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Why wouldn't a dealer finance vehicles for Uber drivers?
I'm a full-time Uber driver and I finally socked away a few grand for a car down payment. I've been to a few dealers to inquire about their vehicles. As soon as I say I'm an Uber driver, they tell me they won't finance me. Why won't any dealers finance a car for an Uber driver?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The reason that dealers won’t finance Uber drivers goes hand-in-hand with uncertainty. You’re technically self-employed, which means your income can fluctuate at any time.
Statistically, only 4% of Uber drivers last more than a year on the job as well. That’s an awful lot of risk and volatility that the lender has to take on.
As a self-employed contractor through Uber, it can be difficult to show lenders how much you earn. When you apply for a
loan
, lenders request your financial details and look at your gross earnings. Doing so often determines how much you can afford for a car payment and whether you can maintain a loan. The
dealerships’
decisions all boil down to risk. If you were moonlighting or side-hustling as an Uber driver and had a job as an employee, you probably wouldn’t have an issue. But because Uber is your full-time gig, it’s unlikely you’ll be able to find financing through a dealership. The best thing you can do is look at a variety of lenders. While dealerships may deny financing, you may be able to find a bank or credit union that’s willing to work with you. You could also look into a personal loan instead of an auto loan.
While you may not get the best rate, less traditional financing options may be best for you based on your career.
Don’t forget that when you buy a new vehicle, you will need proper coverage, especially as an Uber driver. Use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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