The best ways to fund your rideshare business will give you competitive pricing and flexibility when it comes to contractual commitments. 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. These options can help with purchasing or renting a vehicle and with daily expenses, such as fuel and other operational fees.
Here are our 10 picks for the best ways to fund 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 recurring expenses and emergencies
- Clarify Capital: Best for low rates and multiple loan options
- Lendio: Best for large financing needs
- SMB Compass: Best for long-term equipment financing
- LightStream: Best business auto loans for new or used vehicles
- U.S. Bank Business Triple Cash Rewards World Elite Mastercard®: Best business credit card for fuel purchases
- U.S. Bank Business Altitude™ Connect World Elite Mastercard®: Best for welcome offer and travel rewards
Best Ways To Fund Your Rideshare Business At a Glance
Financing Type | Maximum Loan Amount | Estimated Starting Annual Percentage Rate (APR) | Fees | Minimum Credit Score | Maximum Repayment Term | |
---|---|---|---|---|---|---|
Car rental | N/A | N/A | $260 per week; can vary | None | Hourly, weekly | |
Car rental | N/A | N/A | $174 per week; can vary | None | 1-week minimum | |
Car rental | N/A | N/A | $250 per week; can vary | None | 2-day minimum | |
Line of credit | $250,000 | 6.2% | None | 625 | 12 months | |
Varies | $5 million | 5% | Varies | Varies | ||
Varies | $5 million | 7.5% | Varies | 10 years | ||
Equipment financing | $5 million | 5.99% | Varies | 600 | 10 years | |
Auto loan | $100,000 | 7.49% | None | 680 | 7 years | |
Business Triple Cash Rewards World Elite Mastercard® | Credit card | Varies | Varies | Varies | Varies | Revolving |
Business Altitude™ Connect World Elite Mastercard® | Credit card | Varies | Varies | Varies | Varies | Revolving |
Uber Marketplace: Best Flexible Car Rental Terms for Uber Drivers
Rates & Terms | |
Approval Speed | 3 to 10 days |
Rental Period Options | Hourly and weekly |
Fees | $260 per week and up |
Maintenance Plan Provided | Basic maintenance covered |
Insurance/Roadside Assistance | Insurance and 24/7 roadside assistance provided |
Mileage Restrictions | None |
Qualifications | |
Minimum Age | 21, but may vary by rental company |
Geographic Availability | Varies by rental company |
Credit Score | None |
Time in Business | 1 year of driving experience |
Why We Like Uber
Whether you’re running your rideshare business in a full- or part-time role, Uber financing can provide the flexibility and convenience needed when it comes to obtaining a vehicle. With Uber, you can rent a vehicle with no minimum time commitment, and vehicles come with insurance, unlimited mileage, and basic maintenance included.
Uber partners with four different car rental companies: Avis, Hertz, Kinto, and Getaround. Each has varying eligibility requirements to rent a vehicle, but you’ll generally need to have at least one year of driving experience and be at least 21 years of age.
When choosing a rental car, drivers should remember that the type of vehicle selected can affect the types of rides you 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.
Uber’s rental rates start as low as around $260 per week. To give you an idea of how likely you are to offset this cost, Uber provides earnings estimates on its website based on your location and estimated driving hours per week. For example, drivers in the Dallas-Fort Worth area are estimated to earn $1,067 per week by driving 50 hours. This data is based on the median earnings of drivers in your area from the prior month.
