Uber & Lyft Financing: 7 Great Ways to Fund Your Rideshare Business
Tom has 15 years of experience helping small businesses evaluate financing and banking options. He shares this expertise in Fit Small Business’s financing and banking content.
This article is part of a larger series on Business Financing.
Financing options for your Uber or Lyft rideshare business include vehicle rentals, business loans, and credit cards. Uber and Lyft partner with car rental companies, but don’t offer any direct financing solutions for drivers. Financing auto repairs, vehicles, and daily purchases like meals and gas will require drivers to work with an outside lender. We’ve reviewed several options based on car ownership options, intended use, and the ability for borrowers to obtain money quickly. These are seven great ways to fund your rideshare business.
Provider | Best For | Type of Financing |
|---|---|---|
 | Approved vehicle rental companies for Uber drivers | Vehicle rentals |
 | Approved vehicle rental companies for Lyft drivers | Vehicle rentals |
 | Nationwide peer-to-peer vehicle rentals for rideshare drivers | Vehicle rentals |
 | Short-term financing via a line of credit | Business line of credit |
 | Personal financing for new or used cars | Personal loan |
 | Businesses seeking auto financing | Business loan |
 | Credit card option for rideshare business | Business credit card |
Uber Vehicle Marketplace: Vehicle Rentals for Uber Drivers
Uber Vehicle Marketplace
What We Like
- Ability to try out Uber with limited risk
- No credit requirements
What's Missing
- Not available in all metropolitan areas
- Can be costly as a long-term option
Features
- Average rental rates: Starts at $260 per week for weekly rental; starts at $4 per hour for hourly rentals
- Security deposit: $200 with Hertz; varies with other partners
- Minimum age: At least 21, varies by partner
- Minimum rental period: Varies based on partner
- Insurance: Liability, physical damage, and motorist injury protection
- Mileage restriction: Unlimited
- Roadside assistance: Included
- Basic maintenance: Included
- Availability: Varies by location
Visit Uber Vehicle Marketplace
What to know about Uber Vehicle Marketplace: Uber Vehicle Marketplace is a series of partnerships between Uber and rental car companies like Fair, Getaround, and Hertz that drivers can access to rent a car. Rentals are available by the hour, day, and week, and pricing varies by car and city. It’s a good solution for drivers that want to try working with Uber or rideshare businesses that need a vehicle while theirs is being maintained or repaired.
Uber Vehicle Marketplace isn’t available nationwide, and partners vary by location. Some locations will have multiple partnerships while others will only have one or none. Note that you need to qualify as a driver and get Uber approval. Once that’s done, you can fill out a form online with your personal details and receive an instant quote from the rental company.
Lyft Express Drive: Vehicle Rentals for Lyft Drivers
Lyft Express Drive
What We Like
- One week rental period is useful as a trial for rideshare business
- No credit requirements
What's Missing
- Not available in all metropolitan areas
- Can be costly as a long-term option
Features
- Average rental rates: Starts at $219 per week
- Security deposit: $200 with Hertz—varies with Flexdrive
- Minimum age: 25
- Minimum rental period: One week
- Insurance: Liability, physical damage, and motorist injury protection
- Mileage restriction: Unlimited
- Roadside assistance: Included
- Basic maintenance: Included
- Availability: Around 35 major cities
What to know about Lyft Express Drive: Lyft doesn’t offer driver auto loans or auto leases. However, in response to Uber’s rental program, Lyft launched Express Drive. With its program, drivers can rent a vehicle for the week and collect fares from Lyft users the day they apply. The weekly costs start at $219. This service provides cars through Hertz and Flexdrive.
Before applying for Lyft Express Drive, you need to qualify as a driver for Lyft. This requires providing some personal information and can take a few days while Lyft verifies your driving record. For those who are thinking about rideshare as a business or need a short-term solution for driving a car while their primary car is getting repaired, Lyft Express Drive is a good option.
HyreCar: National Peer-to-Peer Rental for Rideshare Drivers
HyreCar
What We Like
- Relatively inexpensive for short-term use
- No upfront fees
What's Missing
- Premium vehicles can be expensive
- Mileage restrictions may limit some intercity travel
Features
- Average rental rates: $25 to $40 daily—$180 to $250 weekly
- Security deposit: $200, waived if a credit card is used for payment
- Minimum age: 21
- Minimum rental period: One day
- Insurance: Liability, physical damage, and motorist injury protection
- Mileage restriction: 250 miles per day, varies by owner
- Roadside assistance: None
- Basic maintenance: No, but cars are required to be in good shape
- Availability: Nationwide
Why we recommend HyreCar: HyreCar offers drivers an alternative with peer-to-peer rideshare vehicle rental that’s available nationwide. Rates can be lower than other rental companies and average from $25 to $40 per day. There’s a mileage restriction on the vehicle, and no roadside assistance or maintenance is provided. Applying takes minutes, and drivers can pick a vehicle and get on the road the same day. For drivers needing a rental car outside of the service area of major Uber and Lyft partners, HyreCar is a great solution.
