When going on a vacation, most individuals decide to rent a car upon arrival. A rental car can allow individuals to get around a city they are visiting, but there are many methods for paying for a rental car. So, what does an individual need to know before renting a car with cash?
When paying for a rental car with cash, there are some requirements that an individual needs to meet in order to qualify. These requirements include bringing two utility bills, a recent pay stub, and proof of insurance, as well as the minimum deposit in addition to the cost of the rental car.
There are a lot of factors to consider when deciding to pay for a rental car with cash. It can be difficult for individuals to figure out which option is the best method of payment for a rental car. We have the information that you need to know before renting a car with cash below. So, make sure to keep reading if you want to find out more!
Paying for a Rental Car with Cash
For some individuals, paying with cash is their preferred method of payment. For these individuals, it is easier to pay with cash than to deal with the stress of having to pay with a credit or debit card.
While this is the preferred method of payment for some individuals, it is not always available in every situation. There are many businesses that do not allow individuals to pay for large purchases with cash. A rental car is a large purchase that can easily go wrong in some way, so many rental car companies don’t let their customers pay with cash.
The car rental companies that allow customers to pay with cash have a lot of requirements in place to ensure that cash payment is a secure method of payment. These requirements are in place to ensure that these rental cars will be returned to the company after the renter no longer needs the car. While it may be a hassle, it will be worth the effort.
The Required Utility Bills
Many of the car rental companies that allow customers the option of paying with cash require the customer to provide them with two utility bills. These utility bills provide these companies with proof of address as well as proof that these individuals have been keeping up with their recent bills.
Providing utility bills with a current address allows these companies to be able to bill the customers on the off chance that the bills of these individuals are not fully paid when they return the rental car.
These car rental companies allow their customers options for which types of bills can be brought in. These bills include water, gas, electricity, and cable/internet bills.
Most companies use utility bills as a way to verify an individual’s address because they not only had the customer’s address but also have the date, which allows these companies to confirm that this is an individual’s current address.
Supplying a Recent Pay Stub
Another requirement that car rental companies require in order for individuals to be able to use cash as a payment method is a recent pay stub. This allows the company to confirm that this individual has a steady income and is able to pay for the rental car.
Knowing that a customer has a steady income provides the car rental company with a sense of security that these individuals can afford to make this purchase.
A rental car company is more likely to approve cash as a method of payment for individuals when they provide the company with their pay stubs. If you only provide the car rental company with your recent utility bills, you likely won’t be able to rent a car, even if you know you can afford it.
The Importance of Providing Proof of Insurance
One of the best things an individual can do when renting a car is to provide the car rental company with proof of insurance. Providing these companies with proof of their insurance allows the customer to avoid having to purchase insurance through the car rental company.
Insurance allows these car rental feel more comfortable renting cars to individuals who already have their own insurance. Insured individuals are more likely to be careful drivers than uninsured drivers, which allows these cars to be returned to the companies in good condition.
Making sure that these individuals are insured can allow car rental companies to have the means to pay for any repairs that rental cars might need. This allows the company to be covered on the off chance that one of the rental cars is involved in any type of accident.
If an individual does not provide insurance, most rental companies will require these individuals to purchase insurance through the company. This can cause individuals who already have their own insurance to have to pay more when needing to rent a car.
The Deposit in Addition to the Cost of the Rental Car
A very common thing that is required precaution for individuals who are looking to rent a car is providing the car company with a deposit. Upon the return of the rental vehicle, an individual will get the deposit returned to them as long as the car is returned in good condition.
This deposit provides the car rental companies with the security that these renters will be taking care of the rental cars. The incentive of getting their return back is something that encourages these individuals to drive carefully in addition to taking care of the car they are borrowing.
A deposit in addition to the cost of the rental car allows the company to have some form of collateral on the off chance that the rental car is not returned in the best condition. These companies can then use the deposit to pay for the damages to the car.
While some car rental companies don’t require a deposit, they are hard to find.
