Frequently Asked Questions
Q. How much is the down payment?
A. Ask your dealer about the initial payment requirement for delivery of the building. This will typically be the first month's rental payment and a refundable security deposit, depending on the size of the building.
Q. Can I pay extra money down on the principal?
A. Since this is a true rent-to-own and not an installment sale, there is no principal to apply extra money to. Extra money received will be applied to future payments.
Q. When is my first payment due?
A. Your first rental payment will be due approximately 30 days after delivery of the building. We will send monthly payment reminders 10-14 days before your due date.
Q. Can I add improvements to the inside or outside of the building?
A. No. Contact RentaBarn before making any changes to our building. Unauthorized changes may void the warranty.
Q. I would like to pay off my building, but I can’t afford the total payoff. Can I send it in 3 payments?
A. No. The payoff must be paid in 1 payment only.
Q. What is the interest rate on my payments?
A. There is no interest rate in a rent-to-own situation. You are simply renting on a month-to-month basis. 60% of your net payment is applied toward the purchase of building.
Q. My job is requiring me to move, so I don’t need my building. Can I get a refund if you pick it up?
A. If you return the rented building, you will receive a refund of any security deposit balance remaining. Call our toll-free number for details on closing your account.
Q. I was just laid off from my job. Can I refinance and get lower payments?
A. Call our office to discuss options and alternatives. We offer numerous ways to help you keep renting the building and ultimately obtaining ownership.
Q. Why doesn’t my payoff go down?
A. If your account is delinquent, any back rent due will be automatically added to your payoff.