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To Uber or not to Uber? The car finance facts you need to know

Posted on: May 19, 2017 by Barbara Cheida

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Whether you need to top up your fun fund or ease the financial demands of daily life, moonlighting as an Uber driver is a great way to make some extra cash. Here are the pros and cons of getting behind the wheel, along with some tips on getting your car finance sorted.

Why Uber?

Did someone say flexible? Work when you want, where you want, for as long as you want. And because your hours are up to you, you can earn as much (or as little) as you like. Throw in weekly deposits into your bank account and a quick and easy sign-up process and Uber looks like a pretty sweet deal.

Why not Uber?

One word – people. The majority are nice, but you’re bound to have some average passengers along the way. You’re also going to have to absorb the financial costs of driving – oil and tyre changes, cleaning costs, insurance and petrol. Factor in the tax man and your pay packet might be smaller than you’d envisaged.

Let’s say the pros outweigh the cons and you’re keen to get started. Here are 3 car finance facts you need to know:

Can I get a car for Uber on finance?

Absolutely. Driving with Uber provides proof of employment and can be used as a source of income on your car loan application.

Uber says they can help with finance – should I just go with them?

Uber does offer its drivers car finance through affiliated organisations, but they’re not necessarily the best deal. Shop around for the best interest rates and loan terms and pick the option that suits you best (not Uber).

And if you need help finding the right finance deal, contact us – we’re here to help!

Do I have to use my own car?

Nope, although your name does have to be on the vehicle’s insurance policy. So you can always use a borrowed car to build your income history and improve your chances of loan approval further down the track.

Need help with car finance?

Navigating your finance options can be stressful and overwhelming. If you’d rather avoid the hassle, give us a call. We’ve got a range of options and can find the car finance deal that’s perfect for you. You can get an online quote here or give us a call on 1300 554 553 to get started.

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