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

Answered by Car Loans Expert Eric on February 11, 2021

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?

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Car Loans Expert

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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