How Uber is helping me pay off my car loan

When I made the decision to buy my car from my sister, my experience of Uber's ride-sharing service was limited to weekend trips to and from the city. Everyone's heard of Uber, and while I liked using it, I never thought I would be a driver. That was until I started looking for ways to put more towards my car loan.

Finding my financing

As a writer and personal finance expert for finder.com.au, I knew finding the right loan wasn't going to be my biggest problem. I used a personal loan calculator with each of the lenders I compared to make sure the repayments were going to be affordable.

I compared both fixed and variable rate options, and kept their restrictions in mind as I wanted to be able to make additional repayments and to pay off the loan early if I wanted to. The car I was purchasing, while relatively new, was used, which meant it wasn't eligible for some secured car loans.

After comparing my options for a few weeks, with the luxury of an easy sale from my sister, I settled on an unsecured variable rate personal loan that came with no penalties for additional or early repayments. While I could afford repayments over a two-year term, I opted for a three-year term, wanting to give my budget a bit of breathing room.

But despite that, I wanted to pay the loan off as quickly as possible. How could I beat the loan term clock and repay my loan ahead of time?

The decision to sign up with Uber

People are always looking for ways to make additional repayments to their loan, and now I was one of them. Making your lunch and bringing it into work every day, while good for some, wasn't going to give me the kind of lump sum payments I wanted. So I looked elsewhere, and then I remembered the Uber driver sign-up ads.

"Be your own boss"

"Work your own hours"

Sounds like a dodgy Internet ad, doesn't it? But the lure of Uber was real, and I wondered if this was a viable option to help clock up however many hours I wanted and put what I earned towards my loan. With my editor's blessing, I decided to investigate how to sign up with Uber.

Find out how much you can really make as an Uber driver

At the sign-up centre

I visited a centre in Mascot, with my documents and car in tow. I was greeted by a friendly Uber rep and run through a presentation that explained the partner app used by drivers, driver eligibility and a bit about Uber's philosophy. Afterwards, I was taken upstairs to go through my documents.

The whole process was quick, with the most time-consuming element being the vehicle inspection and filling out police check documents. While everything went well, sadly, my newly-purchased car didn't pass the vehicle inspection. With some kind advice from the inspector and a business card for an auto mechanic, I was on my way.

What I learnt at Uber

• Uber needs drivers. Uber has more passengers than drivers and is in need of new sign-ups. As long as you meet the eligibility criteria to be a driver, company reps can help you through the process and get you working quickly.
• The work sounded enticing. While I was unsure of whether I wanted to work as an Uber driver at first, the presentation was pretty convincing. You can work when you want, take breaks when you want and you're paid weekly. The whole structure is transparent. The presenter said quite a few times that you would be working "with Uber, not for Uber".
• There are eligibility criteria. You need to be over the age of 21 and have held an unrestricted licence for at least 12 months. Your car also needs to be less than 10 years old.
• It's easy to make money. There's a minimum $30 per hour guarantee for drivers in the first few weeks they work, but the presenter said this usually isn't needed because of the number of ride requests. He also said that surge pricing (where the cost goes up during periods of high demand) makes it easy to get higher fares if you know how to use the app by picking up riders in under-served areas.

What happened after

A few days after the failed vehicle inspection and a kind message sent to my equally-uninformed sister about her misaligned front tyres, I received a call from Uber saying that I had passed the police check and could become a driver pending a successful vehicle inspection.

While the need to visit a mechanic has slightly deterred me, the vision of me zipping around the city for a few hours each weekend hasn't faded yet. If you're looking to put $200 extra a week towards your loan and have a few spare hours every weekend, Uber is an option you'll want to consider.

Not ready to sign up yet?

If you're not quite ready to sign up to Uber, but still want to compare a range of car loans? Use the table below to compare and see you repayments.

