Buying An Uber Car Using A Personal Loan Vs. Renting One

When it comes to commuting services, technology has brought about a significant transformation in everyday life. Uber and other ride-sharing services have changed the transportation secerio in the best possible way. People are now more reliant then ever on tech-centric services like Uber and Lyft all across the world.

Are you contemplating buying a second car for driving uber? Here in Australia, buying an Uber car using a personal loan or renting one has gained a lot of popularity in the last few years. In this article, we will give you all the details that you need to analyze whether buying an Uber car using a personal loan or renting one is more beneficial to you.

Buying an Uber Car

As we all know, cars are always an expensive purchase. Once you buy a car, the depreciation of its value kicks in right from the moment you drive it out of the car showroom. In addition, the maintenance cost of a car is also something the buyer needs to be aware of when purchasing a car.

If you are thinking of buying an Uber car, make sure that you balance your budget between how much you want to splurge on a new vehicle and how much it would cost you to get a second-hand car. There is understandably a significant price difference between the price of a brand new vehicle compared to a used car.

When you are buying a car, you need to figure out what percentage of the investment you will bear from your out-of-pocket expenses against how much personal loan you are willing to take to complete your purchase. It is an important decision that is best taken upon consulting with the experts.

How Do Personal Loans For Uber Drivers Work?

The convenience of getting an Uber car is sinking in with many people in Australia. It is a user-friendly app that allows you to connect to riders and utilize your driving skills to earn money. Since cars can be pretty expensive, personal loans for uber drives are helpful to set you up for achieving your goals.

There are many options available for anyone who wants to buy an Uber car using different forms of personal loans. For example, you can apply for a personal loan at EFT capital, where you can avail yourself of an unsecured loan from $2000 to 10,000 dollars. However, you can go for loans of higher amounts if you wish to go for secured personal loans at EFT Capital.

If you are looking for personal loans providing collateral, EFT Capital allows you to secure a loan ranging from $10,000 to 20,000 dollars. Therefore, if you wish to take personal loans of more significant amounts, it could be another option to avail yourself of buying an Uber car using a personal loan.

Here is the link to EFT Capital’s website, where you can find all the details on how you can avail of personal loans. In addition to this, you can find all the instructions on how you can apply for loans online and the answers to all the frequently asked questions. Keep in mind that even loans for non-citizens to get an Uber car are available as well.

Renting An Uber Car

Renting a vehicle in Australia has become cheaper and logistically cost-effective in Australia recently. If you are low on cash and can not afford a brand new car, you can always rent an Uber car instead, which has its fair share of advantages.

Benefits Of Renting An Uber Car

There are several pros to renting a car over buying one, especially when one has a hard time affording it. Here is a list of upsides that one should consider before deciding on whether to buy or rent an Uber car.

  • Renting a car does not cost you as much money as buying a car. Therefore, leasing allows you to have the freedom to decide whether you want to keep pursuing your career as an Uber driver or if you wish to change the track of your career path. The financial risk involved is substantially lower than the cost of buying an Uber car using a loan.
  • Some rental agencies provide roadside assistance if you face any problems with your rented car while driving on the road. It is an important feature that could help take some stress off your ride-sharing experience. Also, the troubles with having a rented car can be significantly less since the company is primarily responsible for repairing and maintaining the vehicle.
  • The insurance cost of a privately owned car is significantly high. However, you do need to be concerned about the high price tag of insurance since the rental fee covers the insurance cost of rented Uber vehicles. Furthermore, renting an Uber car makes a lot of sense for people who already have a bad credit history.
  • A rental car provides you with a list of options where you can take and choose a plan of your own. Therefore, renting allows you to switch between programs that are convenient for you. As a result, rental cars have their fair share of upsides that can give you a lot of leeway you otherwise would not have with a car of your own.

Where You Can Apply For A Vehicle Loan

EFT Capital offers various forms of vehicle loans for its customers. If you wish to purchase a brand new vehicle for yourself, you can get loans from EFT Capital with loan terms of 1 to 3 years. The loans are available for almost all models of cars on the market, with a value of up to $20,000.

However, if you wish to pursue a loan for a second-hand vehicle, you can also seek a loan from EFT Capital in this case. There are prominent marketplaces online that sell second-hand cars at affordable prices.

For example, CarSales and Gumtree are two of the most popular second-hand vehicle marketplaces. Besides, you can also seek other marketplaces from Facebook or a private seller to avail of loan services from EFT Capital.

You can apply for all sorts of vehicle loans online, providing all the necessary documents. Click here to find all the details about seeking a vehicle loan at EFT Capital. Non-citizens are also eligible to apply for loans for Uber financing.

Conclusion

The choice between buying an Uber car using personal loans and renting an Uber car comes down to individual preferences and needs. If you believe that you have the capital to invest and reap the rewards of your investment in the long run, buying a car of your own might make more sense.

But if you do not have a large sum of money to shell out to buy a car, renting an Uber car might make more sense. Renting an Uber car allows you more leeway to switch your profession whenever you want with a low amount of risk. It also allows you extra space with the maintenance cost and the high cost of car insurance.