uber-car-finance

How Uber car loans can help you get on the road

Want Uber to help you buy your car? We take you through the financing options available.

If you’re thinking about being an Uber driver, you may have heard about some of the financing options it has on offer. In the guide below we’ll take you through everything you need to know about Uber car loans, plus some alternatives offered by banks and lenders that you may want to consider.

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.

uber-driver

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

What lenders are available?

At the time of writing, Uber has partnered with the following lenders to offer financing options:

Keep in mind that not all of these partners will be available in every city.

Compare your Uber vehicle options below

CompanyDescription
From Price (p.w.)
K/M (p.w.)
splend-logo-testSplendGet on the road - without owning a car

Rent a car from Splend and you can be driving within a week for Uber
$2491,000More info
ANZ Low Rate
DriverLend
Get finance for a new car
If you want to drive for Uber, DriverLend can help you with financing to get behind the wheel of an Uber ready car..
VariesUnlimitedMore info

Enter your details to be contacted by a representative from Splend

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Splend Logo

Splend’s full rental service gives you a brand new car for a weekly rental fee. You’ll also have access to coaching and training to become a better Uber driver.
Get access to:

  • A dedicated account manager
  • Brand new cars
  • Training, benefits and rewards

Want the lowest rates? Enter your details to speak to a broker.

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DriverLend Logo

Ready to make money as an Uber driver? Driverlend can secure you financing so you can get behind the wheel of an Uber-ready vehicle.
You'll get:
✓ Options for visa holders
✓ Options for those with bad credit
✓ Expert financial advice through a personal consultation
Why wait? Get in touch with Driverlend today to start earning with 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.

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 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.

Becoming an Uber driver is a great option to consider, with flexible hours and a $30 per hour guarantee in the first month. 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.

CUA Fixed Rate Car Loan

CUA Secured Fixed Car Loan

from

6.79 % p.a.

fixed rate

from

6.92 % p.a.

comparison rate

  • No monthly fees
  • No early repayment fees
  • Flexible repayment options
Security Logo

100% confidential application

CUA Fixed Rate Car Loan

Apply for CUA Fixed Rate Car Loan and enjoy a great low fixed interest rate with no ongoing fees.

  • Interest rate from: 6.79% p.a.
  • Comparison rate: 6.92% p.a.
  • Interest rate type: Fixed
  • Application fee: $0
  • Minimum loan amount: $5,000
  • Maximum loan amount: $100,000
Go to site

Compare alternatives to Uber car loans

Rates last updated June 23rd, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
CUA Secured Fixed Car Loan
From 6.79% (fixed)
6.92%
$5,000
1 to 7 years
$0
A competitive car loan for new or used vehicles up to 7 years old that offers flexible repayment options and no account keeping fees.
IMB New Car Loan
From 5.99% (fixed)
6.34%
$2,000
1 to 7 years
$250
This fixed rate new car loans up to 2 years old features no early repayment penalties
RACV Car Loans
From 7.49% (fixed)
8.03%
$15,000
1 to 7 years
$378
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
Bank Australia Car Loan
From 6.45% (fixed)
6.66%
7 years
$150
A competitive rate and the ability to offset your car’s carbon emissions for the loan term.
MyState Secured Personal Loan
From 7.99% (variable)
8.96%
$10,000
1 to 10 years
$200
Apply for a loan up to $75,000 and use the funds for any purpose.
NRMA New Car Loan
From 7.49% (fixed)
8.03%
$15,000
1 to 7 years
$378
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. NRMA Members could save 1% on loan rates.
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$250
A secured loan from IMB with flexible repayment features
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$195
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
Bank of Melbourne Secured Car Loan
From 6.99% (fixed)
8.11%
$3,000
1 to 5 years
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.
BankSA Fixed Rate Car Loan
From 6.99% (fixed)
8.11%
$3,000
1 to 5 years
$195
Apply for a fixed rate car loan from multi-award winning BankSA.

Compare up to 4 providers

Picture: Shutterstock

Elizabeth Barry

Elizabeth is a senior writer for finder.com.au specialising in personal finance. She enjoys reading PDSs so you don’t have to.

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Related Posts

CUA Secured Fixed Car Loan

A competitive car loan for new or used vehicles up to 7 years old that offers flexible repayment options and no account keeping fees.

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

RACV Car Loans

Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.

NRMA New Car Loan

Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. NRMA Members could save 1% on loan rates.

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2 Responses to How Uber car loans can help you get on the road

  1. Default Gravatar
    Lala | September 25, 2016

    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 .

    • Staff
      Elizabeth | September 26, 2016

      Hi Lala,

      You can find out about your car financing options on this page. There is also a vehicle leasing service you can read about here.

      Hope this helps,

      Elizabeth

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