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, I’ve selected funding options that can cover the costs commonly associated with this line of work. Here are my top eight 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
- 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
- SMB Compass: Best for long-term equipment financing
- U.S. Bank Triple Cash Rewards Visa® Business Card®: Best for fuel purchases
My knowledge spans five years as a financial professional, working in various roles within the banking industry.
I am committed to delivering expertise-led answers to your small business questions and helping you understand all things business finance.
I ensure that the best answers I provide are based on accuracy, clarity, authority, objectivity, and accessibility. These are aligned with the Fit Small Business Editorial Policy.
Best ways to fund your rideshare business at a glance
Uber Marketplace: Best flexible car rental terms for Uber drivers
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Rates and 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 | Varies |
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 I like Uber
While this option isn’t an Uber loan program, 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, which can help you save money overall.
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 get started.
When choosing a rental car, remember that the type of vehicle you select 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 over four passengers. A newer vehicle may also be required if you 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
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Rates and terms | |
Approval speed | 2 to 10 days |
Rental period options | 1-week minimum |
Fees | Varies by location, typically $150 and up per week |
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 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.
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 (see Lyft’s Express Drive availability). 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.
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. You 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.
Bluevine: Best credit line for short-term expenses
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Rates and terms | |
Application speed | 5 minutes |
Approval speed | As fast as 5 minutes |
Funding speed | 24 hours |
Loan amount | Up to $250,000 |
Estimated APR | Starting at 7.8% |
Repayment term | 12 months |
Financing type | Line of credit |
Qualifications | |
Credit score | 625 |
Time in business | 12 months |
Annual revenue | $120,000 |
Why I like Bluevine
I chose Bluevine’s line of credit as the best pick for short-term expenses since funds can be drawn on an as-needed basis and repaid over time. This can provide you with flexibility in your finances and can benefit you by covering a wide range of business 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.
Generally, you’ll be expected to make weekly payments if you carry a balance on the line, as is deemed by its standard repayment option. 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 event you need to cover emergencies or recurring expenses.
To learn more, you can read our Bluevine line of credit review. If you’re interested in submitting an application, visit the Bluevine website.
Lendio: Best for large financing needs
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Rates and 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, equipment financing |
Qualifications | |
Credit score |
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Time in business |
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Revenue |
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Why I like Lendio
Lendio makes the list as it offers some of the highest funding options within the guide. If you’re looking for a wide variety of loans with potential for large loan amounts, you may want to consider this provider. It may be especially beneficial if you’re looking for equipment or term loans.
It is a loan broker with over 75 lenders in its network. An advantage to working with a broker is that you can use a single application to review multiple loan options at once. 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.
Clarify Capital: Best for low rates & multiple loan options
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Rates and 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 |
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Repayment term | Varies |
Financing type | Term loan, line of credit, and equipment financing |
Qualifications | |
Credit score |
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Time in business | 6 months but may vary based on loan type |
Revenue | $120,000 annually but may vary |
Why I like Clarify Capital
I chose Clarify Capital based on its low rates and variety of funding options that offer some of the best loans for Uber drivers. It has some of the lowest starting rates in this roundup for qualified borrowers, and with its numerous loan options, it can be applicable to full-time, part-time, and seasonal rideshare drivers.
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 a variety of loan options within 24 hours, with just a single application. 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
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Rates and terms | |
Application speed | 10 minutes |
Approval speed | 24 hours |
Funding speed | As soon as same day |
Loan amount | $5,000 to $100,000 |
Estimated APR | 6.94% and up |
Repayment term | 3 to 7 years |
Financing type | New and used cars |
Qualifications | |
Credit score | 660 is recommended |
Time in business | None |
Revenue | Varies |
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 on this list that offers financing specific to auto loans, 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, its 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 you can complete an online application in under 10 minutes and receive a quick lending decision.
SMB Compass: Best for long-term equipment financing
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Rates and 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 | 1 year |
Revenue | Varies |
Why I like SMB Compass
SMB Compass can be an option if you seek long repayment terms. It offers equipment financing with favorable rates and large loan amounts that rival Lendio and Clarify Capital. For rideshare driving looking to finance a vehicle, this might be a worthy option.
