Are you planning to rent a car for your next getaway? Well, be mindful about paying a deposit to rent a car. If you are unaware of the fact and are wondering how much is the deposit to rent a car, then don’t worry, because we have got your back. In this write-up, we will discuss all the points that will clear out all your queries regarding car rental deposits.
What is a car rental deposit?
When you rent a house, you have to make an advance payment to lock that house. Similarly, when you plan to book a car rental, you have to pay something in advance, which will secure your bookings and will prove as a safeguard amount to protect the interests of both parties. Moreover, this would also make sure that you get the car you choose.
Apart from that, it will give you and the car rental company a sense of relief if anything happens to the car, unfortunately, because they can use your advance to cover the cost up. This way, you won’t have to pay from your pocket after the damage is done, nor will the company have to bear any costs.
How does the rental car deposit payment method work?
When you book a car, you pay the deposit with a credit card and not a debit card. The reason being, a credit card is a secure way for both parties.
As you make the payment, the amount is not transferred into the supplier’s account. Instead, it gets blocked for the amount of time the car is with you. Know that you won’t be able to use this money, and the supplier has the authority to transfer the amount anytime.
Moreover, some companies also deal with deposit money with debit cards. If that is the case, then the amount will be deducted from your account and would be transferred into the supplier’s account. Once you bring the car back, you will be able to get a refund.
How much does a typical car rental deposit cost?
If you are booking a car, then there is no way you can escape without paying a deposit. It is why you must set aside the amount beforehand, so it does not hinder your vacation expense. Let us have a look at what is a typical car rental deposit in the US.
To book a car, you must have a minimum of $200 in your funds. Know that this is just an estimate. The actual cost would depend on the company, from where you will rent a car. Moreover, only a primary driver can deposit through his/her credit card. Along with that, you must also keep in mind that if you are choosing a premium car, be ready to pay the premium deposit.
You must be wondering how you can reduce your car rental deposit amount. The answer to that is about to come, so be hooked.
What is the possibility of reducing car rental deposit?
Everyone looks for an affordable way to enjoy his or her vacation, and there is no harm in it. In fact, it is the smartest idea to have a good time while you save bucks. However, when it comes to reducing car deposits, you can get a waiver if you buy the supplier’s extensive insurance policy. Though it may seem an attractive offer, you will end up paying more. Moreover, there are less likely chances that the supplier would let you go off without paying the required deposit.
However, there is no probable way to get the amount reduced from the supplier, but a few tricks can come in handy. If you want a minimum deposit, choose a car that comes at minimal rates. Apart from that, you can also get quotes from various car rental companies and then compare them. Go with the one that is asking for less.
What is the process of getting your deposit money back?
As stated above, once you bring the car back to the company, the supplier will refund the amount into your account. However, if there will be any damage done to the vehicle or if there are any remaining amounts that are yet to be settled, then the supplier will cut the amount from your deposit before transferring it into your account.
The moment the supplier unblocks the amount from your credit card, you will receive it within the next ten to fifteen working days. However, if you have paid it through a debit card, you will receive the amount directly.
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