Can I get a car loan if I'm a rideshare driver?

I've been working as a rideshare driver for less than a month, but my car's started breaking down on me and I want to get a new one. Do I qualify for a car loan?

Answer
Yes, you can get a car loan if you’re a rideshare driver just the same as you would if you weren’t an independent contractor for Uber or Lyft. Everything works exactly the same.
However, you should be more concerned about your auto insurance. Because you’re technically a chauffeur, regular liability insurance typically won’t cover incidents that happen when you’re rideshare driving. Fortunately, many auto insurance companies have started to offer rideshare insurance. While a bit more expensive, it covers you while you’re working. Coverage varies based on the policy.
If your auto insurance company doesn’t offer rideshare insurance, you’ll have to get commercial auto insurance, which typically ranges from $1,200 to $2,400 per year.
For more information, check out this article: Does My Car Insurance Cover Me if I Drive for Uber or Lyft?.
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Eric Schad
Answered on Mar 08, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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