# Trying to get financing while doing driving gigs



## SamuelB (Aug 29, 2018)

Looking to buy a used car and looking at financing for bad/no credit. Noticing they are saying for personal use only. Problem is my only income is from driving gigs so occupation is self-employed. Has anyone dealt with this situation? Any advice?


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## Uber's Guber (Oct 22, 2017)

SamuelB said:


> Looking to buy a used car and looking at financing for bad/no credit. Noticing they are saying for personal use only. Problem is my only income is from driving gigs so occupation is self-employed. Has anyone dealt with this situation? Any advice?


Your situation sounds dire. My advice is: stop doing "driving gigs" and get a real job.


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## Classified (Feb 8, 2018)

SamuelB said:


> Looking to buy a used car and looking at financing for bad/no credit. Noticing they are saying for personal use only. Problem is my only income is from driving gigs so occupation is self-employed. Has anyone dealt with this situation? Any advice?


I don't know how it works in your country, what I did here is worked max hours for a few weeks when it was better then normal, had my mate sign up for a driver referral bonus, and supplied my uber payslips, screenshot off a computer and printed off, made my pay look good, I got finance, I have heard some places want your yearly tax statements,


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## Daisey77 (Jan 13, 2016)

Classified said:


> I don't know how it works in your country, what I did here is worked max hours for a few weeks when it was better then normal, had my mate sign up for a driver referral bonus, and supplied my uber payslips, screenshot off a computer and printed off, made my pay look good, I got finance, I have heard some places want your yearly tax statements,


 the problem is lenders are refusing to provide car loans to Rideshare drivers. It doesn't matter how much money you make.



SamuelB said:


> Looking to buy a used car and looking at financing for bad/no credit. Noticing they are saying for personal use only. Problem is my only income is from driving gigs so occupation is self-employed. Has anyone dealt with this situation? Any advice?


Try opening up an LLC. You don't even be honest with the salesman or the sales manager. Then you'll provide pay stubs from the company you open. The only thing with that is, you will have two sets of taxes to do


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## Kodyhead (May 26, 2015)

Most dealers are desperate for business too. Never tell them anything about rideshare. If you have a large enough deposit and or trade in, someone will finance you at a high rate.

You are better off using an old job and making up the income than telling them you do uber or lyft


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## Daisey77 (Jan 13, 2016)

Kodyhead said:


> Most dealers are desperate for business too. Never tell them anything about rideshare. If you have a large enough deposit and or trade in, someone will finance you at a high rate.
> 
> You are better off using an old job and making up the income than telling them you do uber or lyft


And hope they don't ask for pay stubs.

All I know is whatever you do do not mention Uber and Lyft you're better off saying you get paid cash under the table and have a friend verify they're your boss. You can provide deposit statements but you need to provide it in a summary statement and not listed out in an itemized statement


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## Kodyhead (May 26, 2015)

I never been asked for paystubs but I got very good credit and usually put down a few grand and or have a trade in which gets them aroused and they want to aggressively close the deal. 

They don't want you to leave the dealership so just say you didn't bring any and have to come back, I would guess they wont need it lol


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## Daisey77 (Jan 13, 2016)

Kodyhead said:


> I never been asked for paystubs but I got very good credit and usually put down a few grand and or have a trade in which gets them aroused and they want to aggressively close the deal.
> 
> They don't want you to leave the dealership so just say you didn't bring any and have to come back, I would guess they wont need it lol


I have had times where I've not been asked for them and I've had times where they have asked for them. When they have asked for them, I said I'd have to get them to them and only had to provide them once. The dealer is going to ask for them only because it makes the paperwork look good when they send it to the lender. The lender is the one who wants them. The dealer can "approve" you all day long but until the lender approves it, you're not approved


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## tohunt4me (Nov 23, 2015)

SamuelB said:


> Looking to buy a used car and looking at financing for bad/no credit. Noticing they are saying for personal use only. Problem is my only income is from driving gigs so occupation is self-employed. Has anyone dealt with this situation? Any advice?


May i suggest taking HOSTAGES from Uber Corporate & Demanding Ransom ?

" NO NEED TO TIP " !

" LOWER RATES MEAN MORE MONEY "!


