Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Anyone currently driving for Uber knows how difficult it is to make ends meet. Gas prices are nearing all-time highs, and most rideshare drivers spend thousands for routine car repairs and other vehicle maintenance. So what options are available if you need emergency cash, and can you use a car title loan to borrow money using your car as collateral?
It turns out that title loans can be a great way to borrow money when most unsecured lenders would turn you down because of poor credit or a lack of credit history. We're seeing more and more Uber drivers apply for these title loans as they're easy to qualify for if you own a vehicle. Best of all you can continue to drive your car throughout the duration of the loan as you only need to sign over the car's title to your lender as collateral!
Many Uber Drivers ask us if it's even possible to get approved for a short term loan. The answer, in short, is yes, as a rideshare driver can likely show verifiable income, and there should be equity in their vehicle. Unsecured loans require good credit, but other financing options exist for those with poor credit. You can always apply for an online payday loan with high interest rates, but these loan amounts are often limited.
Another option is to apply with Car Title Loans 123, where you use your vehicle title as collateral for a loan. This option is attractive because it usually has competitive interest rates with flexible repayment plans, and you can borrow more significant amounts.
You must own a lien free vehicle and show proof of income to qualify for a title loan. Verify ownership of your vehicle with a signed copy of your car's title from the DMV and most Uber drivers can verify income with pay stubs or bank records. Some title loan companies may also require proof of insurance coverage and in some cases an umbrella policy on the vehicle may be needed. It's that easy to get cash with just your vehicle's equity!
Once approved, you'll sign over the car's title to your lender, and that's used as collateral for your loan. Continue driving your vehicle without interruption while making monthly payments until the loan is paid off.
- Own a lien free vehicle that's titled in your name.
- Provide proof of income showing monthly take home pay.
- Have valid license and registration info from the DMV.
- Provide proof of comprehensive auto insurance.
- Bring in the vehicle for a brief inspection
Gig workers with poor credit can qualify for a loan, as the funding amount is often determined more so by your vehicle's value and ability to repay the loan. However, better credit may make securing a competitive interest rate and repayment plan easier with an unsecured personal loan. Therefore, it's always important to consider all financing options carefully and ensure you can comfortably afford monthly payments before committing to a loan.
Remember that bad credit title loans will place a much larger emphasis on the equity in your car or truck. Any rideshare driver who owns their vehicle outright and has a clear title should consider multiple financing options when you need fast cash.
One advantage of a car title loan for rideshare drivers is that they can borrow more than payday or installment loans. Additionally, the APR and repayment terms can be more competitive from a title loan lender in Florida or other states with minimal lending restrictions. Another advantage is less focus on credit, as your vehicle's value primarily determines eligibility.
It's worth pointing out that rideshare drivers themselves take out these loans. Even though a driver may have a working relationship with Uber or Lyft, the obligation to repay the loan entirely exists with the applicant. Some financial assistance programs offered by rideshare companies grant additional financial help. These can include direct cash payments and other lending opportunities to lease or purchase a vehicle. Ultimately, most rideshare companies have limited programs that allow you to borrow cash from them outright.
There are numerous reasons why a rideshare driver would benefit from a secured loan. Of course, there will always be expenses, but how can these loans benefit someone who drives a car for a living?
It turns out that rideshare drivers face financial issues that full-time workers don't have to deal with. Drivers in Texas can work 35 hours a week driving for Uber, and maintenance and upkeep on a vehicle can add up. Rideshare drivers also face medical bills not covered by employer health plans, which makes it tough to pay for any emergency expenses that come up.
Car Title Loans 123 understands that collateral loans are risky and only make sense when unsecured loans are not an option. Apply with us, and we'll break down the benefits and drawbacks that Uber and Lyft drivers face with these loans. Call 844-567-5011 to see how much you can borrow, or fill out our online application to get a pre-approval quote that's based on your vehicle's value!
