How To Get Car on Hire Purchase – Car Loan For Uber Drivers In Nigeria

Uber has made life easier for a lot of Nigerians by providing an alternative means of earning legitimate cash. Uber is a technology-driven taxi company that connects drivers to riders through its app- Uber App. Here, if you are a rider in need of a taxi to take you to a certain place, from the comfort of your home, you can easily book online and in no time you have a taxi ready to take you down to your destination. Riding with Uber provides a classy and comfortable means of transport, much better than battling for seating space in regular danfo buses in Nigeria.

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Uber itself does not own a taxi or private cars to take riders from one place to another. Rather, people can sign up on the Uber platform as drivers or partners ready to rent cars for transport by registered Uber drivers. Most people fit the driver requirement by Uber, but unfortunately, they don’t own a car. These ones would prefer to have a car of their own for the Uber driving business. If this is you, then you need to read this article till the end. You can actually get a car on hire purchase or car loan for Uber driving in Nigeria. But first, what are 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.
Best Cars To Use For Uber and Bolt (Taxify) Business in Nigeria

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 back. This is why your debit account or history will be probed into 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 debts 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 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.

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How To Get Car Loan For Uber

  1. Make a move to the car loan institution you are satisfied with and fill in the car loan application.
  2. Make sure you have all the necessary documents and meet the eligibility criteria both for Uber and the Loan lending body.
  3. Have a stable source of income that you can rely on to pay the monthly/weekly installments. 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.
  4. Read carefully all the details written in the loan agreement form. Beware of shady agreements, ask questions where necessary.
  5. If all works well, sign the document and your car loan is ready.

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