If you live in a populated area, chances are you have heard of Uber. The company is the fastest-growing taxi business in the world. Unlike traditional companies, Uber allows regular people to become drivers and make money by driving as many or as few hours as they like. For many, it’s a way to earn a full-time income. So what do you do if you want to become an Uber driver and need to finance a car?
Can I Get Financing As An Uber Driver?
Yes, it is possible to get financing for a car that you plan to drive for Uber. While the bank has its own set of rules, Uber also has guidelines that must be met. In order to qualify, your Uber car must:
- Have four doors with a minimum of four seats
- Be under 10 years old
- Not be a modified vehicle, like a taxi
- Not be a rebuilt or salvage vehicle
- Not be a van
- Be registered with CTP
- Be comprehensively insured
- Pass Uber’s inspection
There are guidelines that apply to the driver as well. You must be 21 or older and have a perfect driving record with no infringements. You will also be required to pass a criminal background check.
Solving The No Car Problem
What do you do if you have no car or job, but want to make money driving for Uber? Naturally, you will need money to buy a car, which means you will need funds to start earning with Uber. There are some lenders who understand the no car problem and will be lenient on restrictions to help you get financing. You will likely have to pay a deposit and higher interest rates, but it is possible. And most lenders will allow you to refinance the loan later once you have established a steady stream of income.
The other option is to borrow a car. Uber permits drivers to use cars that are not in their name. You must have express permission from the car’s owner to do so. Your name must also be added to the insurance policy.
Car Loan Through Uber
Occasionally, Uber will offer financing options through partner organisations. This may be attractive but beware. It is not your best bet. The terms are usually unfavourable, and you will most likely be forced to choose from a short list of vehicles. Every car buyer should shop around and know all their options before settling on a specific lender and vehicle. With the right tools and knowledge, you can finance a car and start making a full-time income as an Uber driver.