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
Rates & Terms | |
Approval Speed | 2 to 10 days |
Rental Period Options | 1-week minimum |
Fees | $174 per week and up but can vary by location |
Maintenance Plan Provided | Yes |
Insurance/Roadside Assistance | Insurance and roadside assistance provided |
Mileage Restrictions | None |
Qualifications | |
Minimum Age | 25 |
Geographic Availability | Limited; select cities only |
Credit Score | None |
Time in Business | None (1 year driving experience required for some states) |
Why We Like Lyft
Rideshare owners interested in the Lyft platform can rent vehicles through its Express Drive program. Rates can fluctuate depending on your location, but as one example, we’ve previously found rental rates as low as $174 per week for the Dallas area. That’s the lowest out of the three car rental companies we selected in this guide, so it’s a good choice if you’re looking for an affordable option. With that being said, you will be required to complete at least 20 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 United States. You can see the 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 you 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
Rates & Terms | |
Approval Speed | 2 to 5 days |
Rental Period Options | Daily, weekly, and monthly (2-day minimum) |
Fees | $250 estimate per week but may vary |
Maintenance Plan Provided | N/A; covered by vehicle owner |
Insurance/Roadside Assistance | Insurance and roadside assistance provided |
Mileage Restrictions | 250 to 1,000 miles per day |
Qualifications | |
Minimum Age | 26 (21 in New York) |
Geographic Availability | All 50 states |
Credit Score | None |
Time in Business | 1 year of driving experience (6 months in New York) |
Why We Like HyreCar
Unlike many other car rental providers, HyreCar stands apart because it has nationwide availability. However, it does impose a daily limit between 250 and 1,000 miles, making this a more ideal fit for part-time or low mileage rideshare drivers.
When you rent a car on HyreCar, 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 Recurring Expenses & Emergencies
Rates & Terms | |
Application Speed | 5 minutes |
Approval Speed | As fast as 5 minutes |
Funding Speed | 24 hours |
Loan Amount | Up to $250,000 |
Estimated APR | 6.2% to 78% |
Repayment Term | 12 months |
Financing Type | Line of credit |
Qualifications | |
Credit Score | 625 |
Time in Business | 24 months |
Revenue | $480,000 |
Why We Like Bluevine
With a Bluevine small business line of credit, you can draw funds on an as-needed basis up to your assigned credit limit. This flexibility makes it a good option for covering recurring or unexpected short-term expenses.
Bluevine’s rates start as low as 6.2% for well-qualified businesses. It’s important to note, however, that the rate 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 more strict eligibility criteria. You’ll need a credit score of 700, at least three years’ time in business, and annual revenue of $960,000.
To learn more and to apply, you can visit the Bluevine website.
Clarify Capital: Best for Low Rates & Multiple Loan Options
Rates & Terms | |
Application Speed | 2 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 to 48 hours |
Loan Amount | Up to $5 million |
Estimated APR | 5% and up but varies based on loan type |
Repayment Term | Varies |
Financing Type | Term loan, line of credit, and equipment financing |
Qualifications | |
Credit Score | 500 but may vary based on loan type |
Time in Business | 6 months but may vary based on loan type |
Revenue | $120,000 annually but may vary |
Why We Like Clarify Capital
Depending on your business qualifications, Clarify Capital can offer some of the lowest rates compared to the other companies on our list. You’ll also have the benefit of choosing from different types of loans depending on the specific type of business expense you’re looking to cover.
Clarify Capital is a loan broker with more than 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. When you work with Clarify Capital, a dedicated loan advisor will help you with this process, saving you time from having to apply to multiple lenders separately.
One common downside of working with a loan 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 with the ability to show you loan options within 24 hours. Head over to the Clarify Capital website for more information.
Lendio: Best for Large Financing Needs
Rates & Terms | |
Application Speed | 10 minutes |
Approval Speed | 24 to 72 hours |
Funding Speed |
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Loan Amount |
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Estimated APR |
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Repayment Term |
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Financing Type | Term loan, line of credit, and equipment financing |
Qualifications | |
Credit Score |
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Time in Business |
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Revenue |
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Why We Like Lendio
If you’re in need of a large loan, Lendio offers funding as high as $5 million, which is the most out of the companies in our guide. This amount of financing is available on Lendio’s equipment financing and short-term loan products. Other types of loans are also available, including credit lines and business term loans.
Like Clarify Capital, Lendio is a loan broker with more than 75 lenders in its network. With more chances to get approved, it’s a good choice to consider if you’ve had trouble getting financing elsewhere.
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.