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## Seamus (Jun 21, 2018)

Never tell them about ride sharing and basically make up whatever you want. They sure as hell want to sell the car and aren't going to check too hard. Whatever finance companies they are using are just going to run a credit check. As long as they find at least moderate ok credit score your good. (credit score will impact interest rate). No one is going to check your employment status or ask for a pay stub. If they do move along to the next dealer down the road.


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## steveK2016 (Jul 31, 2016)

Kodyhead said:


> Most dealers are desperate for business too. Never tell them anything about rideshare. If you have a large enough deposit and or trade in, someone will finance you at a high rate.
> 
> You are better off using an old job and making up the income than telling them you do uber or lyft


Hyundai encourages rideshare with a $1000 rebate for Uber drivers, hyundais are also super cheap even for new and run forever.


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## lkm370 (Aug 12, 2018)

I ran into this problem a couple days ago when i went to a dealer to finance a new car. He told me he wont finance to uber drivers because they run the cars 24/7, fail to do proper maintinence, screw the car up until it breaks down, then they blame the dealer and stop making payments


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## Bbonez (Aug 10, 2018)

Get a personal unsecured loan, rates will be higher but they won't care your income is from rideshare.


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## Fozzie (Aug 11, 2018)

With a 94% annual attrition rate, how can anyone fault finance companies for being skeptical about rideshare drivers ability to pay off a note on a vehicle? If you're a driver and need to finance a vehicle, I'd recommend having a substantial down payment, other verifiable income sources, or an extroardinary credit score that will get you financed without financial documentation.


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## TBone (Jan 19, 2015)

Capital One offered me a loan and only required 1 month of pay statements. I have decent credit though


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## Daisey77 (Jan 13, 2016)

TBone said:


> Capital One offered me a loan and only required 1 month of pay statements. I have decent credit though


That's all anyone asks for. The issue is will they approve it with pay stubs from a Rideshare company?


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## TBone (Jan 19, 2015)

Daisey77 said:


> That's all anyone asks for. The issue is will they approve it with pay stubs from a Rideshare company?


I'll find out here in another month or two but I don't see why not. They are also my cc company and know I drive for rideshare. 
I decided to wait because of the credit score changes recently. Luckily, I'm over 700 now


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## SamuelB (Aug 29, 2018)

TBone said:


> I'll find out here in another month or two but I don't see why not. They are also my cc company and know I drive for rideshare.
> I decided to wait because of the credit score changes recently. Luckily, I'm over 700 now


What kind of job were your paystubs from you submitted?


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## TBone (Jan 19, 2015)

SamuelB said:


> What kind of job were your paystubs from you submitted?
> View attachment 256844


Haven't submitted them yet. Went through a link on my credit card website and they gave me approval providkng I verify my income


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## Daisey77 (Jan 13, 2016)

Well I'm telling you that I was specifically told as soon as lenders hear Uber or Lyft, it's a done deal. They won't Finance you. This was coming from my dealer who I bought my last eight vehicles from. I've also used the same lender for those eight vehicles. So no reason at all for them to deny me besides I drive Uber and Lyft. Upon calling around to dealerships, instead of wasting my time driving everywhere, they flat-out said they don't have lenders that are willing to work with Uber and Lyft drivers. I also have been told that if you can somehow get financed, your warranty is voided. There is apparently Clauses in the warranty agreement that says if you use the vehicle for Rideshare purposes your entire warranty is voided


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## TBone (Jan 19, 2015)

if anything, ill just put it under my business and get a commercial auto loan. Simple enough.
As for warranties, i havent had a car with a warranty since 93. I buy used and mod my cars anyways.


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## steveK2016 (Jul 31, 2016)

Daisey77 said:


> Well I'm telling you that I was specifically told as soon as lenders hear Uber or Lyft, it's a done deal. They won't Finance you. This was coming from my dealer who I bought my last eight vehicles from. I've also used the same lender for those eight vehicles. So no reason at all for them to deny me besides I drive Uber and Lyft. Upon calling around to dealerships, instead of wasting my time driving everywhere, they flat-out said they don't have lenders that are willing to work with Uber and Lyft drivers. I also have been told that if you can somehow get financed, your warranty is voided. There is apparently Clauses in the warranty agreement that says if you use the vehicle for Rideshare purposes your entire warranty is voided


Get a Hyundai, Hyundai corporate partners with Uber and gives a $1000 rebate. Brilliant move, more exposure for their car brands! I also financed with Capital One and the dealer explicitly knew and submitted paper work that I driver Uber and was approved. Granted my proof of income was a generous salary for my day job.


