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?
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?.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Can my live-in partner’s renters insurance cover my belongings?
"I'm moving in with my partner soon. He told me to get my own renters insurance for my property, but I was thinking, can't he just take out a larger renters policy to cover my things as well? And then we could split the bill. Or would this be considered fraud? "
Apr 07, 2021
"Can I decline to take a car loan that I was previously approved for? "
I got approval for a loan that I thought was a good deal, but now I'm having second thoughts. Can I back out?
Apr 05, 2021
Do I need to switch my car insurance after moving to New Mexico?
"I recently moved from Arizona to New Mexico. I looked into rates when I moved and they were double what I was paying in Arizona. I decided to keep my insurance in Arizona to avoid the increase. Am I required to switch my car insurance to New Mexico? I don't have any expenses that would imply I live here beyond a renters insurance policy. "
May 17, 2021