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 7 to 14 business days, as a more thorough review of your qualifications would take place. Depending on your qualifications, it’s also possible to qualify with no down payment required.
There are other loan programs offered by SMB Compass. These include business lines of credit, asset-based loans, SBA loans, bridge loans, and business term loans.
Visit the SMB Compass website to learn more or to apply.
U.S. Bank Triple Cash Rewards Visa® Business Card®: Best for fuel purchases
U.S. Bank Triple Cash Rewards Visa® Business Card
BEST FOR:
Those wanting to earn up to 5% cash back on selected spending categories
- Earn $500 in cash back. Just spend $4,500 on the Account Owner's card in the first 150 days of opening your account.
- Earn 3% cash back on eligible purchases at gas and EV charging stations (transactions of $200 or less)*, office supply stores, cell phone service providers and restaurants (*excludes discount stores/supercenters and wholesale clubs).
- 1% cash back on all other eligible purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center when using your card.
- Take control of your card spend with U.S. Bank Spend Management—a game-changing platform for monitoring and managing business expenses.
- No limit on total cash back earned.
- Redeem Cash Rewards right away or save them for later. Cash Rewards do not expire as long as the account remains active.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or QuickBooks.
- Terms and conditions apply.
Pros
- 0% purchase APR for 12 months
- $0 annual fee
- U.S. Bank ExtendPay® Plan feature
Cons
- No 0% APR on balance transfers
- Charges balance transfer and foreign transaction fees
- 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.
- U.S. Bank ExtendPay® Plan: Pay off your eligible balance over time with this feature without interest—just pay a small monthly fee
- Earn $500 in cash back. Just spend $4,500 on the Account Owner's card in the first 150 days of opening your account.
- Earn 3% cash back on eligible purchases at gas and EV charging stations (transactions of $200 or less)*, office supply stores, cell phone service providers and restaurants (*excludes discount stores/supercenters and wholesale clubs).
- 1% cash back on all other eligible purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center when using your card.
- Take control of your card spend with U.S. Bank Spend Management—a game-changing platform for monitoring and managing business expenses.
- No limit on total cash back earned.
- Redeem Cash Rewards right away or save them for later. Cash Rewards do not expire as long as the account remains active.
- Earn an annual $100 statement credit for recurring software subscription expenses such as FreshBooks or QuickBooks.
- Terms and conditions apply.
Pros
- 0% purchase APR for 12 months
- $0 annual fee
- U.S. Bank ExtendPay® Plan feature
Cons
- No 0% APR on balance transfers
- Charges balance transfer and foreign transaction fees
- 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.
- U.S. Bank ExtendPay® Plan: Pay off your eligible balance over time with this feature without interest—just pay a small monthly fee
Why I like U.S. Bank Triple Cash Rewards Visa® Business Card®
This card gives a high percentage of cash back for fuel purchases and other daily business expense categories. That 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 seeking 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 roundup, 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 and premiums
- Rideshare insurance
- Roadside assistance
- Car wash and detailing services
- Emergency funding
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 few or 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. See our list of the best personal loans for business funding for options.
- 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)
Uber does not offer loans. Instead, it offers a marketplace where rideshare drivers can rent vehicles to use. However, Uber drivers are eligible for other types of business loans — granted they meet the lender’s specific qualification requirements.
Yes. However, you’ll have to rent one through a provider associated with the rideshare platform you use. Depending on the rideshare service you choose, programs like Uber Marketplace and Lyft Express Drive allow you to rent a vehicle and partake in rideshare operations.
No. Rideshare drivers were once eligible to apply and receive funding through the SBA; however, these programs are no longer offering funding applicable to ridesharing businesses, and you’ll have to seek a loan elsewhere, like through a bank or online lender.
While Lyft itself does not offer loans for Lyft drivers, rideshare drivers may be eligible for various types of financing, including rideshare loans. While qualification criteria will vary per lender, generally, providers will determine your creditworthiness as a borrower and review items such as credit score, income, and time in business.
Bottom line
If you’re a rideshare driver looking to grow your business or seek financing, there are various routes to consider. 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.