NorenePalmer

Last Sunday, I was able to ride an Uber car and I was convinced by the story of the driver. He is actually earning a lot from it compared to his income when he was working. According to him, he purchased his vehicle by applying for a loan. I was thinking to make use of the opportunity. I believe that it could be a good idea. I need your personal opinion here. What if I decide to get a car for rental as my business, should I buy a new car and apply for a loan, rent or lease? Is it worth it especially that everyone is going out and use to travel everyday?

thursdaysd

Don't count on the gig lasting. Uber is investing heavily in self-driving cars.

suze

You want to drive for Uber? Is that what you're asking?

anyegr

1. If you don't get enough customers, would you still be able to pay for the car?

2. Say a customer pays for a trip from point A to point B. Then no one is willing to pay for a return trip back to point A. Can you afford the fuel costs to get back anyway? If you plan to make the first customer pay that cost, too, you won't get many customers.

3. What about taxes? You said the drives was "earning a lot from it compared to his income when he was working". But driving for Uber is working. I don't know what the law says in your country, but surely he should be paying taxes on that income?

4. Insurance? If a customer robs you and takes the car, will Uber help you with your insurance claims? Ok, that's a worst-case scenario. So, how about a drunk customer throws up all over the back seat? It's easy to say the customer should pay for that, but will Uber help you if the customer refuses to pay for it?

randcrummy

Do you think it's worth it to get a loan and buy a car so you can use it for Uber? would the income be enough for you to pay for the loan? you have to think twice about this and maybe you can check out with your bank about loans so they can give you an idea on the interest rates and stuff.

NorenePalmer

I guess you are all right and you made me think thrice about this. Actually, I have an existing loan and my original plan is to apply for refinance using this link https://www.calcoastcu.org/borrow-auto-refinance.htm. But I think I would take your advice and change my plans as well.