildings we sell and our in-stock inventory of pre-built structures on our various lots throughout the Midwest. Then fill out our RTO application to see if you qualify. If you have any more questions that were not answered, contact us for more information.
