Look no further if you are in need of extra cash to meet your financial commitments. Your car can become a very good source of income if you know to use it the right way. Though there are quite a few ways in which you can turn your machine into money, here, we have listed the top five legal ways in which you can use your car to earn extra money.
Turn your car into a taxi with the help of companies like Uber and Lyft
One of the most logical ways of making money from your car is by turning it into a taxi. You can tie up with companies like Uber and Lyft to use your car to ride passengers and get paid for it as well. You can either do it part-time or full-time depending on the availability of your time. There are a few prerequisites that you have to fulfill if you want to turn your car into a taxi and earn money from it:
- Your car should be in good shape
- You should have a clean driving record
- All the documents related to your car should be proper
- You should be ready to take ownership in case of an unfortunate accident
- You should have a proper insurance policy in place for your car
Before networking with these private taxi companies, ensure that you understand their terms and conditions properly so that there are no problems in future.
Renting out your car
Cars are one of our most underused assets. Unless we drive to work every day, we aren’t really using our car properly, are we? So, why not make some money out of it when it remains idle? In the United States, it is quite common to rent out one’s car at the airports. You can get free parking space and a free car wash per year. Tie up with reliable rental companies like to Turo to get the most benefits. When passengers use your car from the airport, these taxi companies will pay you by per mile driven. The make and model of your car will also decide the amount that your car will bring you.
Wrapping your car with an advertisement
How about wrapping your car with advertising banners and billboards of various brands? Though it may your car look quite odd, you will get to make decent money from it. If you have a big car, it means that you will have a large advertising space to place these billboards. Naturally, you can earn more in this method, if you have a big car. Here is how to get started:
- Sign up with one of the trusted car wrapping companies to express your willingness to get your car wrapped.
- Give basic details (like the size of your car, the no. of hours you commute daily, your usual route of traveling, etc.) to these advertisement companies
- Once these details are entered, the ad sites try to match your details with the companies that are looking for willing cars.
- You will be contacted by the company once your details are matched.
- The payment details and other terms & conditions are discussed between both the parties.
- Vinyl decal material is used as part of these ad wraps, and the size of the wrap is agreed upon earlier by the parties concerned.
- The payment would depend on the size of your car, hours of daily commute, size of the ad wraps and model of car that you use.
Applying for a car title loan
For quite some time now, car title loans have been increasing in popularity with borrowers who have poor credit. Auto title loans can be a reliable source for emergency funds for people that do not qualify for conventional loans. Though getting this loan is quite easy and quick, it is not always the right option because of the risks associated with it. Before applying for a title loan, you should fully understand the title loan process. Thankfully, an in-depth list of online title loans has been created by AEF to help borrowers find the best title loans online.
Why is a car title loan risky?
It carries an exorbitant rate of interest (sometimes lenders specify that the interest is 3%, but upon careful perusal, you will be shocked to know that it is actually 3% per month!)
Penalty charges may be very severe; some lenders may seize your car even if you are a first-time defaulter. Hence, you need to read the terms and conditions thoroughly.
You should never opt for a car title loan unless it is a dire financial emergency and all other options are shut off for you. Getting personal loans from friends, borrowing an office loan and credit cards are still better options!
Become a delivery driver
Courier delivery is always in demand in today’s world. One of the smart ways is to become a delivery driver by sharing a deal with reputed companies like Amazon Flex and Hermes. Thanks to the boom in the internet retail business, delivery drivers are always busy.
- Furnish your details (age, driving license, and other documents) to the courier companies.
- They will conduct background checks to authenticate your credentials. They will also test your knowledge on the local routes to know if you can deliver products quickly and accurately.
- You will be asked to take courier insurance policies so that you are covered for losses that may happen during transit.
- Once all the formalities are completed, you can start your delivery work as and when you get an order. On an overage, you can earn around $15 per hour in this method.
Now that you have learned about some smart ways to put your idle car to use, what are you waiting for? To get maximum benefits from these options, ensure that your car is in good shape and condition always. You should also have a clean driving record and a valid driving license, obviously. If all these things are in place, nothing can stop you from earning that extra cash from your machines!