Are you missing out on one of the best deals in car buying? With many people opting to stay at home to social distance and stay safe, many rental company vehicles have been stationary. Why is this important?
Many companies are looking to make fast cash deals with increasing unused inventory, like Hertz, who recently filed for bankruptcy. If you decide to buy a rental vehicle, there are a few things you should do to ensure you’re buying a good vehicle.
Did you know that you could save up to 15 percent more when you purchase a rental vehicle?* While you will save a significant amount by buying a rental car, you should still look at price ranges to ensure you’re still getting a great deal.
We also recommend researching and checking out the car as you would if you were buying it new. Be sure to consider which vehicle you believe to be the best fit for your lifestyle and determine your budget from there. Remember, you will need to take extra precautions when purchasing a car used from such a company — even if you’re considering a certified vehicle.
We also recommend checking for any vehicle recalls. If there is, take the extra step to cross-reference the recall with a vehicle history report — rental car companies have been required to fix these issues for at least the past four years.
CONDUCT A PRIVATE INSPECTION
Many rental car companies have a lengthy trial period. Use this time to your benefit and conduct an independent vehicle inspection before you buy it. Even certified vehicles should be inspected to ensure that your vehicle is safe and that you make a solid purchase. Along with reviewing recalls and the vehicle history report, this could go a long way in putting your mind at ease when buying a used vehicle from a rental company.
SECURE YOUR FINANCING
The purchase price of the vehicle is only one step in the process. While rental car companies can save you up to 15 percent more when buying one of their vehicles, getting the right financing can significantly boost your savings. When you secure pre-approval with HopeSouth CU, you can ensure you not only get a great overall price, but you’ll also snag an affordable rate and monthly payment. See your options for financing your next vehicle and check out our affordable rates on auto loans today! Click here to get pre-approved for a loan, or click here to use our AutoLink tool—the best way to search for cars by make, model, and condition.
*Source: CNN Business