• UberPeople.NET - Independent community of rideshare drivers. It's FREE to be a person and enjoy all the benefits of membership. JOIN US! CLICK HERE

Anybody here done the Uber financing?

RonL

Member
Anybody here looked at the Uber financing? Interest rate? term of the loan. I've heard $160.00 a week payback. And that seems high, but I haven't heard a word about interest rate ect. I don't really need a new car right now bout I would like to know the details.
Anybody?
 

painfreepc

Well-Known Member
Anybody here looked at the Uber financing? Interest rate? term of the loan. I've heard $160.00 a week payback. And that seems high, but I haven't heard a word about interest rate ect. I don't really need a new car right now bout I would like to know the details.
Anybody?
here in the LA market you can get a new 2015 ford fusion S hybird for about $172 per week for 52 month with $2,000 down,
so you do the math.

you can put just $1,000 down and pay back the short fall in 52 week (one yr) payments.
 
Last edited:

mattvuberx

Active Member
Total payments over the life of the financing agreement = $39,434.33

Starting with MSRP of $26,475 (which would be a reasonable out the door cost) one can back into an interest rate on this "deal."

Long story made short... if you think paying 18% interest on a vehicle is a good deal, go for it. I'll pass.
 

painfreepc

Well-Known Member
Total payments over the life of the financing agreement = $39,434.33

Starting with MSRP of $26,475 (which would be a reasonable out the door cost) one can back into an interest rate on this "deal."

Long story made short... if you think paying 18% interest on a vehicle is a good deal, go for it. I'll pass.
if your fico is bad and dealer's are offering you 21 to 29.95% interest for 72 months,
18% interest @ 52 months starts to look good if you can make the payments.

and don't forget the ford fusion hybird gets 40 mpg.
 

mattvuberx

Active Member
if your fico is bad and dealer's are offering you 21 to 29.95% interest for 72 months,
18% interest @ 52 months starts to look good if you can make the payments.
And yes, if your credit is so atrocious that you can only get offers from predatory lenders, then this probably looks like a steal. The likely outcome, though, is anyone who needs to utilize such a bad interest deal is only setting their situation up for more hardship.
 

Sydney Uber

Well-Known Member
And yes, if your credit is so atrocious that you can only get offers from predatory lenders, then this probably looks like a steal. The likely outcome, though, is anyone who needs to utilize such a bad interest deal is only setting their situation up for more hardship.
Matt! You gotta a way of delivering bad news. Dont ever work in a Cancer clinic!
 

mattvuberx

Active Member
Matt! You gotta a way of delivering bad news. Dont ever work in a Cancer clinic!
You're probably gonna die. Seriously, though, being blunt is the only way to deliver life's hard truths. It's far better to hear the real verdict than to be fed bullshit.
is most of your driving highwy or city?
A mix of both. You'll notice, though, that the MPG ratings are not vastly different in highway or city driving on the Ford models. Their hybrid process is different from Toyota, etc and does not heavily favor city driving like a Prius does.
 

painfreepc

Well-Known Member
Translation: if your best offer on a car purchase agreement is 18-29% APR, then you probably can't afford it.
fico shows your past problems, does not tell what you can and can't afford,
NOTE i said past problems, i did not say past CREDIT problems, my bad fico score is $29k of medical bills,
No charge offs, No repossession, No bankruptcies, No evictions.
 

mattvuberx

Active Member
fico shows your past problems, does not tell what you can and can't afford,
NOTE i said past problems, i did not say past CREDIT problems, my bad fico score is $29k of medical bills,
No charge offs, No repossession, No bankruptcies, No evictions.
Past problems disappear in a few years. If your score is that bad, they aren't very far in the past. Best bet: pay cash for depreciating assets.
 

painfreepc

Well-Known Member
Past problems disappear in a few years. If your score is that bad, they aren't very far in the past. Best bet: pay cash for depreciating assets.
the medical bills are close to 5 years old, the bad fico score is a combo of the medical bills and not having any other credit to show,
my plan for the next 12 to 18 months is to work on my fico score then get at car at a lower payment,
then lease out the car to another driver for the remanning 34 to 40 months with option to buy car at end of lease, maybe for $4,000.
 
Thread starter Similar threads Forum Replies Date
OCJarvis Los Angeles & Orange County 27
Cabbie2B London 67
Coachman Advice 18

Similar threads


Top