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Buying a rental car: What you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare information for free – so that you can make your financial decisions without trepidation. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies who pay us. This compensation could affect how and where products appear on the site, such as, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other home lending products. But this compensation does affect the information we publish, or the reviews you see on this site. We do not contain the vast array of companies or financial offers that may be accessible to you. SUBSCRIBE: BraunS/Getty Images

3 min read . Published March 02, 2023

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched facts that break down complicated topics into bite-sized pieces. The Bankrate promises

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In 1976, Bankrate was founded. Bankrate has a long track history of helping people make smart financial choices.

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who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. We have loans reporter and editor focus on the points consumers care about most — the different types of lending options and the most competitive rates, the most reliable lenders, how to repay debt, and many more. This means you can feel confident when investing your money. Integrity of the editing

Bankrate follows a strict standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors and journalists provide honest and trustworthy content to help you make the right financial choices. The key principles We respect your confidence. Our mission is to provide our readers with truthful and impartial information, and we have standards for editorial content in place to ensure that happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure that the information you’re reading is true. We keep a barrier between advertisers as well as our editorial staff. Our editorial team does not receive any direct payment through our sponsors. Editorial Independence Bankrate’s team of editors writes for YOU as the reader. Our aim is to provide you the most accurate advice to aid you in making informed personal financial decisions. We adhere to strict guidelines in order in order to make sure that the content we publish is not affected by advertisements. Our editorial team is not paid directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or reviewing it is safe to know that you’re getting reliable and dependable information. What we do to earn money

If you have questions about money. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We are constantly striving to provide consumers with the expert advice and the tools required to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be confident that our content is truthful and precise. Our award-winning editors and reporters produce honest and reliable content that will help you make the best financial choices. The content we create by our editorial team is objective, factual, and not influenced through our sponsors. We’re open regarding how we’re in a position to provide quality information, competitive rates and useful tools for our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services or when you click on specific links on our site. So, this compensation can impact how, where and in what order the products are listed within categories, unless the law prohibits it for our mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range may also influence the way and place products are listed on this site. We strive to offer the most diverse selection of products, Bankrate does not include information about every financial or credit item or product. The majority of drivers use renting a car during trips or vacations — and for many it is also an option to acquire the vehicle of their choice. While rental cars are owned by many drivers, they typically have extensive maintenance records and an affordable price. But before you drive off the lot with one of these cars there are a few factors to account for. How do you purchase the rental car As if you were purchasing any other brand new or used vehicle, buying a rental will require some research ahead of time. Budget Know how much you can afford and the financing options that work best for your budget. Since rental cars are used vehicles, there are plenty of financing options. Rates averaged a rate of 10.26 percent during the 4th quarter in 2022 according to data from . Keep in mind, however, that the is much higher than what that you see advertised online. Look up websites such as Edmunds or Kelley Blue Book (KBB). Both have breakdowns of expected maintenance and repair costs for a wide variety of cars. Find a car to compare The best sources for looking into rental cars available for sale include Enterprise, Avis and Hertz. Go to their websites and check out what is available in your local area. Again, Edmunds and KBB can serve as a great guide. They can show you average prices in your area for the vehicles you are interested in. This way, you’ll be certain that the used car dealer is providing a fair price. Since rental vehicles are subject to more damage, check to see if you can go lower than average to offset higher maintenance costs later on. Prequalify Once you have an automobile in mind you can apply for pre-approved financing. Although many rental companies offer financing options of their own, it is important to ensure you get the best price. It also lets you budget more accurately. Once you have a clear idea of what you can afford to buy — and also know your monthly payment is set, you can search for just the right fit for your finances. Check the car Test drive it and view the car in person, if you are able to, then seek out the car’s history report. It will provide you with information about any damages that have occurred in the past, and previous ownership as well as specifics about what’s underneath the hood. Because rental cars see many drivers, they rack up many miles. You should expect the odometer to be high despite relatively new vehicles, so prior to buying. Along with the history of the vehicle report, it will give you an accurate picture of how hard the car has been driven during its time as a rental. Check the warranty Finally inquire if the car is covered by a warranty comes with the manufacturer’s warranty, and you may be eligible for additional protections from the rental company. It could be a good option even if your car is covered by a manufacturer warranty. Extended warranties are for more routine maintenance and repairs. However, they come at a cost, so be sure you know what it covers and if it is worth it before you sign up. Do rental cars make sense to purchase? As is the case with the majority of things related to car buying one must take into consideration the financial impact and the suitability for your lifestyle. Although rental cars are a bit of a bad rap, there is no guarantee every used car you buy hasn’t been abused similarly unless you are familiar with its history. Benefits of purchasing a rental car. Cars that are rented out may have a bad reputation however, there are several reasons why they could be the right choice for you. Warranties: Rental vehicles typically include a guarantee that lasts for about a yearincluding cars that are no longer covered by the manufacturer’s original warranty. Buy-back policies: Some rental car chains may offer an option to buy back the car if you change your mind within a few days of the purchase. Vehicles that are well-maintained The company that rents the car should have had the car maintained and cleaned after every driver. So even with more wear and tear present on the vehicle you’re considering purchasing it’s been inspected more than the average used car. These kinds of features could provide extra assurance that could not be found in used vehicles elsewhere. Pros and cons of renting a car Despite having quite a few benefits, there’s also negatives associated with using renting a car. A high mileage: Drivers who are frequent and lengthy trips could outweigh regular maintenance. The high mileage incurred by renters could potentially mean more problems or a shorter life span for your car. Limited options: Along with this, buying a rental is a lot more restricted in selection of vehicles available for purchase. If the rental company doesn’t have the car you want in stock You’re out of luck. Basic features: The cars that are available don’t come with of the features some drivers want. Most are simple models that will not have the luxury features other used vehicles might include. The main thing to remember is that if you settle on a used rental car, you should do your own research about typical car prices, conduct a history report and look over the fine print when looking at websites for rental vehicles -they often offer special offers or buy-back offers. And, as with any other used vehicle, having the vehicle inspected through an experienced mechanic could offer you peace of mind. Find out more

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances through providing concise, well-studied details that cut otherwise complicated topics into digestible pieces.

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