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## mbd (Aug 27, 2018)

Maven gig- you could rent a Chevy Bolt
For like 225 a week... you are not spending $$ on gas.. it was only offered in some cities by GM...don't know if the program exists anymore


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## Daisey77 (Jan 13, 2016)

steveK2016 said:


> Get a Hyundai, Hyundai corporate partners with Uber and gives a $1000 rebate. Brilliant move, more exposure for their car brands! I also financed with Capital One and the dealer explicitly knew and submitted paper work that I driver Uber and was approved. Granted my proof of income was a generous salary for my day job.


Yeah . . no. No Hyundai for me. First of all, sedans don't withstand my abuse. Second of all, the resale on those has got to be in the negatives. There's 10000000000 of those on the road LOL and 90% of them have extremely high mileage. Under normal situations they don't hold their value. That value is only going to get worse with all of them on the road now. The third thing, I would lose my premium platforms. I need those LOL 4th thing, I'm in Denver. I need my four-wheel drive and off-roading vehicle


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## steveK2016 (Jul 31, 2016)

Daisey77 said:


> Yeah . . no. No Hyundai for me. First of all, sedans don't withstand my abuse. Second of all, the resale on those has got to be in the negatives. There's 10000000000 of those on the road LOL and 90% of them have extremely high mileage. Under normal situations they don't hold their value. That value is only going to get worse with all of them on the road now. The third thing, I would lose my premium platforms. I need those LOL 4th thing, I'm in Denver. I need my four-wheel drive and off-roading vehicle


Didnt realize a vehicle that can hit 200,000 consistently without any major issues was a bad thing for Uber drivers. I mean, if you are looking to trade a car in every year, have at it. Gonna be dumping a lot of cash into depreciation. I plan on driving my Hyundai until the wheels fall off. So far im pretty solid at earning $1 a mile including dead miles, so by the time i put 200,000 miles on it, well, I won't have to worry about resell value.

Fingers crossed for another cash for clunkers program, lol. But Sure, but a more expensive car that rarely makes it past 100,000!

Hyundai Santa Fe qualifies for XL and Select in Denver.

You use a vehicle that you go off roading with as the vehicle you take pax in?


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## Daisey77 (Jan 13, 2016)

steveK2016 said:


> Didnt realize a vehicle that can hit 200,000 consistently without any major issues was a bad thing for Uber drivers. I mean, if you are looking to trade a car in every year, have at it. Gonna be dumping a lot of cash into depreciation. I plan on driving my Hyundai until the wheels fall off. So far im pretty solid at earning $1 a mile including dead miles, so by the time i put 200,000 miles on it, well, I won't have to worry about resell value.
> 
> Fingers crossed for another cash for clunkers program, lol. But Sure, but a more expensive car that rarely makes it past 100,000!
> 
> ...


Luckily for me, I stick with Toyota and Lexus. Both can easily go past 200,000 without any issues and alhough we all know resale in this industry is a laughable term, under normal circumstances , my model holds its value extremely well. As long as I'm ubering and lyfting, all I can hope for, is that it minimizes the depreciation


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## steveK2016 (Jul 31, 2016)

Daisey77 said:


> Luckily for me, I stick with Toyota and Lexus. Both can easily go past 200,000 without any issues and alhough we all know resale in this industry is a laughable term, under normal circumstances , my model holds its value extremely well. As long as I'm ubering and lyfting, all I can hope for, is that it minimizes the depreciation


So you're off roading in a Lexus?


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## Daisey77 (Jan 13, 2016)

steveK2016 said:


> So you're off roading in a Lexus?


Nope 4Runner and you can spare me all of the comments. In 4 years I've been doing this I'm sure I've heard them all


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## steveK2016 (Jul 31, 2016)

Daisey77 said:


> Nope 4Runner and you can spare me all of the comments. In 4 years I've been doing this I'm sure I've heard them all


But I like talking to you...


