Send MADRENT your details and they will contact you to complete the process. You can also email them the following information and documentation to info@madrent.co.za:
1. What car or Mad Deal you are interested in
2. ID document
3. Drivers licence
4. 3 months payslips
5. 3 months bank statements
6. Proof of address less than 3 months old
STEP 3
ENQUIRY HANDLED
We process the information and documentation and communicate with you about your Mad Deal.
STEP 4
DRIVE YOUR NEW CAR
What you get:
Car for 24 months
Comprehensive insurance
Full vehicle service and maintenance
Full vehicle tracking and roadside assistance
Km allowance per month
What you pay:
Startup fee inc VAT
Monthly rental inc VAT by debit order
Excess for kms traveled over allowance inc VAT
Excess on any insurance claim
Any fines / toll charges etc that you may incur
STEP 5
END OF MAD DEAL
What is Rent to Own
A rent to own or rent to buy agreement is very simply just renting a vehicle on a monthly basis per agreed upon contract. This is instead of financing it through a financier.
In this agreement, you will usually pay an agreed minimum deposit or percentage of the car's value. This will be followed by fixed monthly finance instalments (or rent) which effectively results in hiring the vehicle until the final amount has been paid. There is no interest applicable and these companies usually only cover lower end vehicles due to the risky nature of the business.
At the end of the period, you can purchase the car or you can also get your car sooner by requesting a settlement amount.
So, what do you actually get out of it?
You get a set of wheels without all the red tape included in usually getting a vehicle. Most competent rent to own or rent to buy deals will include comprehensive vehicle insurance, tracking, roadside assistance, and car maintenance for the contract period.
At the end of the agreement, you can usually buy your rental car at a predetermined value. You can also do this earlier by getting a settlement quote. If you don't have capital available, you can either finance the purchase or just get a new rent to own deal!
How does it work
Usually, you will select your vehicle and complete an online application
The dealer will process the application and get in touch to secure a deal
You will complete a contract, pay the deposit or setup fee and get your car
What do you need to apply?
ID document
Driver's licence
3-month payslips and bank statements
Proof of address
Pros of rent to own or rent to buy
Access to a vehicle
Vehicle insurance
Vehicle maintenance and service costs
Roadside assistance
No red tape
No impact on your credit history
Cons
You pay towards something you won't and don't own
Can be more expensive on a month to month basis than paying off vehicle finance loan
You pay for any excess above the predetermined limits in the contract
Fincheck is a financial comparisons website that organises information to assist the borrower in making their best financial decision.
Fincheck gathers information from numerous banking partners and presents it to the borrower in a simple, understandable way. Lenders benefit from an additional market place and extensive customer reach. Loan amounts vary from lender to lender. Fees, interest rates, loan amounts and credit scores influence the repayment terms. Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Fincheck does not endorse any particular product or company. We are an independent company. The information shown and provided is an opinion, based on numbers and must not be seen as advice or consultation.
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