Steel Building Financing & Rent-to-Own

Pay cash, finance on approved credit, or rent to own with no credit check. Here is how each one works and what it really costs you.

A good garage or barn is a real purchase, and a lot of people would rather not drain the savings account to get the tractor out of the rain. There are two ways to spread the cost: a financed purchase through third-party lenders, and rent-to-own through rent-to-own companies. You can also pay the whole thing outright. At Advance Solutions LLC, we help you sort out which way to pay before we place your order.

The three options are not the same deal with different names. Financing is a loan: you own the building and pay it off over a fixed term. Rent-to-own is a rental agreement that becomes ownership once every payment is made. Paying cash costs the least. Which one makes sense depends on your credit, how sure you are you will keep the building, and whether you own the land it sits on.

Terms vary and are set by the lender or rent-to-own company. We do not set rates or make approval decisions, and nothing on this page is an offer of credit.

How Financing Works

Financing works like most equipment or vehicle loans. You apply, the lender reviews your credit, and if you are approved, the lender pays for the building and you make monthly payments to the lender.

What the financing programs offer

Fixed rates. Your payment does not change over the life of the loan.
Terms up to 12 years. A longer term lowers the monthly payment, though you pay interest for longer.
A soft credit check to start. The first look at your credit is a soft pull.
No prepayment penalty. Sell a calf crop or get a tax refund, and you can pay extra or pay it off early.
The lender decides. Approval and the terms you are offered come from the lender, not from us.

Some financing programs need no down payment. Whether that applies to you depends on the program and on the lender's review, so ask when we go over your quote.

Who financing suits

Financing fits a buyer with fair credit who is sure about the building and plans to keep it. You own it from the start, which matters if you want to add a lean-to later, insure it, or sell the property with it on there. Because the interest rate is fixed and there is no penalty for paying early, it is usually the cheapest way to pay over time.

Burnished slate workshop with a vertical roof and an attached open lean-to — Manufacturer photo

How Rent-to-Own Works

Rent-to-own runs through two companies, Heartland Capital and Boro Rentals. Instead of a loan, you sign a rental agreement for the building. Each month you pay rent. When the last payment is made, the building is yours.

The main features

No credit check. Your credit history is not part of the decision.
Month to month. You are not locked in. You can return the building at any time.
36, 48, 60 or 72 months. Pick the term that gives you a payment you are comfortable with.
No early payoff penalty. Pay it out ahead of schedule and you own it sooner.

What you pay at signing

Two payments are due when you sign a rent-to-own agreement: a security deposit and your first month's rent, which goes to the rent-to-own company. The size of the security deposit varies with location, and your quote shows it. After that, monthly payments, payoff questions and due dates are handled directly with whichever rent-to-own company holds your agreement.

The optional damage waiver

The rent-to-own companies offer an optional damage waiver that protects you against loss of or damage to the building while you are still renting it. It adds a charge to each monthly payment. It is recommended but not required, and the rental contract spells out what it covers and what it does not.

When you need to own the land

Larger rent-to-own contracts may require proof you own the land the building goes on, such as a deed. A renter can still use rent-to-own for a smaller building with the property owner's written permission. If you lease your land or are buying it on payments, tell us early, because it decides how big a building the rent-to-own company will write.

Who rent-to-own suits

Rent-to-own fits someone whose credit would not get a loan approved, or who needs cover now but is not sure they will want the building in five years. The ability to hand it back is real protection. You pay for that protection, though, as the next section explains.

Cash, Financing or Rent-to-Own: The Honest Comparison

We would rather you pick the right option than the easy one. Here is how the three stack up.

Compare	Pay in full	Financing	Rent-to-own
Credit check	None	Yes, starting with a soft check	None
Who decides	You	The lender	The rent-to-own company
Length	Paid at order and install	Up to 12 years, fixed rate	36 to 72 months, month to month
Can you walk away?	It is yours	No, it is a loan	Yes, return it any time
Paying early	Not needed	No prepayment penalty	No early payoff penalty
Total cost	Lowest	Higher, because of interest	Highest over the full term

The bottom line: rent-to-own costs more over time than financing or cash. That is the price of skipping the credit check and keeping the right to give the building back. Financing costs less over the term, but it needs a lender's approval and you are committed to the loan. If you can qualify for financing and you know you are keeping the building, financing usually wins. If you cannot, or you are not sure, rent-to-own gets the building on your land without a credit decision.

Paying Cash

Paying in full is simple and costs the least. You pay a deposit when you order, and the balance goes to the manufacturer when the building is installed, never to us. A check or money order for the balance can be given to the install crew that day. Card payments are made by phone with the manufacturer's office, and a card fee is added. The full ordering and payment process is laid out on our how it works page.

How to Get Started

Price the building first, then pick how to pay. Send our quote form with the building you have in mind and your delivery ZIP, and we will send you into the 3D designer to lay it out and see the price. When we call to go over the design, tell us whether you want to pay cash, finance or rent to own, and we will walk you through the next step. If you are still deciding on size, our building types page is a good place to start.

Questions about a payment plan? Call (901) 660-4836, Monday to Friday, 9 a.m. to 5 p.m.

Financing and Rent-to-Own Questions

Does financing a steel building require a credit check?

Yes, but the financing programs start with a soft credit check, and the lender makes the approval decision. Rent-to-own is different: there is no credit check at all.

Can I pay off my building early?

Yes, on either plan. Financing through third-party lenders carries no prepayment penalty, and rent-to-own agreements carry no early payoff penalty.

What happens if I can no longer make rent-to-own payments?

Rent-to-own runs month to month, so you can return the building at any time instead of being locked into the full term. The rent-to-own company sets how a return works, so read that part of the agreement before you sign.

Do I have to own the land to rent to own a building?

Not always, but larger rent-to-own contracts may require proof you own the land. If you rent the property, ask us before you design something big, because the size of the contract decides what paperwork the rent-to-own company needs.

How long can I spread the payments out?

Financing offers terms up to 12 years at a fixed rate. Rent-to-own agreements run 36, 48, 60 or 72 months. Terms vary and are set by the lender or rent-to-own company.

Is rent-to-own more expensive than financing?

Over the full term, yes. Rent-to-own costs more than paying cash or financing the same building, and that is the trade for skipping the credit check and keeping the right to hand the building back. If you can get approved for financing, it usually costs less over time.