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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.
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.
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.
Yes, but you’ll need to rent from one of Uber’s partners. Options include hourly, daily, weekly and monthly rentals.
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:
Whether you should rent a car or buy or lease your own car depends on your personal situation, including your budget and goals.
Our guide to renting a car for Uber
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.
As of April 1, 2019, Uber is not accepting applications from drivers in New York City, due in part to new TLC regulations.
Uber requires new drivers to provide the following documents:
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.
You can learn more about driving for Uber and your car financing options with our guides.
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