Uber and ride hailing apps in general have changed the way we get around forever. Love it or hate it, we now Uber rather than drive and call an Uber rather than a cab. Not only has ride hailing changed the way we get around, it has also changed the way you can earn.
If you want to drive for Uber or any lift sharing company, can you get a car loan to finance your ride?
Yes you can.
Get a car loan to become an Uber driver
You have a couple of options. You can use Uber finance or get your own car loan. While we are sure Uber finance options are fine, we don’t think it’s a good idea to tie yourself too closely to one single company, especially if you’re not even an employee.
We would strongly recommend financing your car independently and using Uber only for their app.
If you decide to follow our advice, you can access a car loan in exactly the same way as usual.
Review your credit
Before applying for a car loan, check your credit report to make sure you have a sufficient credit score and that everything is accurate and up to date. It is much easier to correct mistakes before you apply for a loan than during, so do that now.
You don’t need a high credit score to access a car loan but it helps!
Do your research
If you’re planning to work for other ride hailing companies as well as Uber, check all of their terms and conditions. Some cities and regions have minimum car age rules and some will have more drivers in some segments, such as SUVs or luxury cars.
If there is more competition for some segments than others, consider one of the less competitive niches. Make sure there is adequate demand for that segment before committing!
Set your budget
Once you have a good idea of the type of car you’ll need, it’s time to set a budget. Make the budget realistic but affordable. Make sure you can get a car that satisfies any requirements for Uber or other apps and assess their cost and the cost of any extras you’ll need.
Build that into your budget and make sure you can afford repayments on a loan to meet that budget.
Buy your car
Once you’re done with all that, it’s time to buy the car. Work with a dealership you trust, work with us to acquire an affordable car loan and complete your preparations. You can buy a car completely online so you don’t have to go to a dealership and the entire process can be done in just a few hours.
It’s easier than ever to become an Uber driver. Even if you don’t have an appropriate car, there are resources around to help you afford and acquire one. We are one of those resources. Use us to get you an affordable car loan today!