Despite the recent scandals it was involved in, Uber is still gaining popularity in many parts of the world, and Australia is no exception. In a way, it has become a favourite means of gaining income for many Australians. Apparently, it should be a good way to make money on your part, too. However, before anything else, you need to know some important things about financing it to ensure everything will go your way. Here are some pieces of information about Uber car finance Australia has:
When you drive an Uber car, you need to get yourself proper insurance. However, this venture does not need any special type of coverage. Any vehicle coverage that your insurer would offer you would suffice. And, if you are financing, it is also recommended to get insurance to protect your loan. Basically, this will have you covered in case you will fail to make repayments due to illness, injury, or death.
Types of Financing Option
As a source of income, driving an Uber car will basically get you approved for financing. When looking for an Uber car loan Australia has, you will have several options to choose from. Generally, they include secured car loans, where the vehicle is used as a security by the lender; unsecured personal loans, which is ideal if you are using a used Uber car that is not qualified for security; bad credit car loans, which is ideal if you have credit difficulties in the past; and the financing options arranged by the Uber service provider itself.
Sub-leasing is another form of Uber car finance Australia has, where you lease another person’s Uber car. However, this method is not recommended by rental companies. The thing is—when you sub-lease an Uber unit, there is a high possibility that you are not included in the car’s insurance policy. Now, this would pose a huge problem in the event that you are involved in an accident. Either the owner or you will have to answer for the damages sustained from the event. What’s worse, sub-leasing an Uber car without insurance will breach Uber’s policies, so you could get banned from using the service.
Nevertheless, it is not prohibited to use others’ Uber vehicles, as long as the owner gives you consent to do so and you are included in the insurance policy. After all, your circumstance might not allow you to get approved for a loan at first, and this option will let you start building your income history and, eventually, save for a loan deposit.
More often than not, the service offers you access to rentals through its Uber marketplace Australia has. It has connections to authorised organisations that will rent out cars to Uber drivers. So, aside from getting a loan to get your own Uber car, you can also rent one to start making money. This is allowed, given that you can pay the rental fees regularly and pay for the basic expenses, such as those for petrol and car upkeep. You can then return the unit at the end of the agreed-upon rental period when you can already get a loan for your own car.
Getting a Loan Without an Income
As previously mentioned, it is difficult (or sometimes impossible) to get an Uber car if you do not have an existing income. Of course, lenders would be hesitant to provide financing to those who are not employed. However, there might be a leeway with regards to this. You can discuss with an Uber car provider on how to get a loan for the purpose of Uber driving. Loans for people without income are not always available, but with the help of the provider, you might be approved for one depending on your circumstances.
Now, do you meet all the basic requirements to drive an Uber car—being 21 years old or older; 3 years of driving experience; personal documents; etc.? Then, you should be ready to get Uber car finance Australia has. On that note, you can visit keyz.com.au. https://keyz.com.au/