SMB Compass: Best for Long-term Equipment Financing
Rates & Terms | |
Application Speed | 5 to 10 minutes |
Approval Speed | 24 hours |
Funding Speed | 24 to 48 hours |
Loan Amount | $25,000 to $5 million |
Estimated APR | 5.99% and up |
Repayment Term | Up to 10 years |
Financing Type | Equipment financing |
Qualifications | |
Credit Score | 600 |
Time in Business | 2 years |
Revenue | Varies |
Why We Like SMB Compass
SMB Compass is an excellent option for rideshare owners needing long-term equipment financing. While Lendio offers the same maximum financing amount and repayment term, SMB Compass offers lower starting interest rates.
Borrowers can use equipment financing for nearly any business-related equipment. Common examples can include vehicles, furniture, fixtures, and other items. Depending on your qualifications, it’s also possible to qualify with no down payment required.
With SMB Compass, equipment loans under $200,000 can be approved on an expedited timeline and funded within 24 to 48 hours. Larger funding requests can take between seven and 14 business days, as a more thorough review of your qualifications would take place.
Other loan programs offered by SMB Compass include business lines of credit, asset-based loans, Small Business Administration (SBA) loans, bridge loans, and business term loans.
Visit the SMB Compass website to learn more or to apply.
LightStream: Best Business Auto Loans for New or Used Vehicles
Rates & Terms | |
Application Speed | 10 minutes |
Approval Speed | 24 hours |
Funding Speed | 24 hours |
Loan Amount | $5,000 to $100,000 |
Estimated APR | 7.49% and up |
Repayment Term | 3 to 7 years |
Financing Type | New and used cars |
Qualifications | |
Credit Score | 680 is recommended |
Time in Business | None |
Revenue | Varies |
Why We Like LightStream
LightStream can be a great option for rideshare business owners looking to purchase a new or used vehicle. Its auto loans require you to have good to excellent credit, so we’ve recommended a minimum credit score of 680 or higher.
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.
To apply, visit the LightStream website where an online application can be completed in under 10 minutes.
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®: Best Business Credit Card for Fuel Purchases
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
BEST FOR:
0% APR for 15 billing cycles
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® the card that gives back on all your eligible business needs.
- Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
- 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 19.24% - 28.24%.
- No annual fee.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- $0 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.
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® the card that gives back on all your eligible business needs.
- Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
- 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 19.24% - 28.24%.
- No annual fee.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- $0 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 Like U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® gives a high percentage of cash back for fuel purchases and other daily business expense categories. This makes it a good option for general business expenses as it can reduce the effective cost of running your rideshare company.
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 electric vehicle (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. You can learn more through our U.S. Bank Business Triple Cash Rewards World Elite Mastercard® review.
U.S. Bank Business Altitude™ Connect World Elite Mastercard®: Best for Welcome Offer & Travel Rewards
- Introducing the U.S. Bank Business Altitude Connect™ World Elite Mastercard®, the business travel card that's 5X more rewarding.
- Limited Time Offer: Earn 60,000 bonus points, worth $600 if you spend $6,000 on the Account Owner's card in the first 180 days from account opening.
- Earn 5X points on prepaid hotels and car rentals booked directly in the Rewards Center.
- Earn 4X points on travel, gas and EV charging stations on the first $150,000 in combined annual spend.
- Earn 2X points on dining, takeout, restaurant delivery and cell service providers.
- Earn 1X points on all other eligible spend.
- Rewards never expire.
- Earn a $25 statement credit on every three consecutive monthly taxi or rideshare trips.
- No foreign transaction fees.
- $0 intro annual fee for the first year, $95 per year thereafter.
- Points transfer between business and consumer U.S. Bank Altitude products (excluding Reserve).
- Airport lounge access - Priority Pass™ Digital annual membership with access to more than 1,300 VIP lounges worldwide, plus four complimentary visits per membership year.
- Divide large purchases into fixed 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
- Large welcome offer
- Priority Pass Digital annual membership with access to more than 1,300 VIP lounges worldwide and four complimentary visits per membership year
- ExtendPay® Plan feature lets you divide your large purchase into fixed monthly installments without interest—only a small monthly fee
Cons
- No 0% APR offers
- Premium rewards on travel and fuel have a maximum cap
- Charges annual fee
- Free employee cards
- ExtendPay® Plan
- Transfer points between your business and personal Altitude cards
- No foreign transaction fee
- Introducing the U.S. Bank Business Altitude Connect™ World Elite Mastercard®, the business travel card that's 5X more rewarding.
