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FAQs

What is RENT-2-BUY?


  • What is Rent 2 Buy?
  • Rent 2 Buy is a straightforward and affordable way of owning a new van. Start with as little as £1000, then it’s a single monthly payment. When you make your final payment you own the van outright. No balloon payment or end-of-term costs.

  • Hold on, so will I own the van at the end of the payment plan?
  • Yep. All the logbook details and information for the van will be transferred to your name.

  • And you said there’s nothing to pay at the end of the contract?
  • The total cost of your van is covered in your monthly payments so you’ll never need to pay anything after your final monthly payment.

  • But I need to pay an upfront down payment?
  • Our minimum down payment is £1,000 (please check your chosen van for exact pricing). Because you’re buying the van and not leasing it you don’t need to pay the VAT upfront.

  • What options are there in the scheme?
  • After 3 years of the scheme you may return the van to us otherwise you can continue for the full five years to own the van.


Am I ELIGIBILE?


  • What I will be approved?
  • Absolutely not a problem. We do a simple check but we don’t go solely on what the results say. We get to know you a bit and hear your story. The thing is, we genuinely want your business to thrive so we go on your future potential, not a rough patch from the past. And we approve almost everyone we talk to.
  • Is there a minimum age?
  • Yes - you need to be 30 or over for the Rent 2 Buy scheme.

Contract for Rent-2-Buy


  • If I take a Rent 2 Buy contract out, who is my contract with?
  • Your Rent 2 Buy contract will be with Otto Van Limited.

  • Can I cancel my Rent 2 Buy contract?
  • Yes, but there are a couple of things you should know about.

    You’ll need to give four weeks notice if you want to end your contract. And there’s a £200 cancellation fee.

    Any payments you’ve made up to that point are lost. You won’t get a refund on payments already made. And if you took out another contract in the future any payments you’d made in the past wouldn’t count against a new contract.

    You’d also need to pay any excess mileage if you’d exceeded 385 miles per week up to the date of cancellation.

  • What happens if I want to cancel my contract and I’ve had an accident that was my fault?
  • You’ll still be liable for the insurance premium.

  • Can I take my van abroad?
  • Unfortunately you can't take your van abroad.


Mileage


  • Is there a mileage restriction?
  • There’s a fair usage policy of 385 miles a week (20,000 miles a year). If you go over this you’ll be charged per extra mile on a monthly basis.

  • How much is the excess mileage charge?
  • We’ll charge 20p for each extra mile on top of your 385-mile weekly limit.


Insurance


  • How does insurance work?
  • You’re responsible for providing your own fully comprehensive insurance. You’ll need to have this sorted before you can collect your new van.

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The ‘Otto’ name and logotype are registered trademarks of Otto Car Limited, a private limited company, registered in England and Wales: 08479726. Otto is authorized and regulated by the Financial Conduct Authority (FCA) Registration number: 702499. Otto Van is a trading name of Otto Car Limited.