8 Best Uber & Lyft Loan Options for a Rideshare Business

If you’re a rideshare driver searching for Uber or Lyft financing options, there are a few funding options to consider, whether it be via rental programs or various loans for rideshare drivers. The best options include competitive pricing, favorable contract terms, and flexible qualification requirements.

For renting a car, this could come in the form of low daily rental fees and the ability to rent a vehicle with little to no minimum time commitments. For loans and credit cards, this could mean low rates and the ability to conduct early payoffs with no penalties or fees.

Since a rideshare business carries many types of expenses, we’ve selected funding options that can cover the costs commonly associated with this line of work—whether it be purchasing a vehicle, renting one, or covering other business-related expenses.

Here are our top 8 picks for financing your rideshare business:

• Uber Marketplace: Best flexible car rental terms for Uber drivers
• Lyft Express Drive: Best affordable car rental rates for frequent Lyft drivers
• HyreCar: Best ridesharing rentals for low-mileage drivers
• Bluevine: Best credit line for short-term expenses
• Lendio: Best for large financing needs
• Clarify Capital: Best for low rates and multiple loan options
• LightStream: Best business auto loans for new or used vehicles
• U.S. Bank Business Triple Cash Rewards World Elite Mastercard^®: Best for fuel purchases

Best Ways to Fund Your Rideshare Business at a Glance

Uber Marketplace: Best Flexible Car Rental Terms for Uber Drivers

Why I Like Uber

While this option doesn’t provide loans for Uber drivers, Uber financing can be provided to both full- and part-time drivers operating a rideshare business via Uber Marketplace. This program allows for flexibility and convenience to rent cars on an as-needed basis, with no minimum time or ride commitment. These features are why I chose it as the best for flexible car rental terms. Notably, insurance and basic maintenance are included.

Uber partners with various car rental companies depending on your location. Each has varying eligibility requirements to rent a vehicle, but you’ll generally need to have at least one year of driving experience and meet the minimum age requirements to be eligible.

When choosing a rental car, drivers should remember that the type of vehicle selected can affect the types of rides they can get. For example, SUVs or larger vehicles may be required to be able to accept ride requests with more than four passengers. A newer vehicle may also be required for drivers who wish to accept requests for luxury rides.

If you’re looking for Uber financing, visit the Uber Marketplace website to learn more about qualification requirements and rental options or to apply as a driver.

Lyft Express Drive: Best Affordable Car Rental Rates for Frequent Lyft Drivers

Why I Like Lyft

Rideshare owners interested in the Lyft platform can rent vehicles through its Express Drive program. Rates can fluctuate depending on your location; however, Lyft offers some of the lowest rates out of the three car rental programs selected in this guide—making it our pick for the most affordable car rental rates. It’s suitable for drivers who operate on a full-time, part-time, or seasonal basis since you can rent a car as needed. With that being said, you will be required to complete at least 20 to 40 rides per week to keep your rental.

Lyft vehicle financing has partnerships with two rental car companies for its Express Drive program: Flexdrive and Hertz. Drivers should note that there may be limited availability, as the program is only available in select cities throughout the US. You can see the full list on Lyft’s website.

For payment convenience, car rental fees with Lyft Express Drive are deducted from your earnings. If your earnings are insufficient to cover the rental costs, you’ll be charged according to the payment method you’ve designated. Drivers will also have to pay a refundable deposit to rent a vehicle, which will be issued back to them within three weeks of returning the car.

Visit the Lyft website to learn more or to apply for the program.

HyreCar: Best Ridesharing Rentals for Low-mileage Drivers

Why I Like HyreCar

Unlike many other car rental providers, HyreCar stands out because it has nationwide availability. However, it does impose a daily mileage limit that would make it a more ideal fit for part-time rideshare drivers, which is why I chose it as the best rental option for low-mileage drivers.

HyreCar differs from Uber and Lyft in that when you rent a car, you could be getting a vehicle owned by either an individual or a business. Mileage limits are set by each individual owner, so you’ll want to check and ensure the limit is sufficient for your needs before committing to a rental listing.

HyreCar vehicles are all approved for use with the Lyft and Uber platforms. However, as a new driver, you’ll still need to go through a separate verification process involving a background check. This is usually completed within 48 hours.

You can check out the HyreCar website to learn more and to apply to rent a vehicle for your rideshare business.

