Sydney-based mortgage and leasing group, Paramount Mortgage and Leasing, has negotiated the first approved Uber car loan, which it hopes to roll out to brokers soon.
Uber’s rapid increase in market share has resulted in a continuous increase in the number of Uber drivers trying to obtain ¬finance for new and second hand car purchases.
However, with the banks not willing to lend on such business ventures and start-ups for new drivers, Paramount Mortgage and Leasing’s Director, Sean White, said drivers have not traditionally been able to ¬finance their start-ups – until now.
“It is an absolute breakthrough for the industry, that we have been able to source and secure alternative lending to support the growth in this sector,” White said.
“We have been able to negotiate a product that is specifi¬c to Uber driver needs and we will be rolling this new product out through our aggregators and brokers shortly.”
According to Paramount Mortgage and Leasing, the product requires a 10% deposit and offers rates from 8-9.5% over a 48 month term. In addition, no financials or bank statements are required with a clean credit history.