Choosing between renting and owning a shipping container is a critical decision for businesses and individuals. In this blog post, we’ll explore “Renting to Own” and help you decide if it’s right for you. We’ll discuss the benefits and typical contract durations to guide your decision-making.
How to Decide:
- Evaluate Your Duration Needs: Before considering a Rent-to-own (RTO) agreement, carefully assess your storage or shipping requirements over an extended period. If you anticipate an ongoing need for a shipping container, RTO can be a viable option.
- Financial Considerations: Compare the upfront costs of purchasing a container outright with the initial payments required for a Rent-to-Own agreement. Take into account your budget and financial stability to determine which option aligns better with your resources.
- Flexibility Requirements: Consider the potential changes in your needs over time. If flexibility is crucial, renting to own can provide advantages as it allows for upgrades or downsizing based on evolving requirements.
- Credit and Financing Options: Evaluate your credit situation and ability to secure financing. Renting to own may be a more accessible option for individuals with limited upfront capital or facing credit challenges.
Benefits of Renting to Own Shipping Containers:
- Gradual Ownership: RTO agreements present a unique opportunity to gradually acquire ownership of a shipping container, enabling you to distribute the cost over time.
- Immediate Access: Gain immediate access to the container for your storage or shipping needs, all while benefiting from affordable monthly payments.
- Flexibility and Upgrades: RTO agreements often provide flexibility, allowing you to upgrade to a larger container or modify the agreement to accommodate changing requirements.
- Low Upfront Costs: In comparison to outright purchases, RTO typically involves lower initial costs, making it a more accessible option for businesses operating within budget constraints.
Typical Contract Duration:
The duration of rent-to-own contracts can vary based on the provider and your agreement terms. However, common contract durations range from 6 to 24 months. It’s essential to carefully review the terms, including payment structure, interest rates, and any additional fees before committing to a Rent to Own arrangement.
Rent-to-Own Simple Process at On-Site Storage Solutions
Are you in need of a shipping container for your storage or shipping needs but prefer a flexible and gradual ownership approach? On-Site Storage Solutions offers a straightforward Rent-to-Own (RTO) process that allows you to choose from a vast selection of containers. Here’s a step-by-step guide to our Container Rent-to-Own process:
- Choose Your Container: Explore our extensive selection of containers to find the one that suits your needs. Most containers qualify for our Rent-to-Own program, excluding As-Is and heavily modified containers.
- Eligibility and State Acceptance: Our Rent-to-Own program is available for customers in all states except Minnesota, New Jersey, and Wisconsin.
- Select Your Payment Term: On our website, choose the Rent-to-Own payment term that fits your budget. We offer flexible short-terms ranging from 6 to 24 months, with long-term programs available for extended commitments.
- No Credit Check: We firmly believe in providing equal opportunities for everyone to own a container. That’s why we don’t require a credit check and base approval solely on valid public background information. Our goal is to make container ownership accessible to all, ensuring a seamless process while maintaining the highest standards of integrity.
- Early Payment Discount: Take advantage of our one-time early payment discount, which offers a 33% reduction in the remaining balance if paid off ahead of schedule.
- Application Process: Once you’ve selected your container and payment term, our On-Site and MCR support team will reach out to you to complete the application process.
- Contract Signing: Once approved, you will proceed to sign the contract, thereby completing the Rent-to-Own agreement.
- Delivery Scheduling: We will provide you with available delivery dates based on your location and preferences.
- Payment Due Before Delivery: Before the scheduled delivery date, you must pay the first and last month’s rent. This ensures a seamless process and contributes to an enhanced quality of service.
- Additional Upfront Payments: Depending on your specific situation, additional upfront payments may be required for locations over 200 miles from our depot, multiple containers, or modified containers.