Bluevine: Best Credit Line for Short-term Expenses

Why I Like Bluevine

A Bluevine small business line of credit can provide you with access to funds on an as-needed basis, up to your assigned credit limit. This can benefit rideshare drivers looking for financing to cover a wide variety of business expenses, whether recurring or short-term. This flexibility makes it my pick for covering recurring or unexpected short-term expenses.

While both Clarify Capital and Lendio also offer business lines of credit, Bluevine stands out for its low starting rates and quick approval and disbursement processes. It’s important to note, however, that the interest rate provided is expressed as a simple interest rate and assumes you draw the full amount of your credit line, making payments for the maximum amount of time allowed. In other words, if you pay off your balance more quickly, you could effectively end up paying even less in interest charges.

The standard repayment option on a Bluevine credit line requires you to make weekly payments. A monthly option is also available, but that requires your business to meet stricter eligibility criteria. Still, this is a great financing option for full-time, part-time, and seasonal drivers in the instance you need to cover emergencies or recurring expenses.

To learn more and to apply, you can visit the Bluevine website.

Lendio: Best for Large Financing Needs

Why I Like Lendio

If you’re in need of a large loan, I chose Lendio as the best pick since it offers one of the highest funding amounts on our list. While Clarify Capital also offers multiple financing options in similar amounts, Lendio can provide more loan options from various lenders. This amount of financing is available on Lendio’s equipment financing and short-term loan products.

Like Clarify Capital, Lendio is a loan broker with over 75 lenders in its network. With more chances to get approved, it’s a good choice if you’ve had trouble getting financing elsewhere—just keep in mind that specific qualifications will vary depending on the loan type. Depending on your rideshare business needs, financing can be applicable to all kinds of drivers, whether you operate full-time, part-time, or seasonally.

To learn more or to apply, you can visit the Lendio website. There, you can complete an online application in under 10 minutes and receive a decision within 24 hours, although it may depend on the specific type of loan you’re getting.

Clarify Capital: Best for Low Rates & Multiple Loan Options

Why I Like Clarify Capital

Clarify Capital stands out as the top pick for low rates and multiple loan options since it offers some of the lowest starting rates in this guide, depending on your qualifications. It also has various types of loans specific to your rideshare business needs as a full-time, part-time, or seasonal driver.

As a loan broker similar to Lendio with over 75 lenders in its network, this can be beneficial to you as a borrower because it means you’ll have more chances to get matched with a lender willing to issue you funding. However, one common downside of working with a broker is that you may not know the exact loan terms and eligibility criteria until after you apply.

Fortunately, Clarify Capital offers a quick online application that can show you loan options within 24 hours. When you work with it, a dedicated loan advisor will help you with this process, saving you time from having to apply to multiple lenders separately. Head over to the Clarify Capital website for more information.

LightStream: Best Business Auto Loans for New or Used Vehicles

Why I Like LightStream

LightStream can be a great option for rideshare business owners looking to purchase a new or used vehicle, as it has various financing options. While Lendio and Clarify Capital both offer equipment financing, LightStream is the only provider in this guide that offers an auto loan specifically, which is beneficial if you’re a full-time driver looking to invest in a vehicle. However, its auto loans require you to have good to excellent credit, so I recommend it for borrowers with a strong credit history.

With that being said, LightStream’s assessment of your credit will take more than just your score into consideration. It can also evaluate things like the length of your credit history, the number and types of accounts you have experience with, the number of accounts with a balance, and your recent applications for credit.

Depending on your qualifications, it’s possible to get approved with no down payment required. The company also does not charge any fees or prepayment penalties, so you’ll have the option of saving money on interest charges with an early payoff, along with potential rate discounts if you enroll in autopay.

To apply, visit the LightStream website where an online application can be completed in under 10 minutes and you can get a quick lending decision.

U.S. Bank Business Triple Cash Rewards World Elite Visa^®: Best for Fuel Purchases

Why I Like U.S. Bank Business Triple Cash Rewards World Elite Visa^®

The U.S. Bank Business Triple Cash Rewards World Elite Visa^® gives a high percentage of cash back for fuel purchases and other daily business expense categories. This makes it a good option for full-time drivers planning to take advantage of cash back on general business expenses, as it can reduce the effective cost of running your rideshare company. It’s also suitable for rideshare drivers looking to use a revolving credit line that can be used as needed for short-term expenses rather than taking out a lump-sum loan.

