Getting a Car Title Loan While Driving for Uber/Lyft
On the outside, becoming an Uber rideshare driver is an easy job. The growing number of people using ridesharing services and increasing costs of keeping a vehicle has led to a drastic rise in the demand for such services.
However, there are two sides to every coin, and the same is true for Uber rideshare drivers. They need to be active around the clock, picking up rides and ensuring that they safely arrive at their destination. Their car is the means to their livelihood, which means they have to take utmost care of their vehicles.
There Are Necessary Expenses To Be Made
Having a car is not enough, there is so much more to ensure a sense of security before you take upon a new job as an Uber rideshare driver. Even before the first payment is transferred to your account, there are some expenses which must be borne out of your own pocket.
Here are some of the examples:
- Fuel expenses
- Vehicle maintenance
- Car repairs and necessary oil change
- Car cleaning and detailing
- Comprehensive insurance
- Roadside assistance
- A relatively expensive plan to ensure internet connection with Uber rider platform
These expenses provide an insight into the many expenses that a rideshare driver has to incur before they even get to pick their first ride. Additionally, in order to get higher customer approval ratings, drivers are required to go above and beyond – such as providing water or mints inside the car.
These are not primarily expenses, but an investment to become a high-rated driver and thus, fetch more rides. The problem arises when a new driver looks for money to kick start their road to financial independence as a rideshare driver.
Banks Aren’t Welcoming Of Ride-Share Drivers
As the largest lenders, banks are the first thought that comes to the mind. Unfortunately enough, the banks seem to have a difficult time in granting loans to drivers of rideshare services.
Financial institutions require extensive paperwork, bigger ticket loans in addition to considerable money and a credit check. For a driver who is just looking to start out, such prerequisites can be hard to fulfill.
Additionally, rideshare drivers don’t always have a proof of income to present, and their fluctuating level of income is viewed negatively by banks. While rideshare drivers earn stable incomes, there is no future guarantee of the rides you will get. Devoid of an organization that employs you, as you are self-employed and dictate your efforts, is also a reason why banks tend to hesitate when giving loans to rideshare drivers.
Non-Traditional Lenders Are The Solution
However, banks aren’t the only lenders who can help you. Nontraditional lenders emerge as the best alternative for rideshare drivers who are looking for a quick loan to get started with their work, as they require little paperwork and provide quick financing.
There is no excessive documentation involved when you look to obtain car title loans in Phoenix – all you require is proof of identification and your car, which is to be registered as collateral.
The general stereotype of menacing and predatory lenders has become outdated, with many professionals entering the business to provide impeccable service to those in need.
As ridesharing services, such as Uber and Lyft, continue to gain popularity – people are quickly turning away from conventional employment and require quick loans to begin on a new career.
In this regard, nontraditional lenders provide an excellent service of ensuring the driver embarks on a new career as soon as possible. With competitive interest rates and minimum requirements, you can quickly rise to become a consumer-favorite rideshare driver in no time!