Statistically, only 4% of Uber drivers last more than a year on the job as well. That’s an awful lot of risk and volatility that the lender has to take on.
As a self-employed contractor through Uber, it can be difficult
to show lenders how much you earn. When you apply for a loan
, lenders request your financial details and look at your gross earnings. Doing so often determines how much you can afford for a car payment and whether you can maintain a loan.
decisions all boil down to risk. If you were moonlighting or side-hustling as an Uber driver and had a job as an employee, you probably wouldn’t have an issue. But because Uber is your full-time gig, it’s unlikely
you’ll be able to find financing through a dealership.
The best thing you can do is look at a variety of lenders. While dealerships may deny financing, you may be able to find a bank or credit union that’s willing to work with you. You could also look into a personal loan instead of an auto loan.
While you may not get the best rate, less traditional financing options may be best for you based on your career.
Don’t forget that when you buy a new vehicle, you will need proper coverage, especially as an Uber driver. Use the free Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”