As car subscriptions are a relatively new service, you may be a little unsure on the eligibility and application requirements. So we have put together a useful FAQ blog to help answer any questions you may have including the most frequently asked, “Am I eligible for a car subscription?”
What is a Car Subscription?
A car subscription is a flexible service that provides individuals with access to a vehicle without the long-term commitment and financial burden of ownership. You simply choose your preferred vehicle and plan duration (typically 4-12 months) and subscribe! Your subscription includes all on-road costs including registration, insurance, roadside assistance and servicing. Now you can drive with peace of mind knowing you won’t have any unexpected bills!
How old do you need to be for a car subscription?
Even though we would love to offer car subscriptions to all drivers, to qualify for a Karmo car subscription you must be between the ages of 25 and 75. This is unfortunately due to insurance limitations.
Am I eligible for a car subscription?
As subscription is not financing, the eligibility criteria is not as restrictive making it a great option for those who have started with a new employer or those who don’t meet financing criteria. To qualify for a car subscription with Karmo, you need to meet the following requirements:
- Age: You must be between the ages of 25 and 75.
- Proof of Serviceability: You need to provide evidence of your ability to cover the subscription costs.
- Valid Driving Licence: You must possess a valid and unrestricted driving licence.
- Driver Declaration: You are required to pass the driver declaration, which ensures compliance with our safety standards.
Are there credit checks for car subscription?
At Karmo, we understand that everyone’s financial situation is unique, and we aim to provide our services to as many customers as possible. We do not require a traditional credit check as part of our application process. Instead, we focus on assessing your ability to pay for the service.
To ensure we can make an informed decision and tailor our offerings to your specific needs, we kindly request that you provide us with a copy of your pay slip and a copy of your bank statement as part of the application process. These documents help us evaluate your financial capability to meet the payment requirements of the service.
We value your privacy and treat all personal information with the utmost confidentiality. Rest assured that any documents you provide will be handled securely and used solely for the purpose of assessing your eligibility for our service.
Our aim at Karmo is to make our services accessible to individuals from various financial backgrounds. By considering factors beyond just credit ratings, we strive to provide an inclusive and fair experience for all our customers.
If I have been declined for finance can I still subscribe to a car?
If you have faced a decline for finance on a loan, we understand that it can be discouraging. However, at Karmo, we believe in providing flexible and innovative driving solutions to cater to various needs, even if you may not meet the criteria required by traditional lenders.
We recognize that lending criteria for loan approval has become stricter, and there are individuals who still require a new car. That’s why we offer subscription options that may be a suitable alternative for you. With Karmo, you may still have the opportunity to subscribe to a car and enjoy the benefits of driving without the constraints of traditional financing.
To explore your options and discuss how Karmo can help, we recommend reaching out to us directly. Our team will be more than happy to provide you with the necessary information and assist you in finding a solution that fits your unique circumstances.
How to apply for a car subscription?
The subscription application process is quick and easy and the application can be completed in under 15 minutes. Here are the steps:
- Start by submitting an enquiry online detailing the type of car you are after and the duration of which you would like it.
- You will be emailed an application form to fill out.
- Once approved, you will be asked to upload a copy of a payslip and a bank statement.
- Once your application is approved, you will be contacted to confirm vehicle availability, pickup time and contract details.
- You will be notified that your car is due for arrival and a time to pickup will be scheduled.
- Collect your car and start enjoying it!
- When your subscription plan is coming up for renewal, we’ll reach out to you to arrange for a new vehicle.
What information and documentation is required when applying for a car subscription?
When submitting a car subscription application with Karmo, you will be required to submit the following documents:
- Completed Application Form: Fill out the provided application form with accurate and relevant information.
- Driver Declaration: Complete the driver declaration, affirming your compliance with our safety requirements.
- Copy of Driving License: Provide a copy of your valid driving licence that displays your current address.
- Proof of Identity: Submit either your passport, birth certificate, or citizenship certificate to verify your identity.
- Bank Statement: Include a bank statement from the past 60 days to demonstrate financial stability.
- Payslips: Provide your last two payslips to support your income verification.
If you have any queries or need further assistance during the application process, please don’t hesitate to contact our customer support team.
Learn more about how car subscriptions services work
Want to know more? View our extensive list of FAQs covering all the common questions our customers have regarding Karmo car subscription plans and the application process.
Karmo offers car subscriptions in all major Australian cities. We have delivery hubs in Sydney, Melbourne, Adelaide, Perth and Brisbane. To learn more about how to subscribe to a car, please contact us or submit an enquiry.
