How to Fund a Vehicle Purchase for a Peer to Peer Ridesharing Gig

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Peer to peer ridesharing is one of the most popular ways to make money on the gig economy. If there is a ridesharing scheme operating in your area, then you can apply to become a driver, and immediately start picking up people using the program’s app, which will also manage your payments. You will be able to choose when you work, enabling you to make money in your free time just by using your car and availability. It can be a great way to make a supplementary income, or to get some money coming in if you are between jobs, and is suitable for people with all different lifestyles, as long as they have free time, and everything they need to offer rides.

But of course, to offer ridesharing, as well as some of the other options available through ridesharing services, such as restaurant deliveries, you will need a vehicle that will be pleasant for passengers to ride in, and which has room for passengers. If your current vehicle isn’t suitable, or you don’t have a car at the moment, buying one will be an investment into being able to make money on an ongoing basis through ridesharing – but what if you don’t have enough money to buy an appropriate vehicle up front?

Car Financing

One option is to get a new car using a conventional car financing arrangement. This will mean you pay for the car over time, and will have a fixed monthly repayment you can budget for. You will need to pass a credit check, but there are different car financing arrangements available suitable for different people. Often, this can be arranged through the car dealership or car buying website that you make the vehicle purchase from.

Small Personal Loans

If you have found a suitable vehicle for sale for a more affordable amount, or you already have some of the money you need to buy the car you want, then a better option could be to take out personal installment loans. Installment loans like these tend to be available for amounts up to around $2.5k, and are intended for personal needs rather than for business financing, however buying a car would still be an appropriate use for one, even if you do plan to use the car for rideshare gig work. Look out for online installment loans on sites like this one, that can offer you the money you need for your vehicle at an amount you can afford to repay with each installment.

Borrow from Family or Friends

If you have the option available to you, you may be able to borrow money for your new car from somebody you know, which can mean lower interest on repayments and greater flexibility. Of course, some people do prefer to get loans from official sources as it can help their credit rating, and also avoid any possible conflict with people in their lives. You may find though, that someone is interested in going into partnership with you to buy a car to use for ridesharing, and you both drive it at different times.

These are three solid options for getting a vehicle that you can use to bring in money using peer to peer rideshare gigs.

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