Learn About Our Rent-to-Own Payment Plans

If you’re considering buying a storage shed, it’s important to know all the payment options available to you. Our partnership with AFGRentals can help! They offer a “rent-to-own” option for portable buildings, which means you can rent the building, and at the end of your contract, you own it completely.

This is a great option because it’s better than renting a storage space where you don’t get to keep anything at the end. It’s also an excellent alternative to traditional financing that requires credit checks and is only available to people with certain credit scores. With rent-to-own, almost everyone qualifies, and your payments go toward something you’ll eventually own! Our goal is to help you get the portable building you want, and AFG’s competitive monthly rates make that possible.

What is a Rent-to-Own Program?

If you’re in the market for a storage shed but don’t have the cash upfront, consider a rent-to-own storage building option. With a rent-to-own storage shed, you can make monthly payments towards owning the shed outright without having to make one large payment upfront. Here are some common questions about rent-to-own storage sheds to help you make an informed decision.

Rent-to-Own (RTO) Explained

Rent-to-own (RTO) is an affordable payment option with no credit check required. All rent-to-own contracts are divided into monthly payments, which are included in the price of the building. You only pay a deposit when applicable and the initial payment, then we deliver the building!

As with any contract where you pay for something over time, the total cost is higher than the cash price. The extra charges are not finance charges; rental fees are assessed at the beginning of the rent-to-own process. We do not charge penalties if you wish to pay off the contract early. In fact, we will give you a discount on the contract amount for early payoffs!

How Does Rent-to-Own Work?

Rent-to-own allows you to rent a storage shed for a set period, with the option to purchase the shed at the end of the rental program. The rental agreement typically lasts between 24 and 48 months, with monthly payments lower than a typical loan payment.

During this time, you’re essentially renting to own the shed, and a portion of your monthly payment goes towards the purchase price. Once the rental term is over and you’ve made all the necessary payments, you’ll own the shed outright.

Are There Any Credit Checks?

Most rent-to-own storage shed companies don’t require a credit check, as they’re not extending credit in the traditional sense. Instead, they’re renting you a storage shed with the option to buy it at the end of the rental term. However, some companies may require a credit check if you opt for an early payoff or miss a payment. It’s always a good idea to ask the company if they require a credit check so you can be prepared.

Rent-to-Own vs. Financing

RTO is a rental program, not a loan, so no credit is required. You are simply renting the property on a month-by-month basis. The RTO contract may be canceled at any time by calling and requesting the rental property be picked up from your location.

Upon completion of the rental contract, either by taking advantage of the early payoff option or by completing all of the monthly rental payments, the storage building is yours!

How is Rent-to-Own Different from Financing?

When you get a rent-to-own building versus a financed one, there is no obligation to continue making payments if you encounter financial difficulties. If you get an RTO building and realize you are over-leveraged, you can call in and have your building picked up, and your payments stop. This does not hurt your credit, unlike traditional financing.

If you cancel your rental and later need another building, you can order another one without hurting your credit or relationship with us.

Down Payment

The down payment for a rent-to-own storage shed varies depending on the company and the shed’s price. Some companies require a small down payment, while others may require the first and last month’s rent upfront.

In some cases, you may be able to negotiate the down payment amount or structure with the company. It’s important to understand the down payment requirements before signing a rental agreement so you can budget accordingly.

Payment Terms and Eligibility

Our rental agreements are available in 24, 36, 48, and 60 monthly payments. Credit checks are not required, and your credit score is not used to determine eligibility. The application process is simple, and approval is usually quick and easy.

Interest Rate/Finance Charge

There is no interest rate or finance charge. However, rental fees are charged. The total contract amount is figured by multiplying the monthly payment amount by the contract term.

The contract terms are easy to understand, and the cost of renting is reasonable. There’s no interest rate or finance charge, but rental fees are part of the monthly payment amount.

Early Payoff

If you want to pay off your rent-to-own storage shed early, you’ll need to contact the company to find out the payoff amount. The payoff amount is the total amount you’ll need to pay to own the shed outright, and it may differ from the remaining balance on your rental agreement. Some companies may offer a discount for early payoff, so it’s always worth asking.

Missed Payments

If you miss a payment on your rent-to-own storage shed, you may be subject to late fees or penalties. Depending on the company, there may be a grace period before late fees are assessed. If you miss multiple payments, the company may take steps to repossess the shed. Communicate with the company if you’re experiencing financial difficulties to work out a solution and avoid defaulting on the rental agreement.

Down Payments and Lower Payments

Since this is a rental contract and not financing, paying money down to make the payments lower is not possible. Payments are based on the full value of the building. Larger payments upfront are considered advance rent.

We recommend making the required first month’s payment and a security deposit, then making monthly payments while saving enough to pay off the contract in full to receive the Early Pay Off Discount.

End of the Rental Term

At the end of the rental term, you’ll have the option to purchase the shed. This allows you to test the shed and ensure it’s the right fit for your needs before making a large financial commitment. If you decide to purchase the shed, the remaining balance can be paid off with cash or conventional financing. If you decide not to purchase, you can return it to the rental company. Rental payments made will be applied toward the purchase price.

Moving the Shed

Most rent-to-own storage shed companies allow you to move the shed during the rental period, but check with the company first. Some companies may charge a fee to move the shed, while others may require you to move it yourself. Ensure local zoning laws permit a full storage unit or shed on your property.

Renting Multiple Storage Buildings

You may have up to 3 rent-to-own items per household or a total of $30,000, whichever is greater.

Rent-to-Own Program Details

  • Bankruptcy: An RTO contract is considered an executory contract by law. If the contract becomes a financial burden, you can return the item according to the rent-to-own agreement, and no further charges will be incurred. Under U.S. Bankruptcy Law § 365, should you file for bankruptcy, you have the option to assume or reject the contract. Consult legal advice for complete information.
  • Late Payment: Payments are due on the date (either the 1st or the 15th) you selected. If your payment is late, it may be subject to a late charge. Pay attention to your due date to avoid having your building picked up. If your account is past due, the rental company may pick up the building during daylight hours.
  • Early Pay Off Benefits: Early Pay Off (EPO) is offered as a promotion for customers who want to save money by paying off their contracts early. At any time during the contract, you may pay off the remaining contract balance in full and receive a discount. Larger payments that are not equal to the Early Pay Off amount will be applied as advance rental payments only.

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