Bluevine: Best for Short-term Financing Via a Line of Credit
BlueVine
What We Like
- Competitive rates
- Fast funding
- Online application
What's Missing
- High minimum revenue requirements
- Relatively short repayment time
Features
- Maximum amount: $250,000
- Minimum time in business: Six months
- Annual percentage rate (APR) range: 6.2% to 78%
- Payment frequency: Weekly or monthly
- Repayment term: Six or 12 months
- Minimum credit score: 625
- Minimum annual revenue: $120,000
- Funding speed: One day
Why we recommend Bluevine: As opposed to placing a lien on your vehicle, which is common in equipment financing, Bluevine places a blanket UCC lien on businesses it lends to. This provides flexibility to a rideshare driver should their vehicle already be pledged as collateral. Bluevine will provide up to $250,000 in funding, with weekly repayments. Note that any financing will need to be repaid within a year.
LightStream: Best Personal Loan for New or Used Cars
LightStream
What We Like
- Competitive rates
- Fast funding
- Online application
What's Missing
- Higher credit score requirements
- Personal lending options only available
Features
- Maximum amount: $100,000
- APR range: 2.49% to 20.49%
- Payment frequency: Monthly
- Repayment term: Up to 72 months
- Minimum credit score: 660
- Prepayment penalty: None
- Funding speed: One day
Why we recommend LightStream: LightStream offers a great personal loan with low rates and long repayment terms that drivers can use for financing major auto repairs. You could qualify to borrow up to $100,000 in funding, repayable over as long as 12 years, with rates starting at as low as 2.49% if you have your payments automatically deducted. You can complete the application online and have the funds to purchase or fix your car as soon as the next business day.
Crest Capital: Best Option for Business Auto Financing
Crest Capital
What We Like
- Able to finance multiple vehicles
- Competitive interest rates
- Repayment can be as long as 72 months
What's Missing
- Prefer two years in business to approve for financing
- Mileage restrictions may limit some intercity travel
Features
- Maximum loan amount: $500,000
- Repayment term: Up to 72 months
- Repayment schedule: Monthly
- Estimated APR: 7% to 20%
- Origination fee: First month downpayment and $275 administrative fee
- Minimum credit score: 650
- Time in business: Two years preferred
- Funding speed: Up to three days
Why we recommend Crest Capital: Crest Capital offers experienced Uber and Lyft drivers financing of up to $500,000 to purchase a new or used vehicle. There are no vehicle restrictions and you can qualify for an APR as low as 7%. Crest Capital prefers businesses to be in operation for at least two years with a credit score of 650 or higher to qualify for funding. You can complete its online application in 30 minutes, with funding available within three days.
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®: Best Credit Card Option for Rideshare Businesses
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
BEST FOR:
0% APR for 15 billing cycles
Intro APR
0% for first 15 billing cycles
Regular APR
17.74% - 26.74% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard® the card that gives back on all your eligible business needs.
- Earn 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants.
- 1% cash back on all other eligible net purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center.
- No limit on total cash back earned.
- Rewards never expire.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or quickbooks
- 0% Intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 17.74% - 26.74%.
- No annual fee.
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR doesn’t apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year, per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of five years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
Intro APR
0% for first 15 billing cycles
Regular APR
17.74% - 26.74% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard® the card that gives back on all your eligible business needs.
- Earn 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants.
- 1% cash back on all other eligible net purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center.
- No limit on total cash back earned.
- Rewards never expire.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or quickbooks
- 0% Intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 17.74% - 26.74%.
- No annual fee.
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR doesn’t apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year, per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of five years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
Why we recommend the U.S. Bank Business Triple Cash Rewards World Elite Mastercard®: Business credit cards are a good fit for any rideshare operator because they allow you to float expenses for up to 30 days. Business credit cards are also the easiest type of financing for trucking companies to qualify for. This U.S. Bank business credit card offers a great mix of gas rewards and cheap introductory financing, making it the best credit card option for rideshare businesses. You’ll earn 3% cash back on single fill-ups of up to $200. Beyond the gas rewards, you can also earn 3% at office supply stores, restaurants, and cellphone service providers.
Bottom Line
Financing options for Uber and Lyft rideshare operators range from approved car rental programs to personal and business options for auto financing and regular expenses. You may need to select more than one option, such as a credit card and an auto loan, to finance your rideshare business. All of these options will help drivers that are at different stages of their Lyft or Uber business to fund their operations.
