What is Lowes rental prepayment?

Lowe’s offers equipment rentals for DIY projects and contractors. When renting equipment from Lowe’s, they require a rental prepayment or deposit before you can take the equipment home. The prepayment amount varies based on the type of equipment rented and helps ensure the equipment is returned on time and in good condition.

What is a rental prepayment?

A rental prepayment, also known as a rental deposit, is an upfront payment required by Lowe’s before they will release rental equipment to you. The prepayment acts as a security deposit in case the equipment is damaged or not returned on time. It is a portion of the total rental fee, usually 10-20% of the full rental price.

Why does Lowe’s require a prepayment?

There are a few key reasons why Lowe’s requires prepayment on equipment rentals:

Ensures equipment is returned

The prepayment gives customers a financial incentive to return the equipment in a timely manner and dissuades people from keeping it longer than the agreed rental period. It reduces instances of stolen or lost equipment.

Covers damage

If the rental equipment is returned damaged, Lowe’s can use the prepayment to cover repair or replacement costs. This protects them from losing money due to customer negligence.

Holds reservation

The prepayment secures your rental reservation. Without it, the equipment could get rented out to another customer during your intended rental period. It shows you are serious about renting.

Verifies payment method

Prepayment verifies you have a valid credit/debit card on file before releasing expensive equipment to you. This reduces risk of non-payment for Lowe’s.

How much is the typical prepayment amount?

Lowe’s rental prepayment amount depends on the type of equipment being rented. Some general guidelines:

Small tools/equipment

10-20% of total rental price

Large equipment (loadbers, lifts, etc.)

20-50% of total rental price

High-value items

May require full rental cost prepayment

For example, renting a small pressure washer for $50/day may require a $20 prepayment, while renting a large lift for $500/day may require a $200-$250 prepayment. Speak with your local Lowe’s rental department for specific prepayment amounts.

When is the prepayment due?

Lowe’s requires the exact prepayment amount to be paid at the time of booking the rental reservation, either in-store or online. You must pay the prepayment before the equipment can be released to you on the rental date.

How can the prepayment be paid?

Lowe’s accepts the following payment methods for rental prepayments:

Credit card

This includes Visa, Mastercard, Discover, American Express

Debit card

Debit cards with a major card logo (Visa, MC, etc.)

Lowe’s gift card

Must have sufficient balance to cover prepayment

Cash

Accepted for in-store prepayment only

Is the prepayment refundable?

Yes, the rental prepayment is fully refundable as long as:

  • The equipment is returned undamaged
  • The equipment is returned by the agreed rental end date/time

Once these conditions are verified when you return the rental, Lowe’s will process a refund of your prepayment to the original payment method.

Can the prepayment be applied to the rental cost?

Yes, if you complete the full rental as agreed, the prepayment will be applied towards the total rental fees owed. For example, if you prepaid $100 on a $500 rental, the remaining $400 balance will be due upon return.

What happens if the equipment is late or damaged?

If the rental equipment is returned late or damaged, Lowe’s will take the following actions:

  • Late return – Your card/payment method on file will continue to be charged the daily or weekly rental rate.
  • Damaged equipment – Lowe’s will use your prepayment funds to cover the repair or replacement costs.
  • Insufficient prepayment – Any additional costs will be charged to your payment method.

You are responsible for all applicable rental fees, damages, and loss of equipment/accessories until the items are returned. The prepayment helps offset some of these expenses.

Can the prepayment be waived or reduced?

Unfortunately Lowe’s does not waive or reduce rental prepayments, as they are crucial for the reasons mentioned above. The prepayment amounts are standardized based on equipment type and rental duration. For expensive long-term rentals, you may wish to explore third party rental companies that may offer different prepayment policies.

Conclusion

The key takeaways are:

  • Lowe’s rental prepayment is a partial upfront payment required to reserve equipment
  • Typical prepayment is 10-50% of rental cost depending on equipment
  • Prepayment guarantees rental, covers damages, and ensures return
  • Prepayment is fully refundable unless equipment is late or damaged
  • Payment can be made by credit/debit card, gift card, or cash (in-store)
  • Prepayment is non-negotiable but applied towards total rental fees

Understanding Lowe’s prepayment policy allows you to plan accordingly for your equipment rental. Be sure to confirm the exact prepayment amount at the time of booking your rental reservation. Contact your local Lowe’s store with any other questions around prepayments.