Becoming an Uber driver is a flexible way to make an income thanks to the app’s huge and growing popularity, but you need one thing: A car. Here are some handy ways to get financial assistance to start your journey as an Uber driver sooner.
Choose your vehicle wisely
There are a few things to think about before you secure a car loan, including consideration of the type of vehicle you’re looking for.
Does it fit with Uber’s requirements?
Uber has specific requirements for the vehicles that can be used in their business. Each region has different requirements, Your vehicle must be :
- In excellent working condition
- No older than the maximum age for the Uber vehicle option chosen
- A 4-door car or passenger van
- No more than 8-seats, including the driver’s seat
- Able to pass a vehicle inspection
- Registered and insured in your area
- Free from cosmetic damage and commercial branding
New vs. used car
Before you jump at the first great car you find, weigh up the options of procuring finance help for a new vs. a used car.
A used car may be cheaper, but there may be hidden damage that could end up costing you a huge amount of money in the future. As technology moves at lightning speed, your second-hand car may also age very quickly making it difficult to repair in the future.
On the other hand, a new car may require a huge amount of finance which won’t make your new side job worth your while.
It’s important to weigh up the benefits of both new and used car options, then look at the different financing options for your chosen vehicle.
Where can Uber drivers get car loans?
There are a number of options for obtaining a car loan for Uber drivers, but using Uber-endorsed financiers may not be your best option.
Uber has plenty of ‘approved dealers,’ and they may even send you emails and notifications to steer you toward these options. Don’t feel like these are the only choices for you though, plenty of thee dealers don’t actually offer you a good deal. Many of them offer suboptimal loans with higher interest rates, less flexible loan terms and a limited choice of vehicles.
Instead of feeling stuck with the options Uber is offering you, shop around at other car loan brokers by comparing rates, offerings and value. Take your time, and if committing to buying a car is too much for you, renting a car is a possibility too.
Try renting if buying is too much of a commitment
For those unsure if Uber will be a long-term side hustle, or full-time job, you can try renting a car instead of securing finance to buy one. While the lack of commitment is a benefit, there are plenty of reasons why renting may not be worth it.
When renting, you won’t have any ownership over the car of course, so you’ll be paying money for use only. Much like owning a car too, you’ll have to pay for petrol, running costs and basic upkeep and running costs.
Don’t sub-let off an Uber driver you don’t know
When renting a car, make sure you’re establishing a rental contract from a provider rather than succumbing to a sneaky sub-lease agreement from another driver. This helps you understand exactly what the conditions of the lease are, while the sub-letter may not give you this information.
However, if you do find a trustworthy driver to sub-let off, all you need are two things:
- The owner MUST add your name to their insurance policy
- The owner MUST give you consent to use their vehicle as an Uber driver
Using someone else’s car as an Uber driver isn’t the best option as you have no control over the vehicle and the lease or loan agreement. If you do choose to sub-let, the best option is to try it as a temporary option.
Becoming an Uber driver might be the ideal flexible job you’ve always wanted, but ensure you go about finding a car loan in the right way. Shop around, weigh up the options of new and used cars, and get your vehicle thoroughly checked. Once you’re found the best loan for you, it’s time to get on the road and pick up your first customers.