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How can I get a car loan as a Lyft driver?
I'm a Lyft driver full-time and was involved in an accident where the other driver was at fault. My car was totaled, so I need a new car, but when I tell the lender I’m a full-time Lyft driver, they deny me financing. How can I get a car loan as a Lyft driver?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Finding a car loan as a self-employed individual can often be difficult. Although driving for Lyft offers a full-time gig, most banks and credit unions hesitate to lend money to rideshare drivers because the income isn’t steady and they’re technically self-employed. Because lenders require proof of income—you must be financially stable—you’re a high risk for them to insure.
However, there are still ways you can finance a car as a Lyft driver—but you’ll likely face higher interest rates than the average
car loan
.The two most commonly used avenues for financing for rideshare drivers are:
- Carvana
- Carloans.com
If you’re not interested or don’t qualify for a loan from either, explore alternate avenues. For starters, seeking a
co-signer for your auto loan
may improve your chances of being approved or increasing your down payment to reduce the amount you need to borrow.Also, remember that in addition to getting a car loan, you also need to have the proper
rideshare coverage
to protect yourself and others should you get in an accident while driving. The right coverage can help cover the cost of repairing or replacing a vehicle following a crash.View full answer
- Gregory R.
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