Driving for Uber can put a lot of kilometers on your vehicle but this is also an excellent way to generate an income. You can drive for Uber full-time if the app is popular in your area or choose to work during rush hour or on Friday and Saturday nights when more users are requesting rides. This is a very flexible way to earn an additional income and anyone can drive for Uber as long as your car meets a few requirements. If you are thinking about purchasing a new vehicle, there are a few things you should know about obtaining financing.
Prove How Much You Earn With Uber
You should keep track of how much you earn with Uber by keeping screenshots of the payments sent to your bank account. This will help you prove that you earn money with Uber on a regular basis. Keep track of your payments for as long as possible so lenders can see that your income is regular. Show them that you are serious about driving for Uber by taking screenshots of some of the good reviews you get on the app, by showing how you track your mileage and by showing that you keep regular hours as a driver. It will be easier to prove that you earn a regular income with Uber if you have been a driver for a while. If you have another job, gather proof of income for this job as well. If you got for a FlexiBuy Brisbane option they’ll definitely ask you for proof of income, even with rent to own options.
Be Realistic About How Much You Can Afford On Payments
Driving with Uber allows you to generate an additional income and you should be able to afford larger car payments but you still need to be realistic. You can earn more as an Uber driver if your vehicle qualifies for the more expensive Uber services. You can earn more if you qualify for these rides but keep in mind that fewer passengers request these rides compared to the basic service known as UberX. Purchasing a more expensive vehicle that qualifies for these more expensive rides is not necessarily a good investment since you might not get enough premium rides to make your more expensive car payments.
Find Out How Much Collision Insurance Will Cost
Uber offers liability coverage for its drivers. This coverage will protect you while you are on your way to pick up a passenger and while you transport passengers. However, Uber does not offer collision coverage. You need to get insurance quotes for this type of coverage and make sure you will be able to afford comprehensive collision coverage for your brand new vehicle. You might find that some vehicles are no longer affordable once you take into consideration how much you would have to spend on collision coverage.
Driving for Uber will make it easier to qualify for a car loan as long as you can prove that you earn a steady income as a driver. Having a good credit score and another source of income will make obtaining financing easier. Keep in mind that you will have to buy a vehicle since leasing a car will not be affordable since most leases put a limit on your mileage. Take the time to compare different vehicles and look for an affordable car with good fuel efficiency to keep your costs down. Compare different financing options, use a loan calculator to figure out what your monthly payments would be and look for the most affordable car loan you can find. Be realistic about what you can afford and focus on finding the most efficient car to drive with Uber.
As always, remember to have fun while driving that will earn you the most!