Uber’s Offer: New Job, New Car…So What’s the Catch?

|
Uber’s Offer: New Job, New Car…So What’s the Catch?
Image Credit: Jason Newport / Flickr
Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
Advertisement

Want to get a new car and a new job all in one? I’ve got a deal to share with you, but it comes with a catch.

Uber offers car financing for subprime borrowers

Ridesharing service Uber has given a lot of people the opportunity to earn a living by operating as a driver in competition with traditional taxis for hire. But Uber needs more drivers around the country.

So they now have a deal where people with bad credit or no credit can get financing on cars they can use to be Uber drivers, according to ValleyWag. Uber says they can get you in a car in hours, not days or weeks.

Now, this is a bit like a company store deal, but this is also one of those instances where as much as you want to work basically determines what you’ll make.

I love people being entrepreneurs. This offer goes a long way to answering the rhetorical quesiton, “How do I make money if I don’t have money?”

Your reputation as an Uber driver — and how much money you can make as a result — depends on how clean your car is, how prompt you are, how friendly you are, etc.

But here’s the danger of this deal: If you quit — or Uber quits you — you still owe for the car.

I should also mention that Uber is a controversial service. Local governments hate it because they love making money from the taxi cartel. Taxi drivers hate Uber because they paid big bucks for a medallion and then they have to compete with other groups like Uber and Lyft on an uneven playing field.

The takeaway: Uber creates money saving opportunities for consumers and the opportunity for you to get work. The risk, however, is you will still owe the monthly payments on their financing offer even if you decide you hate being an Uber driver.

Advertisement
Clark Howard About the author:
Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to put more money in your pocket, with advice you can trust. More about Clark
View More Articles
  • Show Comments Hide Comments