How to get car loans for Uber drivers in Nigeria

Uber driving is one of the most lucrative jobs you can opt for when a white-collar job isn’t forthcoming.

Apart from that, as a car owner, you can use Uber driving to earn more money during your spare time.

Nowadays, most people prefer to choose Uber instead of a taxi, especially when your packaging is top notch.

Who is an Uber driver?

Uber is a technology platform that operates a ‘bridging system’ to connect drivers and their passengers.

Uber registers people who own car that meets their requirements as a driver. They enlist such a person in the Uber app, where potential passengers can require their services through their smartphones.

Therefore, an Uber driver is a person registered under Uber to provide transport services to his passengers.

 Why do I need a car loan for Uber driving?

The first and most important requirement you need as an Uber driver is a car. Not just any car, but a car that meets Uber provided requirements. Some of these requirements may include a car that’s less than 10 years old, in excellent condition and with an efficient car engine.

Hence, where you do not own a car or your car doesn’t fit into these requirements, you need to buy a car. Buying a good car doesn’t come cheap, so the easiest way out, when you don’t have the money handy is to obtain a car loan.

Also Read  Noble Funding Review; $500,000 at first application

How  can I apply for a Uber car loan?

There are several loaning platforms/categories you can opt for. You can choose any of these categories that suits your financial capacity and creditworthiness.

1. Traditional loans:

Banks or credit unions usually give this loan. It involves going to these specific banks to directly request for a loan. They often require a satisfactory credit score for their loans. However, loaning processes here are often long.

Recently Uber Nigeria made a declaration, offering potential drivers a low interest used vehicle loan through its partnership with FirstBank Nigeria and other financiers. Hence, if you apply to FirstBank of Nigeria, you would receive a loan at 20% interest rate per annum over 24 months

2. Bad Credit Car Loans:

This category offers an auto loan that they specifically design for people with low credit score.

This is because you might not qualify for other loan platforms, considering your credit worthiness. Their requirements are also very meagre, as compared to the normal ones.

However,  interest rates on these categories of loans are usually very high. Although, with an excellent repayment record, you can subsequently be placed on regular interest rates.

3. Secured Car Loans:

This is a collateral based loaning system. In other words, in return for a loan, you will have to use your car as a collateral. This category equally provide loan for individuals with a low credit score at low interest rates

Secured car loans however comes with the risk of losing your car when you omit repayments.

4. Personal Loan:

This category involves Lenders. Through personal loans, you can get enormous sums of money from potential lenders with desirable interest rates.

Also Read  Piggyvest: Earn 15% Of Your Savings And Over 25% Returns On Investment

More often than not, lenders require detailed personal information such as permanent residential address, social security number etc.

5. Online Loans:

As the name implies, this involves an internet based transaction between the borrower and the lender. These online lenders often provide you with a wide variety of desirable interest rates.

Application for an online loan is quite easy and provides an immediate response system. However, customer services on these platforms are often difficult to access.

To get a loan from any of these categories, all you need to do is apply.

What are the minimum requirements for getting a car loan?

Generally, if you want to seek for a car loan, these are the requirements you need:

  1. A  good credit score: Your credit score is your financial worth. This factor is a major determinant of whether you would qualify for a loan.
  1. Personal details: This includes your general information such as Full name, address, email, etc
  1.   Debt account: Lenders would consider your debts record in granting you a loan. You need a minimal debt record because several debts record can affect your credit score.
  1. Repayment history: You must have a good repayment history. This will guarantee your potential lender that you would remain faithful to your repayment agreement.

Conclusion

Car loans gives you the hope of achieving your financial target as n Uber driver even when you don’t have the complete means. It gives you the chance to buy the car of your dreams and conveniently pay for it over a particular period.

Have you been desiring to work as an Uber driver but have no car? Opt for a car loan today!

You might also like More from author

Leave A Reply