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Hi everybody so I had a dummy total my car last month in Decatur and now I have to make an effort to get a new one. Uber and DoorDash are my only streams of income and I don’t know how to prove income without pay stubs and my credit score is under 500. Does anyone know of a dealership around that handles bad credit but has decent vehicles in the lot or do I just need to pay cash? Thanks for your help!
 

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Hi everybody so I had a dummy total my car last month in Decatur and now I have to make an effort to get a new one. Uber and DoorDash are my only streams of income and I don't know how to prove income without pay stubs and my credit score is under 500. Does anyone know of a dealership around that handles bad credit but has decent vehicles in the lot or do I just need to pay cash? Thanks for your help!
I've used a place called National Auto Sales in Marietta. Their website is nationalautosales.com. once when I had a slow month I needed them to work with me, and they were able to. You can pay your monthly payment on their website and not have to go by the dealer. They seem to have a pretty good inventory of cars that would be suitable for uberX.
 

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Or a brain may be groomed into thinking there is only one option. There are always several options. When I stopped choosing debt as a solution, I ended up with more money.
Debt can be good as long as you manage it right. Most people manage it wrong and get into trouble.

Most successful businesses and people take on debt even if they have the money because they want more cashflow to do things that make them even more money. In your case, you can save up $5K to buy a decent car and have no money in the bank to build on, or you can take out a loan, put $1-2K down payment, and have $4K in the bank for emergency's, repairs, savings, etc. while paying $200/month through your uber earnings. As long as you are responsible and don't buy stuff like Jordan's or eat at Cheesecake Factory every week, you should be fine.
 

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Care to elaborate?
The simple answer.
Say no to new consumer debt. (cuz that is the most expensive way to buy your stuff)

Stop solving money problems with the most expensive solution.
I have a problem, but my brain only knows one option. Do more research, get more solutions.
 

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The simple answer.
Say no to new consumer debt. (cuz that is the most expensive way to buy your stuff)

Stop solving money problems with the most expensive solution.
I have a problem, but my brain only knows one option. Do more research, get more solutions.
This is a very generic answer/solution. It's like your reading straight out of a fortune cookie. I think you would help the OP and the rest if you got a little more specific. "Do more research, get more solutions"....... Really?
 

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Debt can be good as long as you manage it right. Most people manage it wrong and get into trouble.

Most successful businesses and people take on debt even if they have the money because they want more cashflow to do things that make them even more money. In your case, you can save up $5K to buy a decent car and have no money in the bank to build on, or you can take out a loan, put $1-2K down payment, and have $4K in the bank for emergency's, repairs, savings, etc. while paying $200/month through your uber earnings. As long as you are responsible and don't buy stuff like Jordan's or eat at Cheesecake Factory every week, you should be fine.
Debt is never a good thing unless buying a home. You should already have an emergency fund to cover car repairs and lost earnings. If not, then start building your fund immediately. Pay cash for the car and take the 200-300 a month that you would have had as a car payment and start saving that. Pay yourself, not someone else.
 

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This is a very generic answer/solution. It's like your reading straight out of a fortune cookie. I think you would help the OP and the rest if you got a little more specific. "Do more research, get more solutions"....... Really?
1. Save a small emergency fund.
2. List consumer debt smallest to largest. Pay minimum on all but the smallest. As each debt is extracted from your list, you have more money to pay off the next one.
3. Make the emergency fund 3-6 months of living expenses.
4. With earnings freed up from debt eradication... Invest 15% towards retirement.
5. Help your own kids pay for college without debt.
6. Pay extra on your house debt.
7. Continue to build wealth and bless others.
 

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I get points 1 to 3, but are the rest - 4 to 7 relevant to income from uber?
It is a response to 2 requests for more details. The research that I did 8 years ago, when I got finished with working hard and nothing to come from it, because of the credit score game.
 

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I’m not arguing with your research, but I do disagree with those of you who is saying debt is bad. Not all debt is bad, and if you manage it correctly you can it can be very advantageous.

Taking on a car note is traditionally taking on bad debt. But if you are using that car to generate revenue, it is no longer a liability. It’s assett. And if you manage that assett correctly, the cash flow will certainly take care of the dept.
 

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I'm not arguing with your research, but I do disagree with those of you who is saying debt is bad. Not all debt is bad, and if you manage it correctly you can it can be very advantageous.

Taking on a car note is traditionally taking on bad debt. But if you are using that car to generate revenue, it is no longer a liability. It's assett. And if you manage that assett correctly, the cash flow will certainly take care of the dept.
 

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^ um... OK

Some of you are a little slow at understanding this so I'm going to break it down another way.

As an Uber driver, you are not an employee of Uber. You are really a contractor utilizing Uber's platform to generate revenue. Your revenue minus expenses is your profit. With that said, a lot of people have the mindset that Uber is their job and treat the vehicle they drive as a liability instead of an asset. You have to invest in assets.

Your vehicle is the biggest asset in your Uber "business". Why would you scrap up $5,000 to buy some crap car. Taking on debt can be good because the debt will translate into future revenue for yourself by securing a reliable vehicle now. It allows you to free up cash stream to run your business. Just like most student loans are considered "good debt" because it allows you to invest in your education now which leads to future earnings.

Going to Rooms 2 Go and financing furniture for your crib is "bad debt". Taking out a loan for rims for your car is "bad debt". I do not recommend taking on "bad debt".
 
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