We’ve seen it, countless times, when credit checks are required before car rental companies rent out their cars. In the case of Budget car rental, what do you think is their minimum credit score?
In this post, we’ll cover everything you need to know about budget credit check and what their minimum credit score is.
Does Budget do credit check?
Renting cars has always been a little bit complicated, considering the load of requirements, documents and conditions to be met.
Firstly, you’ll have to pass through the registration process which only requires your Legal name, email address, and a few credentials.
Ongoing, here comes the verification stage. The section which requires you to verify your account and the information you’ve provided so far.
In most cases, you’ll be able to do this with a government-issued ID card, and Driver’s license.
Lastly, you’ll need to make payments. Now, here’s the game changer. And where the need for a credit check comes in.
Read also: What is the list of car rentals that accepts PayPal?
The two most popular payment methods used in the car rental industry is the credit card and debit card. However, the renting scenario differs greatly when either of them is used.
In Budget car rentals’ policy, you could rent a car without the need for a credit check or any other additional requirements, provided you make use of a Credit card to make payment.
In other words, debit cards are the push for a Credit check.
As a matter of fact, most car rentals don’t even accept debit cards. And the ones that do all require a load of conditions to be met before a rent with the debit card is sealed.
But Why?
This is because debit cards are vague and not reliable. In the event of a car crash, accident or theft, there is almost no way for a car rental company to get money for coverage or cover up for the loss.
And this is the reason why some car rentals make you input a deposit before renting out a car with a debit card.
It even goes worst, owing to the fact that debit card doesn’t add up to an individual’s credit history or score.
So, yeah, the customer isn’t loosing, rather the company stands a chance to be at lost.
And that’s the reason why most car rentals just goes off to decline made through debit cards.
In the case of Budget, they do accept debit cards. However, there are a load of requierements that need to be met, alongside a credit check before you’re rented a car.
Below are some of these requirements:
- Meet up to the age requirement of 25 years
- Complete a credit check
- Make a deposit, depending on the rental locations.
What is the Minimum credit score to rent a car from budget?
The minimum credit score to rent a car from budget is 650. This is not just exclusive to budget, as it extends to almost all car rental company.
Even though Budget openly makes mention of the fact that it runs credit check, it is worth mentioning that Budget hasn’t clearly stated its minimum requirements, guide, or credit score.
So, technically, there isn’t any value for the minimum credit score to rent a car from Budget. This applies to most car rental company.
However, from what we’ve seen in the past, you should have a minimum credit score of 620 for the best shot of being approved. At least, when you plan on using debit cards.
We’ve also heard people say 580.
But that’s just a general bridge gap between a poor and a good credit score, which could be accepted by companies or platforms when you don’t intend making a risky movement.
Comparing something generic as that to the renting industry is something you might not want to do, considering the fact that cars are way expensive, hence a much riskier task for any company.
Read also: Can I use a fake ID to rent a car?
A close comparison we could make is with the leasing industry.
From researches taken by several blogs on the internet, most people would only lease their car to you, if you have, at least, a credit score 700 and above.
Again, there’s no general score, just as in the car rental industry. But just an approximate.
Want to be sure your budget credit check would be approved? Have a credit score that is 680+
Anywhere from 680 above is a good credit score to rent a car, on almost any car rental company, including budget.
Budget credit check denied? How to fix
Even if you reach the required minimum credit score, your credit check could still be denied. This is because, obviously, there are a number of things that contribute to your possible approval.
Budget, using their in-house research team, looks into a number of things, which they don’t even make open to the public, unfortunately.
However, judging from what we’ve seen so far, below are the vital things which budget credit checks looks into:
- Open lines of credit
- Outstanding balances
- Auto or student loans
- Foreclosures
- Late or missed payments
- Bankruptcies and
- Collection accounts
Read also: Can you rent a car with an out of state license?
Likewise, if you should get disapproved, you were only disqualified due to you failing to meet up with the standards they require of the above list.
Final Thoughts
There’s nothing like a minimum credit score for budget car rental. This is because the company doesn’t openly state it. This is common among companies who want to pride their verification process.
However, from what we’ve been able to see so far, having a credit score of 650+, places you at an advantage and could guarantee you, renting a car from budget even with a debit card.
For the sake of our viewers, we’ve also made a research on hidden fees associated with Budget Car rental. Do well to check it out.
