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.
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.
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.
Splend’s full rental service gives you an Uber-ready vehicle, letting you drive with Uber even if you don’t own a car.
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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 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.
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