Car Loans for Uber & Rideshare Drivers 

How to apply for a car loan as an Uber driver

Securing financing can be complicated for those new to the world of car loans. If you’re looking to finance a car to use for rideshares, here are a few things you need to know: 

Know the car loan eligibility

Those aged 18 or over, Australian citizens or permanent residents, and who earn a regular income are generally eligible to apply for a car loan. Take note, specific car loan requirements vary depending on the lender.  

It’s best to ask a car finance broker or the lender about their eligibility requirements so you don’t waste time applying for a loan you’re not right for.

Have your paperwork ready

You'll be asked to provide documents with your personal information, proof of income, assets and liabilities. The lender will also look into your credit and other relevant financial history. Preparing the needed documents beforehand could help expedite the loan process. 

If you’re planning on becoming a full-time Uber or rideshare driver, you may want to explore low-doc car loans as an alternative. Talk to a car finance broker to learn about your loan options.

Understand your car finance needs

When applying for a car loan, it’s important to have your finances in order. Look at your current income and expenses to see what kind of car loan would fit your situation. This can also help you decide on the type of loan features you need and the ideal loan repayment frequency.

You should also consider insurance options, as many insurers will not cover rideshare vehicles

Get pre-approval

With a pre-approved car loan, you’ll have a better idea of how much you can borrow from a lender. This can also make finding a car easier because you’ll have a set budget. A pre-approved car loan can give you leverage with sellers and jumpstart the loan process, as well. 

Speak to a car loan professional

One of the easiest and fastest ways to get a car loan is with the help of a professional. An expert car finance broker like the ones at CarLoans.com.au can help you get the best deal on your car loan quickly and efficiently. All you need to do is discuss your car loan needs with them, and they’ll handle the rest. 

Benefits of car finance for Uber & rideshare drivers

Car finance also offers Uber and rideshare drivers a range of benefits, such as: 

• You can start driving and earning sooner. If you don’t have enough funds, buying a car through a loan lets you get on the road sooner. No more waiting months or a year to save up. 

• You have access to more vehicle options. With a car loan, you’re not limited to only the money you have on hand. You may be able to extend your budget, which opens up more car options. This makes it easier to meet Uber and rideshare vehicle requirements. 

• Car finance expenses may be tax-deductible. You could claim certain payments made on your Uber or rideshare car on your taxes, as it is a work-related expense. It’s best to check with an accountant or the ATO to learn more. 

Tips when financing a car for Uber & rideshare drivers

Getting a car loan for Uber or ridesharing can be a bit complicated. To give you a leg up, here are some things to keep in mind: 

Understand the Uber vehicle requirements

Uber and other rideshare services typically have vehicle requirements. The type of vehicle you choose will not only affect your eligibility for Uber or other rideshares but also the kind of car loan you can get. 

Improve your credit score

When you have a good credit rating, your chances of approval and getting a better rate significantly improve. Lenders use credit scores to determine the creditworthiness of a potential borrower.

Compare car loans carefully

Not all car loans are equal. Some may have better rates or features than others. The key is looking at each deal and speaking with each lender to find out more about your car loan options. 

If you don’t want to spend countless hours looking at the fine print or chatting with lenders, get in touch with CarLoans.com's criteria, and getting a car loan shouldn’t be a problem.