If you’re a Lyft or Uber driver, your car is your most important business asset. So like any other business, it pays to examine your investment options. If you own your rideshare vehicle outright, good for you. But for those looking for ways to pay for your business vehicle, there are many choices. Let’s find out more.
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Your Business Budget & Uber Options
Like any business, you have expenses such as fuel, car insurance, and maintenance. You try to minimize these costs as much as possible, but what about your car finance rates?
One solution is actually offered by Uber itself, however, it has created some controversy. The company has teamed up with General Motors, Toyota, and Ford to offer financing on certain used and new cars. The leasing option allows you to put $2,000 down and have payments automatically deducted from your rideshare wages. The Uber vehicle leasing is targeted especially at those with low credit ratings.
Skeptics of the Uber plan believe that high interest rates and being locked into Uber make the plan unattractive.
Given the explosion in ridesharing, a whole cottage industry has appeared around accessing vehicles. You can lease, finance, or even rent them by the week or hour. For example, HyreCar not only lets you rent from a wide variety of vehicles, it also lets you rent out your vehicle to make money if you own a car. Here are some other options to consider:
- Uber Xchange Leasing – Mentioned above. You must purchase insurance too.
- Uber Enterprise Rental Car – Teams up with car rental company Enterprise. Costs around $210/week.
- Hertz Rental – Works with Uber and Lyft drivers. Requires a $250 deposit.
- Lyft Express Drive – Rent directly from Lyft. $150 – $250 per week based on vehicle model and mileage driven.
Solution For Those With Existing Car Loans
When it comes to your ridesharing vehicle, nobody is going to give you anything for free. If you already own a car and are making loan payments, then your best bet might be to refinance. This means simply swapping your current loan for one with better interest rates.
One of the fastest and most effective ways to do this is through a car refinance lender network, like the one at CARCHEX. This makes it possible for you to compare multiple lenders at once and choose the one that gives you the best deal.
Already have a rideshare car loan? See if CARCHEX can reduce your monthly payment. Get a free quote from CARCHEX now.