I’ve recently received a few enquiries from new Uber partners who are looking for ways to secure a vehicle for their Uber businesses. So I decided to create a list of finncing options for geristered Uber drivers interested in ourchasing their vehicles for this venture.
Most platforms require drivers to already be registered and cleared for Uber, so if you haven’t registered yet, you can do so here.
LSETF (Lagos State Employment Trust Fund)
The LSETF fund is a fund created to invest N25b in growing and scaling Lagos based entrepreneurs and SMEs. Luckily, an Uber partnership is one of the ventures they will consider.
To qualify for this, Lagos entrepreneurs will be required to have been operating on the Uber platform with a rating of 4.5 or higher.
The finance offering is at 5% per annum for a fixed period of 36 months for anything up to N3m. To be honest, I would look out for a hybrid car like the Toyota Prius, because that instantly means that your pertrol consumption is down by 50%, increasing your chances of paying back the loan. In addition to being fully registered on the Uber platform, you will need to have the following:
- a registered company with CAC
- personal tax registration
- reside in Lagos
- have a LASRRA ID
- have a Federal Government issued ID card
- 2 people to guarantee your loan.
If you fulfill this criteria, you can apply via LSETF Loan
Sterling Bank Uber offer
Sterling Bank provides a special auto financing facility to existing and profiled drivers on the Uber platform to purchase vehicles at an interest rate of 24% per annum. They require 0% down payment, 0% fees and a maximum tenor of 36 months.
If you are approved for this, you will also be required to set aside N25,000 minimum on a monthly basis into a Sterling Recurring Deposit Account (SRDA). This is your saved money, and also something for Sterling bank to fall back on should you fail to make payments
Accepted Vehicles
The approved brand of vehicles has to be a brand new Hyundai i10 vehicle or a fairly used imported Toyota / Honda vehicle 10 years old or less with a maximum cost of N2, 500,000.00. Apart from the supply of the vehicles, the vendors should also provide mechanical after sales support.
Qualifying Criteria
- Earnings greater than N1,200,000 in preceding 3 months
- Rating higher than 4.50
- Current Account with Sterling Bank
- Proforma Invoice from approved vendor
- Executed Loan application form
- Irrevocable letter of undertaking to domicile daily proceeds with Sterling Bank
- Valid means of ID of customer
You can apply here
Car4U
Car4U is offering an opportunity for drivers and partners to access finance for brand new vehicles over 36 to 48 months.
The car finance deal offers drivers full maintenance and comprehensive insurance, and also offers a choice between the Hyundai Elantra, Kia Cerato, VW Polo, Nissan Almera, and Nissan Sentra (depending on availability). At the end of the loan term, drivers will take full ownership of the vehicle.
Interested drivers can apply by simply completing the sign up form on this page. You will need to reference the same contact details linked to your Uber profile to ensure we can validate your eligibility.
Eligibility
Drivers with a rating higher than 4.5 and have completed more than 500 trips will be eligible.
