Hey everyone, I’m in a bit of a pickle and could use some advice. I’m currently driving for a rideshare company as my only income. I rent a hybrid car from them for $341 a week, which includes unlimited personal miles. It’s great for fuel efficiency, but the cost is killing me.
I’m trying to figure out my best options:
- Keep renting and save for a future down payment
- Look for a hybrid at a buy-here-pay-here dealer
- Get a cheaper gas car, but worry about increased fuel costs
The problem is, I can’t get a regular loan because my income isn’t on last year’s tax return. I make about $1000 a week, but no one will cosign for me.
What would you do in my shoes? I’m worried that a cheaper gas car might end up costing more in the long run with daily fill-ups. Any thoughts or suggestions would be really appreciated!
Skip the buy-here-pay-here route. Those places are sharks, and you’ll end up underwater on a loan with sky-high interest. Your best bet is to keep renting short-term while aggressively saving for a down payment. Aim for at least 20% down on a used hybrid - preferably a Toyota Prius or Honda Insight. They’re bulletproof and will save you a fortune on gas and maintenance.
In the meantime, optimize your earnings. Focus on high-demand hours, learn the surge pricing patterns, and minimize deadhead miles. Cut your personal expenses to the bone. Every extra dollar you save gets you closer to owning your own car.
Once you have solid savings and 6+ months of provable income, try a credit union for financing. They’re more flexible than big banks and often offer better rates to gig workers. Just be prepared to show detailed income statements and mileage logs. It’s a grind, but it beats getting locked into a predatory BHPH loan or bleeding money on weekly rentals long-term.
Whew, that’s a tricky situation you’re in! 
The rideshare rental costs are no joke these days.
Have you looked into any of the newer fintech companies that specialize in gig worker auto loans? Some of them use alternative data to assess creditworthiness, so your lack of traditional income proof might not be a deal-breaker. They’re not always the cheapest option, but could be better than BHPH or long-term rentals.
Another thought - what about leasing? Some dealerships have special programs for rideshare drivers. You might be able to get into a hybrid with lower upfront costs.
Whatever route you go, definitely keep an eye on the changing rideshare landscape. With all the regulatory battles and evolving company policies, it’s smart to have a backup plan. Maybe start exploring other gig economy options that don’t rely so heavily on vehicle ownership?
Keep grinding and stay positive. The right opportunity will come along if you stay patient and strategic.
Man, that’s a tough spot. I’ve been there with the rideshare grind. Honestly, I’m not sure there’s a perfect solution, but here’s my two cents.
Renting long-term is definitely bleeding you dry. But those buy-here-pay-here places can be sketchy as hell. I had a buddy who went that route and got stuck with a lemon and insane interest.
Maybe keep renting for now, but hustle hard and save every penny you can. Once you’ve got some cash built up, look for a decent used hybrid on Craigslist or Facebook Marketplace. Might not be as nice as what you’re renting, but it’ll be yours.
The gas vs. hybrid thing is tricky. Hybrids are great for rideshare, but older ones can have battery issues. A reliable gas car might work out cheaper overall, especially if you can find good deals on fuel.
Whatever you do, don’t rush into anything. Take your time, do the math, and trust your gut. Good luck out there!