Car Loans for Rideshare Drivers. Gig Income Considered
Driving for a rideshare platform usually makes you an independent contractor, not a PAYG employee. We compare eligible options from our panel of 50+ lenders, including lenders that may assess platform deposits and tax returns, and explain how they differ.
Australian Credit Licence 509582. Lender fees may apply. Lender criteria apply.
Can Uber and rideshare drivers get a car loan in Australia?
Rideshare drivers can apply for a car loan in Australia. Some lenders on our panel may assess income from bank statements showing platform deposits, tax returns or platform payment summaries. The car also needs to meet the platform's own vehicle rules. Approval, rate and loan amount depend on the lender's assessment.
- Lenders may verify rideshare income with recent bank statements, tax returns or platform payment summaries
- Rideshare drivers usually work as independent contractors, so many have an ABN
- Each platform sets its own vehicle rules, so check them before you choose a car
- A secured car loan is a common structure, and ABN holders may also compare business finance options
- Consistent earnings, good bank account conduct and low existing debt help an application
- No upfront assessment fee. Lender fees may apply, and we may receive commission if your loan settles
Reviewed by Simple Loans Editorial Team · Last reviewed
The Simple Loans Editorial Team researches and reviews every car finance guide published on simpleloans.au. Simple Loans holds Australian Credit Licence 509582 and is a member of AFCA.
Why choose Simple Loans.
Platform Income Assessed
Some lenders may assess bank statements showing rideshare deposits, tax returns or platform payment summaries.
Contractors Can Apply
ABN holders and gig economy earners can apply.
Vehicle Rules Checked
We remind you to check the platform's vehicle rules before you commit to a car.
Secured or Business Finance
Secured car loan, chattel mortgage or hire purchase, compared side by side.
Credit History Considered
Different lenders use different credit criteria. Approval is not guaranteed.
No Upfront Fee
No upfront assessment fee. Lender fees may apply.
Why rideshare income is assessed differently
Many lenders are used to a steady PAYG income. As a rideshare driver your income can change from week to week and you are usually an independent contractor, which means you need more documents to show a consistent ability to repay.
Lenders that assess self employed and gig economy income tend to look at:
- Consistent earnings history: regular income over several months or longer.
- Bank account conduct: finances managed well, without frequent overdrawn balances or missed payments.
- Existing debt: a manageable level of debt compared with your income.
Documentation is what turns a variable pay pattern into an assessable income figure, which is why recent bank statements and tax returns matter more here than they do for a salaried applicant.
Vehicle requirements before you finance
Check that the car you plan to finance meets the current rules of the platform you will drive for. Those rules are set by each platform and can cover vehicle age, condition, doors, seats and safety, and they can change.
Lenders also consider the car's market value and its suitability as security for the loan, so checking platform rules and finance options at the same time helps you avoid buying a car you cannot use.
Loan structures available to rideshare drivers
A secured car loan is a common option. The vehicle is security for the loan, and secured loans are often priced differently from unsecured loans.
Depending on your structure, other options include a chattel mortgage, a business finance product where you own the vehicle and the lender takes security over it, and hire purchase, where the lender buys the vehicle and you hire it over a set period, with ownership passing to you at the end.
The right structure depends on your circumstances, your tax position and how you run your work. Ask your accountant about the tax side.
Tips for a stronger application
- Keep detailed records. Keep clear records of rideshare earnings, expenses and tax returns.
- Save a deposit. A deposit reduces the amount you borrow.
- Look after your credit file. Pay bills on time, reduce existing debt and check your credit report for errors.
- Know your budget. Account for fuel, maintenance, insurance and other running costs, not just the repayment.
- Check your options first. Submitting this enquiry does not itself create a hard credit enquiry. If you choose to proceed with a lender, a credit check may be required.
Simple Loans holds Australian Credit Licence 509582 and is a member of AFCA. This page is general information and does not take your personal circumstances into account.
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Frequently asked questions.
Can I use the car for both personal and rideshare use?
Often yes, but tell the lender how the car will be used. Lenders ask about use because business or commercial use can change the product, the vehicle rules and the paperwork. Platform vehicle rules also apply, so check them before you choose a car.
Can I get a car loan if I have only just started driving for Uber?
It may be possible. Lenders usually look for several months of consistent income, and with a short history some may also look at other income you earn. Approval depends on the lender's assessment.
Do I need an ABN to get a car loan as a rideshare driver?
Rideshare drivers are usually independent contractors, so many have an ABN. Whether you need one for tax is a question for the ATO or your tax agent. An ABN is generally needed for business finance products such as a chattel mortgage.
How do lenders verify rideshare income?
Usually through recent bank statements showing deposits from the platform, tax returns showing your self employment income if you have been driving for a while, and payment summaries or income reports from the platform.
What vehicle requirements apply for rideshare?
Each platform sets its own rules, which can cover vehicle age, condition, doors, seats and safety, and they can differ by city. Check the current rules with the platform before you buy. Lenders also consider the car's value as security.
What if I have bad credit?
Different lenders use different credit criteria. We can check whether options on our panel may be worth discussing, but approval, rate and loan amount depend on the lender's assessment and responsible lending requirements.
What loan types suit rideshare drivers?
A secured car loan, where the vehicle is security for the loan, is a common option. Depending on your structure, a chattel mortgage or hire purchase may also be worth comparing. Your tax position matters, so ask your accountant.
How long does the application take?
Timing depends on the lender, how complete your application is, and when your supporting documents arrive. Rideshare income often needs platform statements, so having those ready helps. A conditional decision is not an approval, and an approval is not a settlement.
Does applying affect my credit score?
Submitting this enquiry does not itself create a hard credit enquiry. If you choose to proceed with a lender, a credit check may be required. We will explain that step before a formal application is submitted.
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No upfront assessment fee. Lender fees may apply. We compare eligible options from a panel of 50+ lenders.
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Simple Loans is a finance comparison tool. Holder of Australian Credit Licence No. 509582. All applications are subject to lender approval. Terms, conditions, fees and charges apply. This information is general in nature.