You’ll receive 1% cash back on all eligible net purchases, but certain categories will earn a greater percentage:

• 3% cash back on eligible purchases at gas stations and EV charging stations
• 3% cash back on eligible purchases at restaurants, office supply stores, and cell phone service providers
• 5% cash back on prepaid hotels and car rentals booked directly in the Travel Rewards Center

The card carries a $0 annual fee, and you’ll also get certain protections when you use the card for your purchases. Some examples include car rental coverage, purchase protection, and extended warranty.

How I Chose the Best Loans for Funding Your Rideshare Business

When determining which financing options should be included in this guide, factors revolving around the different types—including car rentals, term loans, lines of credit, and credit cards—were taken into account. Overall, the following criteria were considered:

• Minimum car rental period
• Fees charges for car rentals
• Mileage allowance for car rentals
• Car maintenance, insurance, and roadside assistance provided
• Interest rates and fees charged
• Loan terms
• Qualification requirements
• Speed of application, approval, and funding processes
• Customer reviews
• Suitability for full-time, part-time, and seasonal drivers

Rideshare Expenses You Should Consider

Rideshare businesses commonly have more expenses to consider than simply acquiring a vehicle. To ensure that you don’t run into any issues down the line, here are some other potential costs for you to keep in mind:

• Auto loan or rental fees
• Meals (including drinks and snacks for passengers)
• Fuel
• Phone service
• Car repairs and maintenance
• Auto insurance premiums with rideshare add-on
• Roadside assistance
• Car wash and detailing services

How to Qualify for a Business Loan

If you choose to pursue a business loan to finance your ridesharing business, there are a few qualifications you’ll need to consider to ensure your eligibility. The criteria required can vary based on the loan type and lender; however, it’s best to meet the minimum requirements to better your odds of approval.

The most common criteria considered on a loan application are as follows:

• Credit score: Most lenders will want to see a strong credit score before issuing financing. Generally, a credit score of 600 and above will give you better odds of approval. However, you’ll still have plenty of loan options with bad credit if your score is less than ideal.
• Revenue: To ensure you can repay the loan, lenders often have a minimum annual revenue requirement to help mitigate risk in the event of default.
• Down payment: Depending on the type of loan or lender, some loans have a minimum down payment requirement that can range anywhere from 10% to 20%. This is most commonly required for new car loans, but you may be able to negotiate loan terms.
• Time in business: To further mitigate risk, lenders will also consider how long you’ve been in business. This ensures you have the means and credibility to repay the loan in the event of default.

Alternatives to Uber & Lyft Vehicle Financing

In the event you don’t qualify for the options above, or they simply don’t meet your rideshare business needs, there are a few alternatives that you can consider:

• Equipment financing: Whether it be via a loan or lease, equipment financing can help you acquire a vehicle or other form of equipment for your business. Depending on your business needs, you can purchase the asset and assume ownership at the end of the loan term or opt for a lease if you only need the asset for a certain period. For our top picks, check out our roundup of the best equipment financing companies.
• Personal loan: If you don’t qualify for a small business loan but have good personal credit, you may be eligible for a personal loan. Generally, there are little to no restrictions as to how you can use the funds, so you can use loan proceeds to finance your business if you are otherwise unable to obtain business financing. For more information, check out our article on the best personal loans for business funding.
• Home Equity Line of Credit (HELOC): This is a personal line of credit based on the value of your owned home. As a revolving credit facility, it can be used to pay business expenses on an as-needed basis, where the balance can be repaid over time. Funds have limited restrictions and can be requested via a draw, where the lender will place the funds into your account of choice. To learn more, read our guide on using a HELOC for business.

Frequently Asked Questions (FAQs)

Can Uber give you a car to drive?

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What are the requirements to rent a car for a rideshare business?

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Can an Uber driver apply for an SBA loan?

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Bottom Line

When seeking financing for your rideshare business, there are numerous options available. This spans rental services, business loans, and revolving credit facilities. Depending on your needs, the best option will vary based on what you plan on doing with the funds, whether it is acquiring a new vehicle or covering operational costs. To ensure you’re getting the best loan for your needs, I recommend shopping rates with different companies before making any final decisions.