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## Daisey77 (Jan 13, 2016)

steveK2016 said:


> But I like talking to you...


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## Stevie The magic Unicorn (Apr 3, 2018)

Don't... just don't...

If you buy a new vehicle you'll depreciate it to zero (worthless scrap) before you pay it off.

And that's if your car survives long enough to make it to 4 years/300,000 miles

And don't expect your 4 year warranty to make it 4 years either, if (big if) there's no exclusion for using a car for commercial purposes... your warranty is going to last 6 months tops... Yup that's it.

More than likely if all the pay stubs you submit are for uber/ deal dash, grub hub, lyft...

They are going to reject you for lying about using the car only for personal use.

WHY DOES IT MATTER?



They are holding (legally) a car that you bought to use 10-15,000 miles a year as collateral on a loan (to buy a car) if you default on said loan they can repo the car to sell and recover their loss.

What you are asking them i do instead use a car that your going to drive 70,000+ miles a year as a collateral on THE SAME loan. That car is drastically less than it would have been.


That's their big issue... your devaluing their collateral (that's legally theirs) well before their time table with pay stubs from a job that doesn't reflect expenses VS profit.

What if you put 200,000 miles on the car and then default on the loan. You would still owe them over half of what you owe and that car is a bad condition car with not 40,000 miles, but 5 TIMES THAT.


Your bank is 100% correct in refusing you the loan.

100% correct.


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## occupant (Jul 7, 2015)

lkm370 said:


> I ran into this problem a couple days ago when i went to a dealer to finance a new car. He told me he wont finance to uber drivers because they run the cars 24/7, fail to do proper maintinence, screw the car up until it breaks down, then they blame the dealer and stop making payments


That's like a Best Buy employee refusing to sell you a computer because he thinks you'll use it to watch porn.

Sounds like this dealer is one of those people that bad things happen to, because it can't possibly be their fault, so they blame Uber.

Uber isn't to blame for that. People who just don't care do that all the time and they don't drive Uber, they work in call centers and at fast food places and they do everything but, but they don't care. They open their door into your car. They park in the curb (not next to it, not on it, IN IT) They don't pay parking meters. They don't pay tolls. They don't renew their license plates until they get a couple tickets for it first. Some people just don't care.



steveK2016 said:


> Didnt realize a vehicle that can hit 200,000 consistently without any major issues was a bad thing for Uber drivers. I mean, if you are looking to trade a car in every year, have at it. Gonna be dumping a lot of cash into depreciation. I plan on driving my Hyundai until the wheels fall off. So far im pretty solid at earning $1 a mile including dead miles, so by the time i put 200,000 miles on it, well, I won't have to worry about resell value


Looks like she ONLY buys Toyota/Lexus.

She abuses her vehicles and doesn't think smaller or lesser cars can handle it.

She doesn't trust Kia/Hyundai, even though they are better now than Toyota/Lexus.

She is convinced she NEEDS four wheel drive on all those paved highways and streets in Denver.

These are the people I laugh at as they are stuck on the side of the road. I might be driving a Corolla at the moment but I would have chosen a Kia Niro over it were I qualified for it. This Corolla runs circles around cars in Ohio winters. I don't abuse it, either. The car has aggressive traction control and it gets the job done. But some people need that extra weight to throw around. Some people need to sit up higher so they can have a better chance of accidentally seeing road hazards while they screw around on their phones in traffic. Some people need to have a sense of entitlement and feel better than others because of a plastic emblem or two stating how much they overpaid for their sled.


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## NOXDriver (Aug 12, 2018)

occupant said:


> That's like a Best Buy employee refusing to sell you a computer because he thinks you'll use it to watch porn.


You don't understand depreciation and unsecured credit. Best Buy cards are Credit cards (unsecured). You could buy that PC, jizz all over it and throw it away that very day and Best Buy won't care, they already have the money paid in full. The card issuer will simply sue and get a judgement. They don't care either.

A car is COLLATERAL. Legally the bank could hold your car in a parking garage until you pay it off because legally (again!) they own it. They are just being nice and letting you drive it.

You really should read the contracts you sign... you're pretty bad at this money stuff.