Placing a Credit Card on File
Whenever an individual rents a car, it is extremely common that these individuals are required to put a credit card or debit card on file. On the off chance that a rental car is not returned, the company is able to charge the card that is on file, which allows the company to be compensated for the missing rental car.
When a card is put on file, these companies are able to ensure that they are getting the money they are owed as a result of the rental car. This is also beneficial for the company on the off chance there are any damages to rental cars upon return. The company is able to charge the card on file to pay for the damages.
When a rental car is returned, and there are no damages that have happened, the card information on file will be removed. This allows the individual renting the card to not need to worry about their card being charged for damages they are not responsible for.
Even if you intend to pay for the rental car in cash, you may have to give the rental car company your card information.
The Importance of Meeting all the Requirements
These requirements are extremely important and beneficial for both the car rental companies, in addition, the individuals who are renting cars. Each of these requirements is in place to provide some form of protection for either the company or the customer.
These requirements are in place to provide a sense of security to both the company and the customer. These requirements allow these individuals are able to rent a car without having to worry they will be overcharged by car rental companies.
All of these requirements are in place to secure the rental transaction. This gives all of the individuals involved the security of knowing that they will not be losing money as a result of the rental.
When paying with cash, it is extremely important that these individuals are meeting the necessary requirements in order to be able to qualify to use this method. This allows the company to have some form of security when a customer is paying with cash.
Car Rental Companies that Offer Cash Rentals
While there are many different companies that provide individuals with rental cars, there are not a large amount of car rental companies that allow their customers to choose cash as a method of payment. The majority of these companies do not accept cash as a method of payment as a result of the inconvenience of being paid large amounts of money.
Some of the companies that allow customers to rent a car with cash include Hertz, Dollar, and Thrifty. In order to accept cash payments, these companies require their customers to provide them with all the needed information mentioned above.
There are many other car rental companies throughout the United States. However, there are only really 3 companies that allow individuals to rent cars by paying with cash.
Why Some Companies Don’t Allow Cash Rentals
There are a few reasons car rental companies do not accept cash payments for rentals. The biggest reason is that rental cars are not cheap to rent, which means that these individuals would be paying large amounts of cash. For many companies, having large amounts of cash on hand is not an ideal situation. Not only does it cause some of the employees to feel unsafe and fear a robbery occurring, but there are also employees who have to count the money and confirm that they were given the correct amount.
Needing to count the money they were handed takes a lot more time than it does for an employee at these companies to run a debit or credit card. This means that these employees are unable to help large amounts of customers because they need to ensure they are being paid the correct amount of money.
While there are a lot of precautions that are taken by these companies, the issues that were faced before these were placed caused some of these companies to no longer accept cash payments. Before the precautions, these companies had to worry about whether or not a rental car would be returned when an individual paid with cash.
Easiest Way to Pay for Rental Vehicles
Most individuals who frequently rent cars have learned that using either a credit card or a debit card is the easiest method. When renting a car, an individual is always required to give their license as proof of identification. However, there are many more things that are required for individuals to use cash as their method of payment.
An individual is more likely to get approved for their rental car when they are providing the car rental company with a card. This provides the company to require less of the customer. Rather than needing to ask for a card in addition to the method of payment, the company is able to keep the card that was used as the method of payment on file in case there are some damages that need to be paid for.
Important Things to Remember When Renting a Car
There are a few important things that need to be remembered when an individual is renting a car. The biggest thing is how long an individual needs a rental car. For individuals renting cars as a means to get around the city when on vacation, it would be less expensive than an individual who is using a rental car until their own car is finished work being done.
Another thing to consider is the rate of car rental companies in a specific city. These different companies have different pricing, and it can be best for an individual to find the company that is the best fit for the financial state.
Another thing to remember when renting a car is the importance of bringing all the necessary paperwork. This allows these individuals to get the best deals that they can for their current financial situation.
There are certain car rental companies that run a credit check before allowing individuals to rent a car. This ensures that these individuals are able to pay for the rental car, as well as making sure these individuals do not have a prior record of not being able to pay for things.