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 provided by
Answered on Mar 08, 2021
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.
Browse by topics
What others are asking
Can an insurance company drop your auto coverage at any time?
I'm getting mixed responses on this. Some say yes, some say no. What's the real answer here?
Apr 12, 2021
"Does FL car insurance pay for broken eyeglasses in a car accident? "
I am in FL and my prescription glasses got broken when I was rear-ended in an accident. Will the insurance pay for new glasses? And my cell phone got broken, too!
Apr 14, 2021
How much car insurance coverage do you need for a 2010 Honda Fit if you live in New York City?
I live in New York City and I have a 2010 Honda Fit. I currently have a 100/300/25 liability insurance policy, $25,000 in MedPay, and 25/50 uninsured motorist. Is this enough coverage?
Apr 22, 2021