• Car Loans
• Rideshare Options

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Interest Rate (p.a.) (low-high)Interest Rate (p.a.) (high-low)Comp. Rate (p.a.) (low-high)Comp. Rate (p.a.) (high-low)Application Fee (low-high)Application Fee (high-low)Monthly Repayment (low-high)Monthly Repayment (high-low)

Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Interest Rate (p.a.) 6.24%	Comp. Rate (p.a.) 6.59%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $619.01	Go to siteMore info Compare	Borrow up to $125,000, pay no account-keeping fees and repay with fixed repayments while having the ability to repay early.
Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore info Compare	Your own personal car loan broker can help you borrow up to $300,000 for your new car by choosing from a range of finance options.
loans.com.au - New/Demo - Variable Rate Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 5.99% to 7.14%	Comp. Rate (p.a.) 7.12% to 8.27%	Application Fee $400	Monthly Fee $8	Monthly Repayment $628.52	Go to siteMore info Compare	Borrow up to $150,000 with rate discounts for electric and hybrid vehicles, flexible terms, early repayment options, and a 3-month pre-approval period.
OurMoneyMarket New Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.5% - 6%	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore info Compare
RACV New Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 6.99% to 17.99%	Comp. Rate (p.a.) 7.69% to 18.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $632.86	Go to siteMore info Compare	You'll receive a fixed rate from 6.99% p.a. A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
Simplify New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore info Compare
OurMoneyMarket Used Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.5% - 6%	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore info Compare
Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $625.27	Go to siteMore info Compare	You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a. A used car loan of up to $300,000 with quick approval times and balloon payment options.
loans.com.au - Variable Rate Used Car < 5 years Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.14% to 7.14%	Comp. Rate (p.a.) 8.27% to 8.41%	Application Fee $400	Monthly Fee $8	Monthly Repayment $639.2	Go to siteMore info Compare	Buy a used car up to 12 years old with a loan of up to $150,000 and pay off up to one year early without paying early repayment fees.
Simplify Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.19% to 18%	Comp. Rate (p.a.) 6.6% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $622.21	Go to siteMore info Compare
RACV Used Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 8.19% to 17.99%	Comp. Rate (p.a.) 8.9% to 18.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $644.16	Go to siteMore info Compare	You'll receive a fixed rate from 8.19% p.a. Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
loans.com.au - Variable Rate Used Car < 3 years Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.14% to 7.14%	Comp. Rate (p.a.) 8.27% to 8.41%	Application Fee $400	Monthly Fee $8	Monthly Repayment $639.2	Go to siteMore info Compare

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Price Per Week (from) (low-high)Price Per Week (from) (high-low)Insurance Included? (low-high)Insurance Included? (high-low)Membership Fee (low-high)Membership Fee (high-low)Excess Distance Cost (low-high)Excess Distance Cost (high-low)

Product	Price Per Week (from)	Insurance Included?	Membership Fee	Excess Distance Cost
Splend Flexi	$188	Yes	$275 (26 week rental period)	$0.10 per km	Get access to fuel discounts, referral bonuses and member only benefits when you rent a rideshare car with Splend. Flexi and Flexi own options available.	More info Compare	loading Fetching your data...
DriverLend	$77	No	$0	$0 per km	Driverlend is a finance broker. Lease or buy a car with Driverlend and you could get up to 20% discount on dealership prices for a new vehicle.	More info Compare	loading Fetching your data...
DriveMyCar Uber Rentals	$160	Yes	$0	$0.10 per km	Get insurance, maintenance and 24-hour roadside assistance in the all-inclusive price. Discounts available for longer rental periods.	More info Compare	loading Fetching your data...
Europcar Uber Rental	$225	Yes	$0	$0.25 per km	Benefit from 24/7 roadside assistance, a wide range of vehicles and no signup fee to start driving with Uber. A minimum four-week rental period applies.	More info Compare	loading Fetching your data...
Hertz Uber Rental	$217	Yes	$0	$0 per km	Benefit from 24/7 roadside assistance, no lock-in contracts and no joining fees. Rego and comprehensive insurance are included in the cost.	Compare	loading Fetching your data...
Splend Flexi own	$319	Yes	$990 (Joining fee)	$0.10 per km	Rent a car and pay it off as you go with no lock-in contract, membership benefits and flexible rental options	More info Compare	loading Fetching your data...

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Written by

Elizabeth Barry

Journalist

Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

Elizabeth's expertise

Elizabeth has written 210 Finder guides across topics including:

• Banking
• Personal finance
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