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How to make car finance pay for itself

By raccars Published

busy

Can you pay off your car finance obligations using the vehicle itself?

If you're planning to buy a new car on finance it makes sense to look around for the best deal you can find in such a competitive market. A responsible lender won't let you get into a car finance deal you can't really afford, but if things are getting tight you could actually use the car itself to help you make some money.

Making money for car finance

As an Uber driver

Uber is a controversial system which essentially allows almost anyone to become a cabbie. While you may have to accept some late nights and drunken passengers, you can also benefit from flexible working hours and you are, more or less, your own boss. You'll need a reasonably decent, modern and efficient car but apart from that all you need to do is register online.

Background checks are performed but once you have been approved you can start working for yourself, fitting the job around any other commitments including a Monday to Friday, nine to five week. Uber even offers a private hire scheme to those who want to sign up but don't own a car.

Turn your car into a rental

Online sites such as EasyCarClub and Drivejoy allow you to rent out your car while you are not using it yourself. Some car owners apparently make up to £4,000 annually via these schemes, which should more than cover the cost of car ownership. You will of course need to fulfil certain basic requirements to be eligible, which include owning a UK registered vehicle in good mechanical condition, and you must have a clean driving licence.

Car sharing

By giving paying passengers a lift around you can not only earn some extra cash but also enjoy a bit of company. Car sharing schemes allow people to advertise the details of their journey, and those who want to take up one of the empty seats in your car will contact you and pay you for the privilege. Take a look at Bla Bla Car, GoCarShare and Liftshare. This is a very modern scheme which makes good use of social media such as Facebook, allowing you to check out your potential passengers before agreeing to a lift.

Man with a van

Or woman, of course! You don't need a huge van in order to carry goods around for people. As long as you have a reasonable size boot, you will find there are people who want you to carry things around for them and will pay for the service. It's simple but effective - advertise your services and build up a business making small, local deliveries.

Make your car an advert

There are companies who will pay you to apply vinyl wraps on your car's bodywork to create mobile advertising. Comm-motion, Streetcar and Money4Space offer this easy earning option. The vinyl sheets won't cause any damage to your car and can be removed or changed at any time. Your car must be covered by a valid MOT, VED (vehicle excise duty or road tax) and insurance and you must hold a clean driving licence.

IMPORTANT!!

You MUST inform your insurance provider if you are using your car to provide any of the above services because your policy will need to be adjusted to include 'business purposes' cover. Make sure too that your car finance agreement doesn't prohibit the use of the car for business (many do). You should also bear in mind that your car will need extra maintenance if it is working harder than usual. While none of these schemes are going to make you rich, you could certainly cover the costs of your car finance and even make a little extra.

ALWAYS take sensible precautions in terms of your personal safety.

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