- Limited Time Offer: Earn 60,000 bonus points, worth $600 if you spend $6,000 on the Account Owner's card in the first 180 days from account opening.
- Earn 5X points on prepaid hotels and car rentals booked directly in the Rewards Center.
- Earn 4X points on travel, gas and EV charging stations on the first $150,000 in combined annual spend.
- Earn 2X points on dining, takeout, restaurant delivery and cell service providers.
- Earn 1X points on all other eligible spend.
- Rewards never expire.
- Earn a $25 statement credit on every three consecutive monthly taxi or rideshare trips.
- No foreign transaction fees.
- $0 intro annual fee for the first year, $95 per year thereafter.
- Points transfer between business and consumer U.S. Bank Altitude products (excluding Reserve).
- Airport lounge access - Priority Pass™ Digital annual membership with access to more than 1,300 VIP lounges worldwide, plus four complimentary visits per membership year.
- Divide large purchases into fixed 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
- Large welcome offer
- Priority Pass Digital annual membership with access to more than 1,300 VIP lounges worldwide and four complimentary visits per membership year
- ExtendPay® Plan feature lets you divide your large purchase into fixed monthly installments without interest—only a small monthly fee
Cons
- No 0% APR offers
- Premium rewards on travel and fuel have a maximum cap
- Charges annual fee
- Free employee cards
- ExtendPay® Plan
- Transfer points between your business and personal Altitude cards
- No foreign transaction fee
Why We Like U.S. Bank Business Altitude™ Connect World Elite Mastercard®
If you anticipate a large amount of spending in the upcoming months, the U.S. Bank Business Altitude™ Connect World Elite Mastercard® can be a good option. This is because as a limited-time offer, you can earn 60,000 bonus points—equivalent to $600 in cash back—when you spend at least $6,000 within 180 days of card ownership.
While the card does carry a $95 annual fee, cardholders can get a $0 introductory annual fee for the first year. Additionally, you can earn rewards points on purchases. You earn 1x points on all eligible spending, with additional points for certain spending categories as follows:
- 5x points on prepaid hotels and car rentals booked directly in the Rewards Center
- 4x points on travel, gas, and EV charging stations on the first $150,000 in combined annual spend
- 2x points on dining, takeout, restaurant delivery, and cell service providers
Other benefits include the ability to get airport lounge access and earn a $25 statement credit on every three consecutive monthly taxi or rideshare trips.
How We Chose the Best Loans for Funding Your Rideshare Business
There were different types of financing options that we selected, including car rentals, loans, and credit cards. We focused on the following criteria in selecting the best providers:
- Minimum car rental period
- Fee 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
Rideshare Expenses You Should Consider
As a rideshare business, acquiring a vehicle is just one of many types of expenses. To avoid any surprises, here are a few other costs you should consider:
- 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 vehicle detailing services
How To Qualify for a Business Loan
You’ll need to check the eligibility requirements and ensure you qualify. This can vary depending on the type of loan and the lender. However, lenders commonly look at the following:
- Credit score: If you have a credit score above 680, you should have an easy time getting approved. However, you’ll still have plenty of loan options with bad credit.
- Revenue: Some lenders have a minimum requirement for annual business revenue. This is often used to determine your ability to repay the loan.
- Down payment: Certain loans will require a minimum down payment as a condition of issuing loan proceeds. This is common for new car loans and can commonly range from 10% to 20%.
- Time in business: Startups have a high failure rate, so lenders consider startup businesses with less than two years’ history to be higher risk. Loans are available for startups but may carry higher rates and fees.
Frequently Asked Questions (FAQs)
The specific terms of your loan will dictate what the funds can be used for. However, items that are commonly allowed include fuel, phone service, car washes, meals, and other expenses incurred as a regular part of operating your business.
Bottom Line
There are many financing options available to you for funding your rideshare business. The best type of loan will depend on what you plan on doing with the funds, whether it is acquiring a new vehicle or covering operational costs. To make sure you’re getting the best loan for your needs, we recommend shopping rates with different companies before making any final decisions.