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Getting your car finance with no credit is a tough job and borrowers need to keep many things in mind. The eligibility criteria for the no cosigner car loans are undemanding and anyone who wishes to get this loan needs to be at least 18 years old and should have a valid SSN card. Borrowers who pay down an ideal amount of 10-20% of the total value of the car can easily get no credit no cosigner car loan. Who should buy a loss damage waiver from a car rental company, and is it covered by your customer’s credit card? As an insurance broker I am often asked by clients if they should buy the loss damage waiver (LDW) when they rent a car. Judging by the amount of damage to the vehicles I saw at BWI, typical of any large urban car rental salvage facility, my guess is there was also damage to someone else’s property. When my team trains rental sales agents to correctly offer insurance, waivers and services, we spend a lot of time talking about the differences between insurance and a waiver.
Is credit card coverage a complete waiver of financial responsibility for whatever happens to the car no matter who or what caused it? A quick look at the travel blogosphere will show the many instances where a rental car customer was left after an accident with a charge for the loss of use and diminished value of a rental car company’s vehicle. In an age when airlines make almost all their profit through the charges of ancillary things like baggage, drinks, pillow, blankets and leg room, shouldn’t the car rental operator be able to get compensation for the loss of its property and still generate revenue from the damaged vehicle?
Many car rental customers depend on their credit cards to cover any losses sustained while driving the rental car.
Visa cards are generally regarded as offering pretty broad coverage for damage to the rented vehicle.
The problem is most car rental companies consider this proprietary information and will not release the information. Visa covers up to the actual cash value of the vehicle — no diminished value is included in coverage. The business traveler has relied upon American Express for most travel expenses, but often the cardholder thinks the basic coverage included is for liability as well as damage to the rented vehicle.
When customers use an American Express Business card and there is a loss, they will be asked to provide copies of all business auto policies, as well as personal auto policies. Some vehicles are not covered based on value or type, such as a luxury SUV exceeding an MSRP of $50,000, and are excluded from coverage for basic American Express cardholders. Younger renters just beginning their careers often carry the student American Express cards they were offered as college students. Who is the customer that relies on the credit card to cover the loss damage to the rental vehicle?


Senior citizens who may not own a car or have auto insurance, and who carry only a basic credit or debit card, are risking being held liable for damages to the rental. As our industry continues to become more automated and kiosk rentals grow, would it not make sense to be able to offer a damage waiver on a risk-based profile? Conversely, if a renter who has three accidents on record wants to buy LDW, shouldn’t the charge be higher? As our industry follows the trends of automation there will be less opportunity to interact with rental sales agents and decisions will be made at point of sale at a kiosk terminal.
While technology and coverage on credit cards is a moving target, one fact will not change. A loss damage waiver is not sold as deductible insurance because it is a waiver, or partial waiver, of financial responsibility that can include loss or damage to the rented vehicle, administrative costs, loss of use, towing and storage. According to Progressive Insurance Co., only 26% of consumers actually called their insurance agent or looked at their credit card coverage to see if they are covered for the loss damage waiver. Leslie Saunders is an airport certified insurance broker providing insurance products and training services for car rental companies and other travel industry organizations. The second largest economy in the Middle East is poised for foreign investment, if post-nuclear deal jitters can be eased. Three new companies that don’t own fleet are renting your cars through their apps — and pulling traditional car rental into the new mobility agenda.
There are lenders in the market that can help the borrowers in getting approved for no credit car loans but they charge high rates in return. Providing loans to no credit individual is a risky job and thus lenders charge heavy interest rates to lower down their risk. The borrower also needs to provide certain documents like current utility bills statement, bank statement copy, and current pay stubs copy for income proof and employment verification letter for the employment proof. When the lender sees all document perfectly prepared, he gets assured that the borrower will be regular in making payments and thus he instantly grants the loan.
When the lender gets the down payment, his risk reduces and thus he gets ready to provide loan easily. Your comments are subject to our Terms of Service and the privacy policy and terms of service of your social network.
Just one ride around the salvage lot at a major car rental facility, like the one at the Baltimore-Washington International Airport (BWI) consolidated rental car facility, and I couldn’t help but wonder how many people actually had the coverage they thought they had? We also talk about the difference between liability (third-party coverage) and physical damage to the vehicle (first-party coverage). Some cards are better than others, and many claim to cover some loss of use if the car rental company will provide logs showing that every available car was on rent and there was an actual loss of revenue. American Express, like most Visa cards and MasterCards that offer the coverage, is secondary to any other valid and collectible insurance that covers the renter.


It is broader coverage than the basic plan, covering a limited amount of property damage, but still does not cover any bodily injury liability. Usually it is the savvy business traveler who relies on a business Visa, MasterCard or American Express. As this demographic grows and baby boomers age, it’s important that your frontline provides the correct information. If a renter with no accidents or tickets selected damage waiver at a price based on risk factors, would this not increase sales? Could the kiosk program read the credit card and send a message about the type of coverage provided on the credit card and offer a price for the LDW? In today’s heightened risk environment and the potential for terrorism from within, local operators need to hone an action plan. People with low income of $1,000 can also apply for this auto loan without credit and the cosigner. Anyone who provides these documents can get eligible for car loan with no credit and no cosigner. If you do not want to comment with a social network, please consider writing a letter to the editor.
Did many of the renters buy the LDW offered to them, or did they tell the rental sales agent, “My credit card covers me”? Cardholders are charged a fee for the coverage every time they rent a vehicle and use the card, but the coverage is primary. Oftentimes these customers are not aware of limitations on vehicle type or values not covered. Many will get a surprise when they learn their credit card does not meet their expectations of coverage. Having spoken with a great many, and indeed having been one myself on occasion, I always make the point that while your insurance at home and your credit card may cover you; in the event of an accident, they may not think fondly of you at premium renewal time given that they have to deal with a rental car company many time zones away, to say nothing about variatons in local laws.
But those who wish to get no credit no cosigner auto loan needs to consider many things and do research beforehand.



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