How Uber car loans can help you get on the road

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.

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.

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Compare your Uber vehicle options below

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Name	Product	Price Per Week (from)	Insurance Included?	Membership Fee	Excess Distance Cost
Splend Car Rentals		$199	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. Rent-to-Drive and Rent-to-Buy options available.	Go to site 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.	Go to site More Info	Compare	loading Fetching your data...
Europcar Uber Rental		$195	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.	Go to site More Info	Compare	loading Fetching your data...
Splend Rent-to-Own		$269	Yes	$275 (26 week rental period)	$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	Go to site More Info	Compare	loading Fetching your data...

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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 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.

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.

IMB New Car Loan

IMB New Car Loan

4.99 % p.a.

fixed rate

5.34 % p.a.

comparison rate

• No monthly fees
• No early repayment fees
• Borrow up to $75,000

100% confidential application

IMB New Car Loan

A low rate loan to finance new vehicles or cars up to two years old. Borrow up to $75,000.

• Interest rate: 4.99% p.a.
• Comparison rate: 5.34% p.a.
• Interest rate type: Fixed
• Application fee: $275.12
• Minimum loan amount: $2,000
• Maximum loan amount: $75,000

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Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
IMB New Car Loan		4.99% (fixed)	5.34%	$2,000	1 to 7 years	$275.12 ($250 Application fee + $25.12 PPS registration fee)	$0		You'll receive a fixed rate of 4.99% p.a. A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.	Go to site More Info	Compare	loading Fetching your data...
Loans.com.au - New and Dealer Used Car Loan		From 4.67% (fixed)	5.22%	$5,000	3 to 5 years	$400	$0		You'll receive a fixed rate from 4.67% p.a. based on your risk profile Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Note: Settle the loan before 30 November 2020 and enter the draw to win a $1,000 fuel voucher. Terms & conditions apply.	Go to site More Info	Compare	loading Fetching your data...
Heritage Bank Car Loan		4.89% (fixed)	5.53%	$5,000	1 to 7 years	$200	$5		You'll receive a fixed rate from 4.89% p.a. Finance a new or used car up to 5 years old. Large maximum borrowing amount up to $100,000 and terms up to 7 years.	Go to site More Info	Compare	loading Fetching your data...
Credit Concierge Car Loan		From 4.45% (fixed)	5.29%	$10,000	1 to 7 years	$350	$5		You'll receive a fixed rate of 4.45% p.a. with a comparison rate of 5.29% p.a. Get access to over 20 providers to fund a new or used car.	Go to site More Info	Compare	loading Fetching your data...
CUA Secured Fixed Car Loan		6.79% (fixed)	7.16%	$5,000	1 to 7 years	$265 ($175 Establishment Fee + $90 Security Administration Fee)	$0		You'll receive a fixed rate of 6.79% p.a. A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Fixed		From 9.99% (fixed)	10.88%	$5,000	1 to 7 years	$150	$10		You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.	Go to site More Info	Compare	loading Fetching your data...
Symple Loans Personal Loan		From 5.75% (variable)	6.47%	$5,000	1 to 7 years	from 0% to 5% of the loan amount	$10		You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile Borrow up to $50,000 to pay for what you need.	Go to site More Info	Compare	loading Fetching your data...
Plenti Car Loan		From 4.89% (fixed)	5.44%	$10,000	3 to 7 years	from $249 to $799	$0		You'll receive a fixed rate from 4.89% p.a. Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.	Go to site More Info	Compare	loading Fetching your data...
Driva Car Loan		From 4.34% (fixed)	5.5%	$2,000	1 to 7 years	$295 (Varies by lender, starting from $295)	$10		You'll receive a fixed rate from 4.34% p.a. Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.	Go to site More Info	Compare	loading Fetching your data...
Latitude Personal Loan (Secured)		From 6.49% (fixed)	7.75%	$3,000	1 to 7 years	Loans under $5000 - $140	$13		You'll receive a fixed rate between 6.49% p.a. and 19.49% p.a. based on your risk profile Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible.	Go to site More Info	Compare	loading Fetching your data...

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