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Rideshare services, such as Uber, have exploded all over the world. Due to the demand for the service, more and more drivers are joining Uber’s workforce to earn an income either part-time or on a full-time basis. As an Uber driver, not only are you helping others get where they need to be, but you’ll also be earning the money you need.
If you’re interested in working with Uber, the first and foremost concern is obtaining a car. You have several options: you can purchase a car, participate in Uber’s Xchange program, use a peer-to-peer car rental, partner with car rental companies like Hertz, or lease a car. In this article, we will explore how car leasing works with Uber, the advantages and disadvantages and other requirements for working with Uber.
Leasing a car vs. buying a car, check out this article.
Leasing is the process of “borrowing” a car for a specific period of time, usually two to four years. The lessee agrees to only drive a certain amount of kilometres and keep the car in the same condition. In exchange for the lent car, the lessee pays a monthly fee which is typically lower than a car loan payment. At the end of the lease term, the lessee returns the car to the lessor. Some car leases have an option to buy at maturity if you’re interested.
If you don’t own a car or don’t want to use your car with Uber, you have the option to lease. Leasing a car has it’s pros and cons, let’s explore them below.
If you decide that leasing a car with Uber is the best choice for you, you have two options. The first option is to get a standard lease through a dealership or alternative lender. Once you’ve obtained a leased car, you can start working with Uber.
Your second option is to use Uber’s Xchange program. Uber Xchange is a program that partners with car dealerships to provide drivers with short-term car leases. Drivers are required to pay a deposit upfront then they make scheduled payments while they drive.
A huge benefit to the Xchange program is poor credit is not a huge issue. However, the downside is interest rates and monthly fees are higher than traditional leasing. You’ll also need to rely on Uber to maintain and fix your car when there are issues. Reliance on Uber can be an issue because you could be out of work for weeks while your car is being repaired.
The Uber Xchange program is ideal for individuals planning on driving full time, can’t get approved for traditional leasing and want a car for personal use. Otherwise, you’ll likely get a better deal by finding a lease on your own.
Should you consider a lease takeover?
Uber has specific requirements for the cars that their drivers use. There are also requirements for the driver. You should absolutely consider these requirements before leasing a car and working with Uber to ensure that you’ll qualify. The list of Uber’s car requirements is below.
If you decide that leasing a car with Uber is not right for you, you have other options. You can either purchase or rent a car. Purchasing a car to use for Uber can be done through a dealership or alternative lender which is a fairly standard process. Renting a car is possible through specialized platforms, such as HyreCar and Hertz partnerships. It’s worth your while to explore all of the options before making a decision.
Driving with Uber on a part-time or full-time basis is a great way to make some extra cash or earn an entire living. Leasing a car is one way you can work with Uber, but there are other options too. If you’re interested in the options available to help you get behind the wheel, we can help.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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