Key takeaways
- Weigh the pros and cons of renting a car for Uber instead of getting a loan.
- Make sure the car meets Uber's rules before you borrow.
- Make sure to read all the details and costs associated with the loan including interest, fees, insurance, and upkeep, before you commit.
Who is eligible for an Uber car loan?
You can only get a loan from the Uber finance marketplace if you are:
- A current Uber partner. This means you have already completed the sign-up process and are currently an Uber driver, or;
- Looking to sign up as a Uber partner driver. You need to be over the age of 21 and have held an unrestricted licence for at least 12 months. Other eligibility criteria also apply.
- Residing in a city where Uber is available. You need to be living in Sydney, Melbourne, Canberra, Brisbane, the Gold Coast or Perth.
What Uber car loans are available?
There are a few different financing options available:
- Rental. If you need an eligible car to get you on the road with Uber but aren’t ready for a car loan, you can consider renting through one of its partners.
- Car loan. Standard car loans are also available with one of Uber’s company partners.
- Rent with the option to buy at term’s end. These loans function in a similar way to a car hire purchase, where you are essentially hiring the car, and at the end of the term you have the option of owning the vehicle. Another one of Uber’s partners gives you the option to own, upgrade or hand back the vehicle at the end of the term.
Calculate how much you can make driving for Uber
How can I compare Uber car loans?
Uber's loan partners each offer varying features with their loans. You can use these features to compare and find the right loan for you:
- Structure of the loan. The finance might be a rental, car loan or "lease to buy" scheme, so decide which one will work best for your needs and situation.
- Type of car the loan is suited to. Some of the partners have restrictions as to what kind of car you can finance with the loan. For instance, you may only be able to select particular new makes and models.
- Interest rate and fees. How competitive is the loan? Compare the loan with other offers available with Uber's partners. You should also compare them with loans from banks and other car loans lenders to make sure you're getting a good deal.
- Loan terms. If you're renting the car, how long can you hold onto it for? If you're renting to own, how long are the terms? You also need to check the terms on offer for standard car loans. Will the terms make for manageable ongoing repayments?
- Additional features. Some loans come with additional features, such as complimentary comprehensive insurance or refundable deposits. Check to see what's available.
I want a different car to those on offer from Uber
Financing through Uber is only done on selected vehicles. At the time of writing for instance, in NSW, Uber are currently only offering financing on the BYD Seal and BYD Atto 3.
If you want something else, say for instance a Toyota RAV4 or a larger vehicle to operate an Uber XL, you may want to compare some of the uber car loans below.
Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
What are the alternative loans to those offered by Uber?
Selecting a loan offered by Uber isn't the only way to finance a car to drive with Uber. You can also consider loans offered by banks, credit unions and standalone car loan lenders. Here are some of your options:
- Secured car loans. If you find an eligible vehicle you can use it to guarantee the loan. These car loans come with very competitive rates and you can choose from fixed or variable rate loans, depending on what works best for you.
- Unsecured personal loans. Are you planning on buying a used car? You might want to consider an unsecured personal loan. You can select fixed or variable rate loans from a range of lenders and have between one and seven years to repay.
What lenders are available?
At the time of writing, Uber has partnered with the following lenders to offer financing options:
- Splend
- SocietyOne
- easifleet
- RideShare Solutions
- Loans.com.au
Keep in mind that not all of these partners will be available in every city.
Compare your Uber rental options below
Becoming an Uber driver is a great option to consider. If you’ve decided to be a driver, Uber car loans could be the icing on top of an enticing cake, helping you get into an eligible vehicle to get you onto the road as an Uber partner.
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Hi, I already have a secured personal car loan with a credit union. Can I still claim the remaining payments against the tax if I began working for Uber?
Hi Serena,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
I’m afraid I can’t provide a straightforward answer to your question, Serena. However, generally speaking, you can make tax deductions when you drive Uber. Anything that you spend for business purposes can be deducted on your tax.
Since we are not tax experts, it would be a good idea to speak directly to a tax specialist. They should be more than happy to assist you with your query.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Good morning,
My name is lala looking for van for uber and i am a uber client just need car pls help or to see if i can lease or rent or just options to take for uber driver .
Hi Lala,
You can find out about your car financing options through the Uber car finance guide on our website.
Hope this helps,
Elizabeth