Need finance for your new Uber partnership? Check this

1636

I’ve recently received a few enquiries from new Uber partners who are looking for ways to secure a vehicle for their Uber businesses. So I decided to create a list of finncing options for geristered Uber drivers interested in ourchasing their vehicles for this venture.

Most platforms require drivers to already be registered and cleared for Uber, so if you haven’t registered yet, you can do so here.

LSETF (Lagos State Employment Trust Fund)

The LSETF fund is a fund created to invest N25b in growing and scaling Lagos based entrepreneurs and SMEs. Luckily, an Uber partnership is one of the ventures they will consider.

To qualify for this, Lagos entrepreneurs will be required to have been operating on the Uber platform with a rating of 4.5 or higher.

The finance offering is at 5% per annum for a fixed period of 36 months for anything up to N3m. To be honest, I would look out for a hybrid car like the Toyota Prius, because that instantly means that your pertrol consumption is down by 50%, increasing your chances of paying back the loan.  In addition to being fully registered on the Uber platform, you will need to have the following:

  • a registered company with CAC
  • personal tax registration
  • reside in Lagos
  • have a LASRRA ID
  • have a Federal Government issued ID card
  • 2 people to guarantee your loan.

If you fulfill this criteria, you can apply via LSETF Loan




Sterling Bank Uber offer

Sterling Bank provides a special auto financing facility to existing and profiled drivers on the Uber platform to purchase vehicles at an interest rate of 24% per annum. They require 0% down payment, 0% fees and a maximum tenor of 36 months.

If you are approved for this, you will also be required to set aside N25,000 minimum on a monthly basis into a Sterling Recurring Deposit Account (SRDA). This is your saved money, and also something for Sterling bank to fall back on should you fail to make payments

Accepted Vehicles

The approved brand of vehicles has to be a brand new Hyundai i10 vehicle or a fairly used imported Toyota / Honda vehicle 10 years old or less with a maximum cost of N2, 500,000.00.  Apart from the supply of the vehicles, the vendors should also provide mechanical after sales support.

Qualifying Criteria

  • Earnings greater than N1,200,000 in preceding 3 months
  • Rating higher than 4.50
  • Current Account with Sterling Bank
  • Proforma Invoice from approved vendor
  • Executed Loan application form
  • Irrevocable letter of undertaking to domicile daily proceeds with Sterling Bank
  • Valid means of ID of customer

You can apply here

Car4U

Car4U is offering an opportunity for drivers and partners to access finance for  brand new vehicles over 36 to 48 months.

The car finance deal offers drivers full maintenance and comprehensive insurance, and also offers a choice between the Hyundai Elantra, Kia Cerato, VW Polo, Nissan Almera, and Nissan Sentra (depending on availability). At the end of the loan term, drivers will take full ownership of the vehicle.

Interested drivers can apply by simply completing the sign up form on this page. You will need to reference the same contact details linked to your Uber profile to ensure we can validate your eligibility.

Eligibility

Drivers with a rating higher than 4.5 and have completed more than 500 trips will be eligible.

 

 

http://www.mrpepe.com

I'm an grammar-obsessed writer with a passion for finance, innovation, lifestyle design, tech, healthy eating and who knows what else. Nothing makes my day like a nice, chunky comment on one of my posts to sink my teeth into. So go on, make my day :-)

Comments

  • Thank you Mr Pepe but pls can u help me with an idea where I can get a loan to purchase a car, so I can partner with a driver and do the HP plan? Thanks

    fejiro May 26, 2017 3:25 pm
  • Hi,my names are MBA Ayo,I,m an uber driver and I,ve done 1,673 trips on the platform.pls,I,m so interested in owning my own car, kindly oblige my request on how to go about it.Thanks

    MBA Ayo June 5, 2017 7:25 am
  • Hi, my names are MBA Ayo,I,m an uber driver and I,be done 1,673 trips on the platform.pls,I so interested in owning my own car,kindly oblige my request for assistance, Thanks.

    MBA Ayo June 5, 2017 7:29 am
  • My name is Vincent Please I want to know how I can get a loan to buy my own car. I am an Uber driver thanks

    Vincent Ezenwugo June 23, 2017 10:29 am
  • I like the deill with uber, I need a load to, to buy my own car with uber.

    Chinedu September 5, 2017 9:50 am

Leave a Comment

Your email address will not be published. Required fields are marked *