GoldenNewsNg brings to you a simple guide on How to get Car on Hire Purchase for Uber and Bolt Drivers In Nigeria.
Uber has made life easier for many Nigerians by providing an alternative means of earning legitimate money. Uber is a technology-driven taxi company that connects drivers and riders via its app. If you are a rider in need of a taxi to take you to a specific location, you can easily book online and in no time you will have a taxi ready to take you down to your destination. Riding with Uber provides a classy and comfortable mode of transportation, much better performance as compared to battling for seating space in Nigeria’s regular danfo buses.
Uber does not own taxis or private cars to transport riders from one location to another. People can however sign up on the Uber platform as drivers or partners who are ready to rent cars for transportation by registered Uber drivers. Most people meet Uber’s driver requirements, but they do not own a car. These individuals would prefer to have their own vehicle for the Uber driving business. If this describes you, you should read this article all the way through. In Nigeria, you can get a car on hire purchase or a car loan to drive for Uber. But first, what are the Uber vehicle requirements?
Uber Vehicles Requirements
The acceptable car for an Uber ride must meet the following requirements:
- Not older than the 2000 model year
- Is a 4-door sedan
- In good working condition and aesthetic condition
- Able to carry at least 4 passengers
- Has functional windows, air conditioning, and radio
Cars Not Accepted By Uber In Nigeria
If your car is in any of these states, it will not be accepted for use by both Bolt and Uber
- 2-door cars are not accepted
- Full-size trucks or vans
- Taxies, government-owned vehicles, and other marked vehicles can’t be used for Uber and Bolt business
- Salvaged, accidented or rebuilt vehicles will be rejected.
Minimum Requirements For Getting A Car Loan for Uber
Good Credit Score – This is very important as it determines your ability to pay back the loan. In simple terms, your credit score is your financial status which entails your ability to repay back the loan.
Debit Account – The truth is, no one wants to lend money to someone who can’t pay it back. This is why your debit account or history will be probed before anyone can give you a car loan for Uber. Lenders want to know how many you have borrowed from and how much you own them. It’s best to have no debt history so that you can easily get your loan.
Repayment History – If you do have a debit or debt in the past, a good way to redeem yourself before your Uber car lender is that you have a good repayment history. This will guarantee your lender that you will pay back.
Personal Details – This includes your personal details, your personal information like name, address, email, etc. This is for identification and record-keeping purposes.
Where To Get a Car Loan For Uber
A private/personal lender
Private/personal lenders such as friends or family could loan you some cash to get your car. Make sure you set concrete repayment plans and agreements before you take the loan.
Get Financing from your car dealer
Some car dealers afford you the option to pay in monthly/weekly instalments and offer you a car loan for Uber. This means they become the lender while you become the borrower. In this instance, they offer you a payment plan such that you don’t have to pay for the car immediately, but depending on the cost of the car, the total cost is spread through the months (maybe 18-24months), till the selling price is paid with interest.
Banks and other financial bodies
You can also go directly to different banks in Nigeria and fill in the application for a car loan. Ensure to do your research so that you go for the one with the lowest interest rate and short repayment term. Some banks have special car loans for registered Uber drivers. Financial agencies such as Sovereign Finance Limited, CreditVille Nigeria, Pukena Cars and Driver’s, etc offer different hire purchase plans for Uber drivers.
How To Get a Car Loan For Uber
- Make a move to the car loan institution you are satisfied with and fill in the car loan application.
- Make sure you have all the necessary documents and meet the eligibility criteria both for Uber and the Loan lending body.
- Have a stable source of income that you can rely on to pay the monthly/weekly instalments. In most cases, a portion of your earnings will be remitted weekly to pay up the loan. However, you can always have an extra source of income.
- Read carefully all the details written in the loan agreement form. Beware of shady agreements, ask questions where necessary.
- If all works well, sign the document and your car loan is ready.