Jefanie Genilla
Buying a car with a loan doesn’t always mean a having a depreciating asset. You can actually sign up your newly bought car as an Uber vehicle and use its earnings to pay for the loan. Read this post to know how to choose the right car, get a good auto loan and start earning from your four wheels even without a commercial license.
Many might consider buying a car for personal use as a not-so-wise investment compared with buying a piece of land. But there’s actually a way to earn from your newly owned family vehicle. Instead of using it solely for personal transport, why not turn it into a Grab a Car or Uber service vehicle? At least, you’ll have some way of making money out of your car.
But where should you start? What are the requirements to pass for your vehicle to qualify as an Uber or Grab a Car unit? How best to secure an auto loan for these types of cars?
Understand How Uber Classifies Units
For starters, you should know Uber’s car requirements so that you can look for a suitable vehicle to buy. You can choose to buy a vehicle that would quality as an Uber Plus, Uber XL, Uber X or UberBlack unit. Signing up to either of these options allows you to earn from your car without insurance or commercial licensing. You just need to pass the qualifications.
Know the Eligibility Requirements
But what are the requirements, by the way? If you want to qualify as an Uber driver, you need to be at least 21 years old, must have at least 3 years of experience in driving and should have a clean driving history. All drivers must also pass the background check.
To sign up your car for Uber service, you must present the following:
- Current car registration
- Record that the car isn’t a salvaged vehicle
- Uber vehicle inspection results
- Car insurance and plates details
Choose the Right Car and Consider the Operational Cost
Considering Uber’s requirements and the car brands and models today, you might like to buy one of these seven great autos for Uber drivers. Look into the following cost components:
- Monthly amortization
- Smart phone
- Car maintenance (e.g., spare parts, repairs)
- Depreciation rate
- Connectivity
- Uber franchise accreditation and inspection cost
- Car fuel
- Revenue sharing between you and the driver, as well as with Uber
You can also use your Uber unit purely for ride-sharing, especially if you quality as a driver. This will give you more control over the revenue generation and car usage. You can check current car promos in the Philippines to make sure you get the best car at the best price.
Apply for a Loan
Once you’ve accounted all cost considerations, you probably already have a priority list of the cars you like to have. It’s now time to shop around for a car loan provider. Wait! You don’t need to spend long hours researching and negotiating with lenders. Our loan consultants here at Loansolutions PH are more than willing and able to do the figure and research crunching for you. Just visit our site, Loansolutions.ph, and lodge your credentials via our 3-Step Application Process and we’ll get your docs in front of our partner lenders from all over the country. They’ll be the ones to compete with each other to get the borrower profile they want.
