Rent-To-Own Cars Melbourne

Rent-to-own cars have a lot of advantages over traditional car loans, or even buying cars outright. Rent-to-own car providers are responsible for registration, insurance, servicing and other road fees during the whole contract period. While with car loan providers or buying outright, you must pay all of these costs out of pocket on a continuous basis. 

But the biggest advantage of rent to own car is it’s the most viable option for people with no credit or bad credit history. Most rent-to-own agreements only require affordability assessment and do not require credit checks. So, it’s so much easier for people with bad credit to get approved. This includes Centrelink recipients and pensioners. As long as they meet the minimum criteria, rent-to-own car providers will consider their application. However, if your income is exclusively from Centrelink, some providers may not be able to assist you due to Government Regulations. 

What are the minimum criteria to apply for a rent-to-own car? 

Applying for a rent-to-own car with CarCoop Melbourne is one of the easiest and fastest ways to get a car. As a general guide, we try to assist those that are over 21 years of age, hold a P2 driver’s licence or above and earning at least $800 per week. To make it easier for customers to check their eligibility, they can answer our online pre-qualification form which can be done in just 60 seconds. 

If you qualify and would like to proceed, the rent-to-own car application itself would take around 30 minutes. It may then take our team three business days to process your application to finality. We know how important it is to get you into a car as soon as possible, so we will aim to complete the entire process within one week. This will all come down to how soon you provide all the required documents to process your application. You will also be required to put down a small deposit which can start from $689 and can go up to $739, depending on the car you applied for. 

You can also apply via email at applications@www.carcoop.com.au or by calling our team on 1300 614 299. 

What types of vehicles are available in your fleet?

CarCoop Melbourne offers a wide range of late-model passenger vehicles from 2016 to 2023. Our fleet can vary from hatchbacks like a Hyundai i20 or i30, mid-size sedans like a Toyota Corolla or a Hyundai Accent, SUVs like MG ZS or Mitsubishi Outlander and occasionally people movers like Hyundai iMax. All our rent-to-own cars have been fully serviced and cleaned and have their Roadworthy Certificate (RWC).

When will I own the vehicle? 

With CarCoop, you can own your car in just 2 or up to 4 years only, plus there are options to upgrade or return your vehicle at the end of the agreement. When the two or four years expire, you’ll have the option to return the vehicle, upgrade your car to a newer model, or buy the car for literally just $1 dollar. If you choose to upgrade, this will be a brand-new agreement. You cannot transfer the money paid for your first car into the new one.