Many people want to become PCO drivers nowadays due to the lucrative opportunities this field presents. However, getting into this field is not as easy as it sounds. For instance, you need a car, documents, and most importantly, a way to prove you are financially stable. When it comes to the last point, most people rely on their credit history. But, what if you don’t have a credit card or a clean credit history? Will you never be able to own a car and work as a PCO driver?
The answer is no. You can still join the PCO industry through a rent-to-buy scheme. These schemes don’t have any hidden fees or require any credit checks. You just need to sign a straightforward contract that leads to ownership.
Below, we have discussed the top benefits of these schemes. Let’s get started.
No Credit Checks Required
The banks or dealerships have a brutal car financing process. They require so many details that keeping up can be hard at times. Some of the most common things they require include:
- Credit history
- Bank statements
- Proof of earnings
- Guarantor, and more.
If all the details you provide are correct but some issues are found with your credit history, obtaining a PCO car will become a near-impossible task. The good news is that you don’t have to worry about credit history when getting a PCO car through a rent-to-buy scheme. These schemes provide PCO cars on simple terms to hardworking drivers, allowing them to get on the road and start making money as soon as possible.
Affordable Weekly Payments
As a PCO driver, your car is your livelihood. Every passenger you transport and every fare you collect adds to your income. However, seeing your income go into massive loan repayments can be frustrating. You work long hours only to realise that you are struggling to make ends meet.
This is where Rent to buy PCO Cars no credit card schemes come in handy. These schemes don’t involve hefty upfront costs or massive loan payments. Instead, you pay affordable weekly fees that allow you to keep more of your income in your pocket.
As you know, the ride-hailing industry is unpredictable. Some days you get a lot of work while other days are mostly dull. With an affordable payment plan, you can rest easy knowing that you can easily manage your budget.
Path to Ownership
When you rent a car, you are stuck in an endless cycle of making payments. You pay your hard-earned money for months or even years without having anything to show for it at the end of it.
That’s why the majority of PCO drivers nowadays prefer rent-to-buy schemes. Instead of pouring money into a black hole, every payment you make with a rent-to-buy scheme leads you towards car ownership. The length of the contract is typically 2-4 years after which the car officially becomes yours. You no longer have to worry about making payments or following any guidelines once the contract is over. You can now keep 100% of what you earn as a PCO driver.
PCO-Compliant Vehicles
Compliance is something you can’t ignore as a PCO driver. The TFL has set strict regulations and following those guidelines is a must for every PCO driver. If you don’t follow the requirements set by TFL, you will face hefty fines.
One of the biggest advantages of rent-to-buy schemes with no credit card is that most providers offer fully compliant PCO cars. This means you don’t have to pay the hefty ULEZ fees on a daily basis that the older, non-compliant cars pay.
Plus, if there are any changes in regulations, you won’t have to worry about changing your vehicle because you are already driving a compliant car.
No Large Upfront Costs
A major downside of the traditional car buying process is that it comes with massive upfront costs. This means if you don’t have thousands of pounds in your bank account, you won’t be able to get behind the wheel and start earning. Even standard rental plans require hefty deposits.
The rent-to-buy PCO car hire schemes completely eliminate these costs. Instead, as mentioned earlier, you just have to make affordable weekly payments which allow you to start earning as quickly as possible.
This provides an excellent opportunity for new PCO drivers who can’t wait for months to save money for a deposit. The costs you save through rent-to-buy schemes can be used to grow your business or support your family.
Inclusive Maintenance & Insurance
Imagine you are cruising on the road and suddenly your car breaks down in the middle of nowhere. Or, maybe you were involved in an accident and are now facing a hefty claim. Either way, none of these situations are pleasant and require expert assistance.
With a rent-to-buy PCO car scheme, all of this is covered. You don’t have to worry about keeping money aside for maintenance or searching for cheap car insurance claims. You just need to focus on earning and everything else is taken care of for you by your car provider.
This setup is specially designed for PCO drivers because they can’t afford unexpected costs eating away all their profits.
Final Thoughts
So, these are some reasons that make rent-to-buy schemes ideal for PCO drivers. There are no credit checks or large upfront costs involved. Plus, these schemes come with affordable weekly payments, put you on a path to car ownership, include PCO-compliant vehicles, and come with maintenance and insurance. If you are looking for something that can help you become a car owner without straining your finances, look no further.
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