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Financing a car for Uber
Buying a car may be the best long-term option, but it's a big commitment.
Driving for Uber is one way to supplement your income from another job — or as a main job if you like to work on your own schedule. While the company recently ended its financing and leasing programs, you still have other rental and 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. While Uber does mention on its website a fleet program that involves driving a car that someone else owns, there isn’t any further information on how this works.
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. Buying a car would cost you anywhere from $15,000 to upwards of $50,000, 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.
Can I rent a car for Uber?
Yes, but you’ll need to rent from one of Uber’s partners. Options include hourly, daily, weekly and monthly rentals.
Compare your car loan options to drive for Uber
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:
- Less than 15 years old
- Four doors
- Carry at least four 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 one 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. The application will ask for your contact information and Social Security number. You’ll also need to upload a photo of your driver’s license, vehicle insurance card and vehicle registration for the background check.
Uber isn’t open to new drivers in New York City
As of April 1, 2019, Uber is not accepting applications from drivers in New York City, due in part to new TLC regulations.
What documents will I need to apply?
Uber requires new drivers to provide the following documents:
- A valid US driver’s license issued at least one year ago
- Proof of residency
- Proof of insurance — only if you’re driving your own car
You may be asked to provide additional documentation depending on where you live.
Driving for Uber may be able to help you earn some extra cash on the side. But you’ll need to use your own car or rent one through its partners to qualify.
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