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Consideration when comparing Uber car loans
There may be ups and downs in Uber driving, just like any other job but if you are diligent enough and severe about such driving, then you can take it up as a profession. There are a lot of financial institutions and banks that are ready to provide you with a loan to buy your Uber, provided you fulfil the requirements. Some specific laws and rules would make you eligible for an Uber car loan including a few requirements for the vehicle you want to drive. There are different types, and models of Uber that you may drive and all have specific needs according to the law.
Requirements for Uber vehicles
The models of the vehicle must not be older than ten years to qualify for Uber loans. Apart from that, all Uber vehicle must be essentially a four-door car, minivan or truck having the manual or standard transmission which is satisfactory. It must pass all necessary vehicle inspections and tests to get the loan and on the vehicle insurance, the full name of the driver must be mentioned explicitly. There is no requirement of the name of the driver on the vehicle registration, though, but the driver must pass all background checks conducted.
Some restrictions laid down
There are certain limitations that are defined by the authority for vehicles that would not qualify for Uber car loans or Uber service as well. Any full-size vans are not allowed for Uber service and would therefore not be eligible to get an Uber car loan. Apart from that no renovated or salvaged vehicles would be allowed for such services as well as it should not be any marked vehicles like taxis and others. When you are sure that you have the necessary requirements fulfilled, then you can apply for an Uber car loan.
Requirement for user’s vehicles
UberX service is the lowest in Uber service, and therefore there are also some specific needs for such cars to be eligible for Uber car loan. Any vehicle made after 2006 would qualify for such credit, though there may be some exceptions in few places. There should be four passenger seats having four distinct seat belts. There should be four full doors and any car had a central door would be disqualified for Uber car loan. UberX service is most popular, and therefore, UberX car loans are mostly in demand.
The schedule of driving an Uber is very flexible, and you can drive as little or as much as you want with your phone app turned on while you are at work and off when you are not. Therefore, you create your schedule, start and end any time of the day with no boss overseeing your activity. Though there can be a manager on behalf of the company who can make some suggestions, you are your boss. There is a minimum requirement of 4.5 rating so that you are not cut from driving, and you can also rate your passengers as well.
Meet new people
While being on the move you get a chance to meet and see new people. You get the opportunity to interact more socially and also see places which you did not know till now. You become more aware of the city you drive in and have all the news of the currents events and happenings. While listening to music or the news, you can get surge rides as well which are very elusive with their exceptionally high fare as well.
Downside of being an Uber driver
You must take the work and fares as they come and do not have a choice with it. There are too many cars and drivers, so you have to face stiff competition as well. There are no tips in Uber service, and you entirely depend on the number of trips that you make throughout the day, or night or both. The rating system seems to be unfair as drivers having a rating of 4 out of a scale of 1 to 5 are often terminated, and there are little recognition and interaction with other fellow employees.
Get a Uber on finance
You can get a Uber car on finance as well as it is counted as an occupation in your car loan application. This can be your source of income also, and therefore you can have an Uber on finance. Depending on your eligibility and your credit history, all other features of available on an Uber car loan as with any other car loan. In Australia, to drive an Uber, you have to be at least 21 years old or more and also have a clean driving record and a minimum three years driving experience.
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