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Personal loans for Uber drivers – Buy a car to drive & earn
Do you need to finance a car to drive for Uber? Whether you’re a full-time or part-time contractor, our quick guide on personal loans for Uber drivers will help get your hustle smoothly on the road.
How do personal loans for Uber drivers work?
Uber and its popular ride-sharing app connect you to riders in need of transport and your driving skills. Similarly, a personal loan also provides the extra cash that links you up with a new or used car suitable for this business.
Therefore, you’ll be able to earn some bucks by moving people or delivering products whenever you please. This is also while paying off the car at a relatively slow and steady pace.
Most personal loans are
unsecured, allowing you to borrow as much as $50,000 without providing collateral. The loan’s life can extend up to 7 years, though longer periods tend to multiply payable interest.
Unfortunately, starting from 2017, Uber cut its losses by axing its financing and leasing programs. However, this may not be much of a loss since personal loans from banks, credit unions, and
P2P lenders generally offer lower interest rates. What other Uber car finance options are available?
Besides personal loans, the following finance types can also help you get behind the wheel for an Uber gig:
Standard car loans. These are mostly secured, which means the funds are tethered to your car or another asset you own. Secured car loans will result in repossession if you default. However, they tend to offer the best rates in the car finance space.
Uber Marketplace. Although they no longer offer finance, the company does work with affiliates. You can find several financing, leasing, and rental options by visiting the Uber Marketplace. However, these affiliates are only endorsed in select Australian cities.
Bad credit car loans. If your credit score is in the red, you can still apply for bad credit personal loans, or car loans. How do I get the best deal?
Becoming an Uber partner should ideally offer a viable income stream and flexible options. Finding a loan that’s low on borrowing costs and high on flexibility also helps magnify the gig’s appeal. Therefore, when comparing loans, it pays to search out the following:
Low interest rates and fees. Interest rates can be fixed or variable, while fees can be upfront or ongoing.
Flexible loan terms. Can you get a deal that best suits your needs? This covers everything from repayment periods and schedules to extra repayments and fewer vehicle restrictions.
Bonus features. Some loans include discounts, car insurance, redraw facilities, and other handy features. Requirements for Uber cars
Uber vehicle requirements vary from city to city, but generally, your car will need to:
Be in excellent working condition (no rebuilt or salvaged vehicles)
Have four doors
Pass the age-limit test and Uber inspection
Have no branding, missing pieces, or cosmetic damage
Meet other requirements specific to the chosen Uber vehicle option or city of operation
Requirements for drivers
Uber requirements state that you must be over the age of 21 with a valid licence. Additionally, all partners must have suitable insurance.
Australian lenders generally require that you be an Australian citizen with a good credit score and sufficient income. You may have to provide documents such as payslips, bank statements, and a driver’s licence to support this.
Personal loans for Uber drivers FAQ
How do I apply for a car loan online?
First, scroll up to our comparison table at the top of the page. Then click “Go to Site” for the option you want to start the application process.
Can I get finance if I’m a new Uber driver?
Loans for the unemployed are generally hard to come by. Therefore, if you’re unable to use Uber as a source of income, you’ll need another income stream to apply.
Where can I find Uber car loans?
Uber partners include Splend and SocietyOne but keep in mind these options are limited to only a few cities including:
– Perth Popular personal loans searches
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