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## Daisey77 (Jan 13, 2016)

occupant said:


> Looks like she ONLY buys Toyota/Lexus.
> 
> She abuses her vehicles and doesn't think smaller or lesser cars can handle it.
> 
> ...


 well HE can address HER directly, instead of talking about HER in 3rd person, Mr Passive Aggressive. . What exactly is your problem with me and the vehicle I choose to drive?
Abusing my vehicle? What is your definition of "abusing" a vehicle? am I hard on my truck? Yes. Do I take it in the mountains offroading? Yes. Do I drive over/through things that most cars normally don't? Absofreakinlutely! Why? Cuz I can. Simple as that. It's a 4Runner dude. it's built for off-roading! If your Corolla can handle it, feel free to do the same. I don't hate. The more the merrier 



occupant said:


> doesn't think smaller or lesser cars can handle it


are you saying they can?



occupant said:


> She doesn't trust Kia/Hyundai, even though they are better now than Toyota/Lexus.


 I never said I don't trust Kia /Hyundai but I suppose you're right. I've never owned one. so I have no reason to trust one or not to trust one. whereas I've had 8 Toyota or Lexus vehicles. Three of them being 4Runners. So I CAN say I trust them. I have as well been in some pretty severe accidents with my Toyota/Lexus and walked away from every single one without scratch. Head on collision with me going 80 miles an hour and my doors didn't even Jam. Was able to open them and get right out. So, Yes I do trust them and yes I do feel safe in them.


occupant said:


> She is convinced she NEEDS four wheel drive on all those paved highways and streets in Denver.


 once again you're putting words in my mouth. Do I NEED 4WD? I mean I could probably survive without it but when passengers are landing at our airport, that's 26 mi from town, in a blizzard, and I'm making three times the rates because other vehicles aren't able to get out there, I'm lovin every second of it. If there's an emergency where I have to get over the mountains (300 miles), to my mother's or grandfather's , in the winter, I love the fact I can just hop in my truck and know I can get there instead of sitting there debating if I can I make it or not. I love that if I go in a ditch, I can get myself out. I don't have to depend on nobody. So do I NEED it? Eh I have survived in rear wheel drive cars but why make life more difficult?



occupant said:


> These are the people I laugh at as they are stuck on the side of the road.


 you don't laugh much then do you? 
I have never once been stuck. Whether it's on the side of the road, in the ditch, in a field, it's never happened


occupant said:


> I don't abuse it, either.






occupant said:


> But some people need that extra weight to throw around. Some people need to sit up higher so they can have a better chance of accidentally seeing road hazards while they screw around on their phones in traffic. Some people need to have a sense of entitlement and feel better than others because of a plastic emblem or two stating how much they overpaid for their sled


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## NOXDriver (Aug 12, 2018)

Daisey77 said:


> Do I NEED 4WD? I mean I could probably survive without it but when passengers are landing at our airport, that's 26 mi from town, in a blizzard, and I'm making three times the rates because other vehicles aren't able to get out there, I'm lovin every second of it. If there's an emergency where I have to get over the mountains (300 miles), to my mother's or grandfather's , in the winter, I love the fact I can just hop in my truck and know I can get there instead of sitting there debating if I can I make it or not. I love that if I go in a ditch, I can get myself out. I don't have to depend on nobody. So do I NEED it? Eh I have survived in rear wheel drive cars but why make life more difficult?


LOL you must have the best damn 4WD ever invented.. it can see through white outs... ignore sheets of ice and never, ever get stuck no matter what.

4WD does not make up for all the things you are not considering. I've gotten suck in my 4WD jeep and my 6x6 GMC.


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## occupant (Jul 7, 2015)

Four wheel drive still doesn't help you STOP. Overconfidence will get you eventually.


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## Daisey77 (Jan 13, 2016)

Bwahahaha that's all you boys got? Seems like to me you just like to hear yourselves talk. All you did was spout off a bunch of nonsense. You said absolutely nothing. I'm sure it gave you a little ego boost though.  Listen, I know how to drive in the snow, I know how to drive in the mountains and I know how to drive my truck. I think the overconfident person here is the one that says he can spin circles around others in his Corolla. Hey don't worry NOXDriver, next time you get stuck, we'll send occupant out to get you .


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