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How to get Uber car financing

Buying a car may be the best long-term option.

Need Uber car financing? Compare lenders

Driving for Uber is 1 way to supplement your income from another job if you like to work on your own schedule. While the company has ended its financing and leasing programs, you still have other rental and Uber car financing options to choose from.

Does Uber offer financing or leasing?

No. Uber ended its financing program in 2017, when it was reported that many drivers struggled to earn enough money from driving to pay for the high monthly payments and outstanding interest rates from their car loans.

Similarly, Uber sold its leasing program Xchange to Fair in 2018 after reportedly losing $9,000 per car on average.

How can I get a car to drive for Uber?

If you don’t currently have a car and need one for personal use as well as for your side hustle, you may want to consider buying or leasing your own car. The cost of buying a car would vary based on if you buy new or used, while leasing would likely run you at least $200 per month with an extra amount due at signing.

While buying or leasing independently may cost you more up front, it gives you freedoms you wouldn’t have if you were renting. These include the option to customize the car to your liking and not having to pay any extra fees for any mess that may occur.

Compare car loans for Uber car financing

If you think buying is the right path for you, you can finance an Uber car with one of the lenders below.

1 - 5 of 5
Name Product Ratings APR Range Loan Amount Loan Term Requirements Broker Compliance
CarsFast Car Loans
Customer Survey:
3.90% - 29.90%
$500 - $75,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed
CarsFast will connect you with a dealership near you to help you find the right financing.
Loans Canada Car Loans
Customer Survey:
0% - 46.96%
$500 - $50,000
3 - 60 months
Requirements: Min. income of $1,800 /month, 3+ months employed
Loans Canada is a loan search platform. Get matched with a suitable dealer based on your credit history and borrowing requirements.
Approval Genie
Not yet rated
3.90% - 29.90%
$500 - $75,000
12 - 96 months
Requirements: Min. income of $2,000 /month, 3+ months employed, Ontario only
Get customized car loan and auto financing solutions for a used vehicle that fits your budget and lifestyle.
Dealerhop Car Loans
Not yet rated
6.99% - 29.99%
$7,000 - $50,000
12 - 96 months
Requirements: Min. income of $1,800 /month, 3+ months employed
Dealerhop matches you with a dealer partner to get you financing.
Clutch Car Loans
Customer Survey:
From 8.49%
$7,500 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only
Apply for financing with online dealer Clutch, who partners with some of Canada’s largest financial institutions to get you competitive interest rates.

How to find the right Uber car financing

If you’re looking to finance a car for Uber, ask yourself the following questions.

Can I afford the monthly repayments?

Use this calculator to find out your potential monthly payments based on the loan, interest rate and loan term.

Car loan monthly calculator

Calculate how much you could expect to pay each month
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Fill out the form and click on “Calculate” to see your estimated monthly payment.


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How much should I spend on Uber car financing?

How much you should spend on a car for Uber depends on how much you can set aside each month for a car loan payment. As a rule of thumb, you don’t want to spend more than 10%-15% of your take-home pay on car-related expenses. This includes the car loan payment, insurance, gas and other recurring car costs. Also, you don’t want to spend more than one-third of your income on debt repayments, including car loans.

While it’s possible to get a car loan with no down payment, most lenders require a down payment between 10% and 20%. Having a large down payment lowers the amount you need to borrow.

Certified pre-owned (CPO) cars: Are they a good idea?

A CPO car is a used vehicle that’s been carefully inspected and refurbished before it’s put up for sale again. You can buy a CPO car with the comfort of knowing it’s gone through extensive inspections for safety, quality and meeting specific requirements for age, condition and mileage according to manufacturer guidelines. A CPO car may also come with important benefits such as an extended warranty and a roadside assistance program. It is a good option if you’re looking to lower the cost of buying a car while ensuring its quality. However, it will need to pass Uber’s own vehicle inspection, which occurs annually.

How to apply for a car loan online

  • Fill out the application. Provide your personal and financial information. Applications usually take less than 10 minutes.
  • Wait for a response. The lender will reach out to you to discuss your application, including potential interest rates and terms. If it likes your application, it will give pre-approval, which simply means it is open to approving you based on what it has seen so far about your finances.
  • Gather your documents. If you like the lender’s loan offer, provide documents to verify the details you provided on your application. Examples include government-issued ID and pay stubs.
  • Wait for the lender’s decision. Once you’ve submitted your supporting documents, your lender will either notify you of its final decision or ask for further information.
  • Get approved. If approved, your lender will send you a loan contract for review. This contract contains vital information including your loan term, repayment schedule and interest rate, so take your time reviewing it. If you’re comfortable with the terms, sign the contract and return it to your lender.

Eligibility requirements

While eligibility requirements vary among lenders, you generally need to meet the following criteria:

  • Be the age of majority in your province. This is either 18 or 19, but keep in mind that you need to be at least 21 to drive for Uber.
  • Be a Canadian citizen or a permanent resident.
  • Have a steady source of income (usually at least $1,500-$1,800 for 3 months is required).
  • Meet the minimum credit score requirement.

Can I rent a car from Uber to earn as a driver?

