There are several unique features of a rent2buy transaction that differentiate it from other forms of rental and purchase agreements.
Try It Before You Buy It. Rent2buy is all about the idea of ‘try it before you buy it.’ The concept of renting something with the option to buy it is meant to allow you, the consumer, to test something out before purchasing it. You can rent something and see if you’re comfortable with it before you buy it. Everything you’re looking to buy, you can try before you buy.
Short-Term. A rent2buy transaction is short-term. It can range anywhere from a few days to a few months. In general, the idea of rent2buy is to have a short rental period followed by a purchase. The rental period should be just the right amount of time to allow you to make an informed decision about whether you want to buy.
Two Different Transactions. The Rent2buy process contains two different transactions. These two transactions are separate from one another; there are two completely different contracts. The first transaction is the rental contract. The second transaction is the purchase agreement. Keeping these two parts of the rent2buy process separate is one of the main things that differentiates this from a rent to own transaction.
It’s a Process. Rent2buy is a process. It can be used for a product or service that you are unsure about. Maybe you don’t know if buying a convertible will be the right choice for you and your family. You decide to use the rent2buy process to make an educated decision about whether this car fits your lifestyle. You’re renting it, trying it, you like it, you buy it.
Every rent2buy transaction will be different, depending on the type of product or service it’s being applied to. For a car, the rental period may be just a few days. For a textbook, it may be the length of a semester. Contracts can be negotiated, and the way you convert your transaction into an opportunity to try before you buy is up to you!