7 Steps to Buying a Car from Hertz
Since Hertz filed for bankruptcy in May, the company is required to sell close to 200,000 cars before the end of the year in order to repay its lenders, according to the U.S. Securities and Exchange Commission. That could mean a cheap deal on a used car from Hertz. If you’re interested in taking advantage of the situation, here’s how to go about purchasing a used car from Hertz.
1. Evaluate Your Budget
The first step to purchasing a used car is understanding what you can afford.
Your monthly payment will depend on the vehicle’s purchase price, the APR you qualify for based on your credit score, and the loan term. You can use a loan calculator to determine the maximum sticker price you can afford based on a monthly payment that fits in your budget.
Keep in mind that Hertz has a no-haggle price policy, which means you won’t be able to negotiate. But they’ll offer you a low price on your next car right off the bat, so you can save yourself the hassle of trying to bargain.
2. Choose the Right Car for You
Now that you know what you can afford, it’s time to select a vehicle.
Do you need an SUV with all-wheel drive, or would you prefer a compact vehicle with great gas mileage? Do you have a manufacturer in mind, such as Nissan or Hyundai? Use the Hertz Car Sales website to search their inventory by price and location, or go to a Hertz car sales location near you.
3. Understand Your Insurance Costs
Your monthly auto loan payment isn’t the only cost you have to worry about. You’ll want to factor in how much your car insurance premium will be when deciding what you can afford. You can use Insurify to estimate the insurance rate for the car of your choice. Some insurance companies may offer lower premiums than others. With Insurify, you can compare premiums side by side, so you’re sure to get the best possible rate.
4. Get Pre-approved for an Auto Loan
While you can get financing through Hertz’s partners, it’s always a good idea to shop around for the lowest APR.
That’s especially true if you have less-than-perfect credit since interest rates can vary significantly from one lender to the next. In the first quarter of 2020, the average APR for a borrower with excellent credit was just 4.29 percent, while the APR for a borrower with poor credit was 20.45 percent, according to Experian data.
5. Check the Vehicle History Report and Warranty
Many of Hertz’s used cars are still under factory warranty, and all Hertz Certified vehicles include a 12-month/12,000-mile powertrain warranty.
If you want additional peace of mind beyond that, you can also purchase a Hertz vehicle protection plan. But even with that extra protection, you’ll want to get a vehicle history report from Carfax so that you’re aware of any past damage to the vehicle. This may influence your decision to purchase the car. Finally, you’ll want to do a test drive to make sure the car feels like a good fit for you.
6. Purchase the Car
Before you move forward with buying the vehicle of your choice, check online for coupon codes for Hertz car sales.
Currently, you can save $350 when you buy a used car from Hertz if you sign up to be a rewards member, and AAA members can get $300 off with proof of membership.
If you’re not completely sure you’re ready to move forward with your purchase, Hertz has a Rent2Buy program that allows you to try out the car for three days at a special rental rate. If you choose to buy the car, Hertz will waive the rental fee. And if you want a contact-free car-buying experience, Hertz offers home delivery in eligible states.
7. Arrange for an Inspection
If you choose to utilize the Hertz Rent2Buy program, you should have the car inspected during your three-day trial period.
Even after you buy the car, Hertz offers a buyback guarantee that allows you to return the car within seven days or 250 miles, whichever comes first. During this time, an independent inspection will let you know that there are no issues with the vehicle.