Yes, Uber has a program where you can rent a road-ready vehicle from a partner. Hertz and Avis are its current partners in Canada. However, Hertz is available in Montreal and Vancouver only, while information about Avis is currently unavailable on the Uber site.

As of July 2021, Hertz is offering a car from $285 per week, limited damage waiver and liability coverage, basic maintenance and unlimited miles.

Application process

  1. Sign up for the program. You need to have created a driver account with Uber, uploaded all required documents and passed a background screening.
  2. Visit Uber’s Vehicle Marketplace to see which cars are available to rent in your city.
  3. Follow the vehicle partner’s instructions to reserve and pick up the vehicle.

Eligibility requirements

  • Must have been approved to drive with Uber.
  • At least 21 or 25 years of age, depending on the rental company’s terms.
  • Must have a provincial driver’s licence.
  • Must have a valid credit card.
  • Must provide a refundable security deposit (for Hertz it’s $265).

Representative example: Sergei buys a car to drive for Uber

Sergei lives in Ontario and recently got a side job working as an Uber driver in a fairly affluent region. He wants to get a car for both work and personal use. Knowing his clientele will prefer a luxury vehicle, Sergei decides to buy a 2020 BMW 330I XDRIVE Sedan for $53,000.00 from a dealership. After putting a 15% down payment of $7,950.00 on the car, he heads to his local bank where he applies for an auto loan to cover the remaining cost.

Because Sergei has a solid credit history, he is approved for an Uber car loan to cover the outstanding amount plus 13% HST on the purchase price. Along with the cost of his loan, he also pays approximately $180.00 to register his vehicle with the province of Ontario – this includes the cost of license plates, a sticker and a vehicle permit.

Cost of new car$45,050.00 ($53,000.00 less $7,950.00 down payment)
Loan typeAuto loan (term loan)
Loan amount$51,940.00
Interest rate (APR)5.90%
Loan term7 years
Additional feesOrigination fee of 3.00% ($1,527.20)
Payment$756.28 monthly or $348.68 biweekly
Total loan cost$63,527.52 with monthly payments or $63,459.76 with biweekly payments

Had Sergei chosen to rent a car through one of Uber’s drivesharing partner companies instead, he could’ve ended up paying around $5-$10 per hour (plus tax) to rent the same type of vehicle. Assuming a rental cost of $6.50/hour and a 15-hour work week, this would’ve cost just over $5,000/year plus tax.

Bear in mind, though, that this would’ve only been the cost of renting a vehicle for Sergei to drive for Uber. He still would have had to find (and pay for) another means of transportation to use when not driving for Uber.

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

What are Uber’s vehicle requirements?

While it’s up to you to decide which type of car to drive for Uber, there are a few requirements it needs to meet and these vary based on where you live. Generally speaking your vehicle needs to be:

  • Less than 10 years old (or newer depending on the city you’re in)
  • 4 doors
  • Carry at least 4 passengers
  • Good condition with no missing pieces or cosmetic damage
  • Not salvaged, reconstructed or rebuilt
  • No commercial branding or taxi paint jobs
  • Listed as an insured driver if using a vehicle you don’t own

Should I buy or rent a car?

Whether you should rent a car or buy or lease your own car depends on your personal situation, including your budget and goals.

Consider renting a car to drive for Uber if…

  • You don’t want a long-term commitment.
  • You don’t want to be responsible for maintenance.
  • You can’t afford to buy or lease a car just yet.

Consider financing or leasing a car to drive for Uber if…

  • You want a long-term commitment with 1 car.
  • You want to use the car for personal use as well.
  • You can afford it, as it saves you more money in the long run.

I got a car to drive for Uber. What’s next?

If you have a car that fulfills all of Uber’s vehicle requirements, you’re ready to sign up. Either download Uber’s mobile app or go to its website to begin the process. You’ll also need to upload a photo of your driver’s licence, vehicle insurance card and vehicle registration for the background check.

What documents will I need to apply?

Uber requires new drivers to provide the following documents:

  • A valid driver’s licence
  • Proof of work eligibility
  • Proof of vehicle registration
  • Proof of car insurance
  • Proof of vehicle inspection
  • A driver profile picture

You may be asked to provide additional documentation depending on where you live.

Bottom line

If you need Uber car financing, consider buying a car if you’re looking at a long-term commitment and want to save money in the long run. Lease or rent a car if you’re looking at a short-term commitment.

You can learn more about your car financing options here.

Frequently asked questions

Ezra Wolfgang's headshot
Written by

Graduate publisher

Ezra Wolfgang was a video producer at Finder, helping people compare providers to choose the best for their needs. Prior to joining Finder, Ezra interned on the assignment desk at ABC News in New York, where he helped find, develop and write breaking news stories. Ezra earned a BA in media studies from Hunter College, taking a healthy dose of courses in film and documentary production, print and digital reporting and studio television. In his spare time, Ezra goes on the occasional run, takes photos, writes scripts and shoots his own tiny, short films. See full bio

Jaclyn Hurst's headshot
Co-written by

Associate Publisher, Investments

Jaclyn Hurst was an associate publisher at Finder. She has a Bachelor’s degree in Business from Redeemer University and a University Certificate in Management Foundations from Athabasca University. She’s as passionate about business and finance as she is about the great Canadian outdoors, organic Sumatra coffee and music. See full bio

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