24 October 2023
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?”
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!
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.
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:
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 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.
The subscription application process is quick and easy and the application can be completed in under 15 minutes. Here are the steps:
When submitting a car subscription application with Karmo, you will be required to submit the following documents:
If you have any queries or need further assistance during the application process, please don’t hesitate to contact our customer support team.
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. Otherwise, simply put in an enquiry and your local team will be in contact shortly.