If you haven’t already heard, Uber is making its way to Canada. Hugely popular in the United States, Uber is an app that allows people to turn their car into a new career by transporting people who are looking for a ride from point A to point B. If you are considering either making it your new full-time job or just to make a little extra money, you might be looking at your shabby wheels and wondering if anyone would want to take a ride in it. The bad news is that, no, they probably do not.
Since there are likely to be many other Uber drivers that you are going to compete with, the type of transportation that you have to offer might make the difference between a heavy flow of customers and no flow. But, if your credit isn’t all that great, then you might be wondering how you can get the financing you need to drive away with a nicer used car. The good news is that finding financing might not be as difficult as you think.
Put in a down payment
Used cars can be more difficult to get financing for. If you have money for a down payment, then the likelihood that you will be able to borrow money is greater. If you want to buy a used car to make some extra money, then take the next couple of months and start to save so that you have something to offer the financing company. Just even a small down payment is better than having nothing at all to offer.
Trade-in your old vehicle
If you don’t have money for a down payment, then consider trading in your old car. It might be less than a luxury car, but it is worth something. When looking at a used car dealership, find out what they will offer you on a trade-in. Instead of trying to sell it yourself, see if the dealership will offer you money that can be used for the purchase of a new, used car. That will not only make the amount you have to borrow less and increase your chances of getting financing, but it is also equal the same thing as putting in a down payment. So, a trade-in will increase your chances, even if your credit isn’t that great.
Have someone cosign
If your credit rating isn’t too excellent, then ask someone to cosign a used car loan for you. A cosigner can be anyone close to you who has a good credit score and can get a loan. If someone cosigns for you, then it will increase the chances that a financier will take a chance on lending you money. As long as you make the payments on time, then it won’t affect the credit rating of the person who is helping you out. Beware, however, if you pay late, or you fail to make payments, then it will have a negative impact on the cosigner’s credit score.
Choose a less luxurious car
The type of car that you drive will probably affect who will choose you as an Uber driving. So, choosing the right car is imperative to your customer base. But, that does not mean that you necessarily need a high-end luxury car. Most people are just fine taking a ride in a used car that is clean, nice, and can fit a group. So, instead of trying to get financing for a super expensive car, get an economical one that is comfortable and durable enough to get passengers where they have to be, and you are more likely to be able to finance a reasonable car.
Uber is coming to Canada, which will give many people looking to make a little cash on the side, a new angle. If you are driving around in a car that you don’t even want to drive in, then you might want to consider purchasing a new used car from Ridetime. Even if your credit is less than perfect, their financing department can compare many lenders to find one who will take a chance on your new career.