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.
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?
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
What happens when you sign up with Uber
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 happened afterA 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.
In between buying my own vehicle and making the trip to Uber, the company announced financing partnerships that can help you get a car loan if you want to sign up as a driver. Through the Uber Marketplace, new and existing drivers can rent or buy vehicles through suppliers working with Uber. Lenders currently include SocietyOne, RideShare Solutions and easifleet.
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.
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