Considering the soaring popularity of Uber, you’d think getting car finance for Uber drivers would be pretty simple…right?
There are now over 150,000 Uber drivers in Australia, supporting the needs of around 4.4 million users. What do all these drivers have in common? They need a car to generate an income. However, it’s always been extremely difficult to secure Uber car finance in Australia.
But thanks to Muscle Money, Uber car financing just got a lot easier.
Why Is It Difficult to Get an Uber Can Loan in Australia?
Getting an Uber car loan in Australia has always been challenging. Why? Because of the strict lending criteria, including:
- Lenders are often unwilling to approve vehicle loans if the car will be used for Uber.
- Lenders not accepting income generated through Uber when calculating borrowing capacity. This means an Uber driver would have to have a second form of income before they could gain loan approval.
- The few lenders willing to fund Uber car purchases typically impose strict lending criteria, ask for large deposits and charge excessive interest rates.
So, what other options are there when it comes to car finance for Uber drivers?
What Are Your Options for Uber Car Finance in Australia?
If you want to start driving for Uber, you’ll need a car that meets their minimum criteria. If you don’t already have a suitable car, you could:
Rent a Car
Some car rental companies will allow you to hire a vehicle and drive it for Uber. However, the costs can be exorbitant (over $200 per week), and after investing all that money, you still won’t own the car!
Borrow a Car
Uber will allow you to borrow a car, so long as you have the written permission of the owner and you’ve been added to their insurance policy. The problem is the car may be unavailable whenever the owner wants to drive it, and you’ll likely still have to pay a fee for its ongoing use.
Get Commercial Finance
A commercial car loan can be difficult to acquire for Uber drivers. You’ll need to be a registered business and prove that the car will be used commercially at least 50% of the time. If the loan is unsecured, it may attract high interest rates.
Try Uber Car Financing
Uber offers finance options from partner lenders, but most financial experts strongly recommend these be avoided. This is due to unfavourable terms, restricted car options and high rates for uber car finance in Australia .
Competitive Car Finance for Uber Drivers
Competitive car finance for Uber drivers is now available, thanks to Muscle Money’s specialist Uber lender. What are some of the benefits of applying through Muscle Money for an Uber car loan in Australia?
- Extremely flexible loan terms, including up to 7 years, with the option of a balloon.
- No deposit required, even for low doc commercial clients.
- Rapid approval and settlement – you can apply, settle and drive away on the same day!
- Uber revenue included in your income assessment.
- No issues with the vehicle being driven for Uber.
- Competitive rates on both commercial and consumer loans.
- No penalties for early payouts.
- Commercial low doc loans available, with no deposit, after trading for only 3 months.
This kind of policy is almost unheard of when it comes to car finance in general. The fact that it’s available to Uber drivers who have been working for only 3 months makes it truly one-of-a-kind!
Eligibility Criteria for Uber Car Finance in Australia
This exceptional offer does come with some eligibility criteria, including:
- A minimum comprehensive credit score of 650.
- Available for dealership-only purchases.
- You must have a current income (either Uber or another source).
To find out more about eligibility requirements for Uber car finance in Australia, contact the experienced team at Muscle Money.
Talk to Muscle Money About Uber Car Financing
Ready to drive your Uber career forward with hassle-free car finance? Our friendly car loan brokers will happily answer all your questions and provide tailored advice on how you can secure the ultimate car loan for Uber drivers.
Contact Muscle Money today and take the fast lane to approval!
Caleb Waye-Harris, Senior Manager of Asset Finance at Muscle Money, has almost 15 years of relevant experience in the finance industry. His extensive background includes project management, consumer and commercial lending and asset-based lending.
