Uber has brought a new wave to the taxi business. With Uber you can basically be your own boss; your very own CEO. The company originally from the USA; has branched out globally and brought with it technological advances, that have given many the opportunity of employment, self-actualization, social and economic development. South Africa has a high rate of unemployment and Uber has been a great welcome to the country because it has alleviated some people from poverty and has created a doorway for employment. Now Uber has more great news for all Uber drivers.
Uber has partnered with Stanbic Bank for the sole purpose of granting loans to drivers that want to own their very own taxi. With Stanbic Bank, the taxi drivers will have the opportunity to receive full financing for their vehicles. The drivers who want to benefit from the opportunity will need to ensure that they have the necessary means of repaying the loan. The loan will have an interest rate of 14% annually for a total period of three years. In order to qualify for the loan; as an Uber driver you will need to have a passenger rating that is above 4.6 out of 5 and must have at least finished 500 trips with Uber.
The South African market has followed suit and come up with various solutions for Uber drivers. There is also a solution of leasing a car rather than buying a car. South African financial service providers will help any driver with a leasing contract and you will not have to worry about maintenance and insurance, a good package if you are not ready to purchase a vehicle yet. You can also rent a car if you are not ready to purchase a car and if you do not want to have a long term leasing arrangement with a financial service provider. You can rent a vehicle from Europcar or Driverselect. Renting is perfect when you want to start your business immediately.
There are many vehicle discounts available to Uber drivers. You can now save money on a car when you purchase it for the specific purpose of being an Uber driver. Companies like Toyota, Hyndai and Kia are among the companies that offer special discounts for Uber drivers. The following are the financial providers that have made it easy for all Uber drivers to have a car on the road:
- Zebra Finance
- Imperial Auto
It is important to note that you will need to provide the financial service provider with the following in order to qualify for any of the above solutions:
- Be between the age of 18 and 65.
- Provide your ID document.
- Provide your proof of residence.
- Provide your driver’s license.
- Proof of the number of trips you make in a month.
- Proof of the amount of money you make in a month.
Whichever solution suites you best; as an Uber driver you will be assisted.