# How are Drivers Doing that Financed Vehicles in Order to Drive for Uber?



## Jace (Nov 14, 2015)

Many times drivers ask me "How do you like Uber?". I tell them it serves a purpose but I feel bad for those who financed cars a year or two ago to drive Uber considering the fares decreases. So I'm wondering, how are you folks doing? Still have the car? Driving longer hours with each fare drop?


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## Djfourmoney (Dec 22, 2014)

My other job easily pays my payment and insurance; and that was before I re-financed which reduced my payment and shorten my term. 

I am now working on trading that car in (2015 Hyundai Accent Sport) for something else with a lower payment by leasing and not through Uber or Breeze.

Beyond that I want a vehicle I can write-off completely while I do this.


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## CheToyota (Jan 22, 2016)

In the UK its cheaper to buy a brand new car on Hire purchase over 5 years than renting a Prius from Uber.


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## Djfourmoney (Dec 22, 2014)

CheToyota said:


> In the UK its cheaper to buy a brand new car on Hire purchase over 5 years than renting a Prius from Uber.


 Lots of things are cheaper than the Uber X-Change lease.

I was told you can get a 30,000 mile per year, 36 month lease with a good money factor for 2016 Honda Civic EX - $385 a month.

My previous car payment on my Hyundai for a purchase was $364 a month.

The problem is you likely need a credit score better than 650...


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## Jace (Nov 14, 2015)

First Uber promoted financing. Then, more recently, they've teamed with Enterprise Car Rental to provide cars on a weekly basis for use with Uber. For those who got on that train a year ago, it must seem like a bait and switch by Uber.


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## CheToyota (Jan 22, 2016)

Djfourmoney said:


> Lots of things are cheaper than the Uber X-Change lease.
> 
> I was told you can get a 30,000 mile per year, 36 month lease with a good money factor for 2016 Honda Civic EX - $385 a month.
> 
> ...


30,000 a year is no way near enough miles for a London uber driver.
but yes you do need an average credit score and 20% deposit for the car.


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## Djfourmoney (Dec 22, 2014)

CheToyota said:


> 30,000 a year is no way near enough miles for a London uber driver.
> but yes you do need an average credit score and 20% deposit for the car.


 For a full time driver it's likely not enough. But for a part-time driver like myself that is surely plenty of miles. That's 90,000 miles over the life of the lease.

It might cost you a little bit to turn it in a little early so you don't exceed the mileage.

Wait and this was for an American Honda lease.... No deposit, $800 drive off.


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## CheToyota (Jan 22, 2016)

Djfourmoney said:


> For a full time driver it's likely not enough. But for a part-time driver like myself that is surely plenty of miles. That's 90,000 miles over the life of the lease.
> 
> It might cost you a little bit to turn it in a little early so you don't exceed the mileage.
> 
> Wait and this was for an American Honda lease.... No deposit, $800 drive off.


20%... owns the car after 5 years
cheaper per month and have something to show for it.. or even equity to part ex for a new car


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