How Much Is Budget Car Rental Deposit?
If you want to rent a car, you should be ready to provide an additional guarantee besides the rent cost. This guarantee is called a rental deposit. The exact deposit amount always depends on the type of car and a specific rental supplier. Let's take a look at how rental deposits work and find out how much money you may need based on the Budget Car Rental prices.
What Is a Rental Deposit?
A rental deposit is a form of guarantee a renter needs to provide to offset the risk of damages or other losses that may occur during the rental period. This deposit comes in the form of a fixed amount that a renter needs to pay upfront or simply have on their credit or debit card. If there are no damages or other issues detected after you return a car, the deposit will be refunded to you or turned back into your card.
The exact sum of a car rental deposit may vary depending on the company and the vehicle you're going to rent. Keep in mind that it can take up to 30 days to get the deposit back if it was a credit card hold.
Why Do Companies Require a Deposit to Rent a Vehicle?
By charging car rental deposits, service providers try to avoid financial losses and risks associated with car damages and other issues. This way, if something goes wrong, a rental company will be able to cover repair costs with the amount you provided as a guarantee. However, this sum is refundable, meaning that a service provider will give it back to you if you return the car the same as you rented it.
How Much Is Budget Car Rental Deposit?
There's no single answer, as each company may set its price. However, we reviewed the conditions offered by Budget Car Rental, which is one of the biggest car rental companies in the US. Below you can find all the information and rules regarding a Budget car rental deposit.
To rent a car in Budget, you will be asked to have the amount of total estimated rental charges plus a deposit in your credit or debit card balance. The deposit is the greater of the following:
- 25% of your rental cost, or
Canadian rentals at corporate-operated locations require a credit card hold of $300 CAD for the first day and $75 CAD for each additional day.
What Do I Need to Make a Car Rental Deposit?
In most cases, you will need to have a credit card and make sure its available balance is sufficient to cover the deposit amount. Some companies may also accept debit cards. However, using a debit card for a rental deposit comes with additional rules and challenges.
First, you may face some age limits. For example, in Budget Car Rental, you can only use a debit card if you reach the age of 25. Additionally, not all locations accept debit cards, so if you're going to use one, contact your rental company to specify the details. Also, debit card holders may be asked to provide access to their accounts for the estimated charges of the rental. In most states, the minimum debit card authorization hold is $100, with some regions having a minimum of $500. Please note that this amount will not be available for use.
Additionally, you need to be ready to undergo a credit check if you use a debit card. Such an inquiry is made to determine and ensure a renter's creditworthiness. This check may drop your credit score by a few points.
If you want to extend the rental period, you need to contact your rental company on or before your scheduled return date. This way, the company will typically access a certain fee for the extension. Budget Rental Car charges a $10 service fee for the extended rental. The company also has the legal right to place up to three additional holds on your card to cover expected rental charges. The exact number of holds depends on how long you're going to keep the car.
Upon your return of the car, all your card holds minus the actual cost of the rental will be released. But there's one more thing you need to keep in mind. If you extend your rental, your initial rental rate may change based on the market conditions. Additionally, it may take up to 15 or even 30 business days for your bank to refund the money on your card. Unfortunately, we cannot be held responsible for any returned checks due to debit card hold processing.
Ways to Avoid Losing Your Car Rental Deposit
Even the best of us can face the problem of getting a car rental deposit back. Below are some tips on how to prevent yourself from this scenario and minimize the risk of losing money.
Know Exactly What Conditions Can Result in Losing Your Deposit
Before renting a car, review the company's policies via the website or by phone. Be curious about what is considered damage and what other issues can cause deposit retention. Also, ask your rental company about scratches. Some services only pay attention to them when they are 2 inches or longer, while others may be more picky and meticulous.
Another important question you need to ask a company's representative is whether you will lose your rental deposit if you get into a car accident. Knowing the answers will help you decide on the rental company and get ready financially for potential emergencies.
Check the Car Thoroughly Before Driving Away
A careful inspection can help you save money and avoid paying for dings or dents you didn't create. It's also recommended to take photos of the car from different angles to prevent yourself from unfounded accusations. If it's possible, ask your rental company to provide specific documentation that displays all the issues your car already has and make sure nothing is missed. Here's what you need to check before driving away:
- Exterior. Review the car thoroughly and pay special attention to the existing dents and scratches. Also, check the wheel inflation, hubcaps, and windows for cracks.
- Interior. Take a look at the upholstery and make sure it's clean. Review both front and rear seats for any stains in the fabric, and don't forget about floor mats. Additionally, we recommend you check the trunk for a spare tire and the jack.
- Functionality. First, make sure the seatbelts work. Then, check the lights and A/C. Additionally, you need to check windshield wipers, the digital command center, and the electronic alarm system. Finally, take a look at how much fuel you already have. This will help you understand how much to fill up when you turn back the car.
Keep The Car Clean
Bear in mind that you can face extra charges if you return the car in a mess. Although you don't need to take the vehicle to the car wash, it's still a good idea to keep it clean and pay attention to how muddy your shoes are when you get into the car. Also, try not to eat food that can easily stain the interior and snag a lid for drinks you bring with you.
Be Careful on The Road
This is the rule that you always need to stick to. However, you can take less care of the rented car and allow yourself more dashing maneuvers. Try not to be thoughtless when it comes to the road, and better take precautions. Also, if you are in a new city or country, check your GPS and the local speed limits. Make sure you know the phone number you need to call if you have an accident.