Just how does a vehicle rental deposit work?

Have any doubts about car rental deposits? Here’s everything you need to know about car rental security deposits when renting a car with Rentcars.com!

One of the most commons questions in car rental is about the security deposit. Is it really needed? Is it possible to rent a car without a deposit? How much is it going to be? Well, let’s start from the basics, shall we?

How does a car rental deposit work?

The car rental deposit is a determined sum of money asked by the rental company just to be safe while you’re with their car. If the car is returned very dirty or with scratches, for example, the rental company may use some of the money to repair the car.

It is simply a guarantee to the rental company in the not so odd chance that something goes wrong during your reservation. Accidents happen, we know. If nothing’s wrong when you return the car, the amount will be returned fully.

How is the deposit calculated?

The sum of money you’re going to leave as a security deposit for you rental car depends on the rental company and what it takes into account when calculating the amount.

It usually accounts for the type/category of the car you’re renting, the number of days in your reservation, your age and where you’re booking (and also where you’re returning if it’s a one-way rental).

Here’s an example: if you’re booking a luxury car in Miami and you’re 25 years old, your security deposit will most likely be much more expensive than if you were booking a small economy car and you’re 35. It makes sense right? The bigger the risk (and possible loss) for the rental company, the more you’re going to have to leave as a deposit.

How long does it take for the rental company to return my deposit?

It usually takes between 10 and 20 business days for the rental company to return the deposit directly into your credit card balance.

Whatever the amount is, the rental company is only holding onto this money while you’re with the car. When you return it and the rental company evaluates that the car is perfectly fine, they will return the full amount.

Is it possible to avoid paying a deposit?

Unfortunately, no. We know it’s sometimes not ideal, but think about it this way: the rental company is trusting you with something very valuable, that’s why it’s mandatory. It only makes sense that they hold onto a deposit while you enjoy the ride!

Does it make a difference in the deposit amount if I pay online or at the destination?

Not at all, you don’t have to worry about that!

When booking your rental car with Rentcars.com you can choose to pay online or at your destination. There is no difference in your deposit no matter what payment option you chose.

That’s it! If you have any further questions, let us know in the comments. If you’re feeling ready to rent a car, compare the best rental companies on Rentcars.com. All you have to do is search below!

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