How can I get a car loan as a Lyft driver?
I'm a Lyft driver full-time. I was in a not-at-fault accident and totaled my car. I need a new vehicle, but when I tell a lender I'm a Lyft driver for a living, I'm denied financing. How can I get a car loan as a Lyft driver?
“Many banks and credit unions won’t lend money to rideshare drivers because the income isn’t steady and you’re technically self-employed. As most lenders require proof that you are financially stable, you are a higher risk for them to insure.
With that said, you still have some options for financing, though you’ll likely find the interest rates will be higher. Both Carvana and Carloans.com are known to work with rideshare drivers. You may also need to explore personal loans or other non-traditional methods of financing.
Keep in mind that getting proper rideshare coverage will protect you and others should you get in another accident (though of course, we hope you stay safe!) Having the right coverage can help you recover financially from a totaled vehicle.
When you do buy a new car, use Jerry to ensure you have the best coverage on your vehicle. Jerry compares rates from the top 50 companies and delivers them to your phone in minutes.”
MORE: What is a Car Lien?
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