Renting a Vehicle: How It Works, Advantages
Unless you have the perfect mass transportation setup that gets you door-to-door without a hassle, you might need a vehicle. The problem some Americans face is getting a decent loan for said vehicle. According to a Fox Business article from earlier this year, nearly one third of Americans have a credit score below 601 – the line between bad and fair credit.
Unlike those with good or an established credit history, bad credit holders are left with only a few options. Buy Here Pay Here lots are one option, and leasing is another – both fairly popular. One option that sometimes gets swept under the rug is renting a vehicle through your local auto rental business.
A rental vehicle is an additional option those with bad credit should consider. We’ve outlined how it works and some of the top reasons to consider it.
How does renting a car really work?
In short, this process works somewhat like a lease. You pay for the vehicle like you would a rental but rather than paying for a chunk of time with the car ahead of time, we bill you weekly or bi-weekly. That way, it’s much easier to pay for the usage of the car you rent when you have the money available instead of all-at-once.
For example, let’s say you come into Value Auto Rentals looking to rent a car until your credit score is high enough for a good loan and interest rate. We’ll be able to show you rental vehicles, and once you find one that fits your style, we figure out a payment plan.
What are some advantages?
There are a few distinct advantages to the renting process that can be appealing to anyone with bad credit that needs a vehicle:
- No credit check
- When you go to buy or lease from a dealership, you won’t be able to sign any papers without a credit check. When renting, in most cases, you just need a proof of identity, residence, and income and you’ll be ready to go.
- No interest
- You make the payments weekly or biweekly that go towards the rental. If your end game is to own a vehicle, we will be able to help in that buying process at one of our preferred dealers as well.
- No effect on credit score
- This is especially big for anyone in a rut financially or credit-wise – anything related to your payments won’t damage your credit score.
Although renting may not make the most sense for every car buyer, but for some, like that third of the U.S., it might be a solid option. If you or someone you know is interested in renting a vehicle for any amount of time, consider Value Auto Rentals in Levittown, PA. Our business takes pride in excellent customer service and renting at the lowest prices, as well as being affiliated with some of the most reputable dealerships and service centers in Bucks County. Get in touch with us through this contact form or give us a call at 215-515-9050.