Car hire is no longer synonymous to vacations. People hire cars to add mobility to their day to day life and make transportation easier. With the increasing demand for car hiring, the car rental companies are offering people with attractive offers to allure more customers. A wide variety of car rental packages are available for the car renters to choose from, but you should remember one thing: most car rental companies would want you to use credit cards to make the payments. So if you have a bad credit, it might become difficult to hire a car. So what would you do if you have low or no credit? Fret not! You still can hire a car.
Tips to Hire a Car with bad Credit
Buying a car is not an option if you have a bad credit, so you need to find car leasing options that do not require stringent credit checks. The good news is, there are many car rental companies like Wise Car Hire that allow people with bad credit to hire a car of their choice. There is no definite answer as to what credit score you must have to become eligible to rent a car; however, some companies would ask for a 620 credit score while some might consider something lower. Here are some tips that will help you rent a car successfully with low or no credit score:
- Don’t have high expectations. By compromising with your choice to some extent, you can easily hire a car.
- Don’t ask for too many credit investigations, as this might further lower the FICO scores. Take a printout and hand over it to the car rental agencies.
- Opt for lease takeovers
Willing to lease a car but worried about your low credit scores? Never mind. There’s always a way out. Here is how you can lease a car with low credit score:
- Analyse the credit scores: you have bad credit, but exactly how bad is it? Get your free credit report and analyse what lead to the bad credit.
- Search for subprime lenders who are willing to offer loans and leasing opportunities to people having bad credit.
- A lease takeover is the best choice. Look for people who want to give up their car lease and take over the lease from them at the most affordable rates.
What would you do if these tips don’t work? Here are some more useful tips:
- Save money and lease a starter car and trade-in when you have enough money and credit scores improve.
- Use Home equity to borrow money
- Buy an used car (but be careful)
- Apply for a loan with a co-signer
- Don’t give up credit accounts that are no more functional, since they can help in improving the scores
- Pay on time and avoid missed payments
With help of prior planning and a bit of preparation, you can successfully hire or lease a car even if you have bad credit. Look for car rental companies that are willing to offer subprime deals or people willing to give up their lease and make your car hiring wishes come true.