Looking for a way to make some extra money to help make ends meet? If you have a vehicle, you could be sitting on a whole lot of potential earnings, if you know how to capitalize on it in the right ways. There are several options, some requiring more work than others. Here is a guide for using your vehicle to make money.
Rent out your car
Are you someone who only uses their car occasionally? Maybe you don’t need to commute to work from Monday to Friday, perhaps you’re about to go on an extended trip, or maybe you just don’t use it all that much in general. If you have a car that mostly sits in your drive, you can rent it out and take advantage of that time that your vehicle isn’t being used.
It’s a quick and easy process if you rent out your car by listing it on a website that connects people who want to rent with people who have cars available. If your vehicle meets the criteria, you can set your own availability, price, and pick-up location. Just be sure to check with your insurance company first, as renting out your car may invalidate your insurance policy.
Get a logbook loan
If you’re looking for a way to make quick cash, you can use your vehicle by getting a log book loan. A logbook loan is a type of short-term loan that you can take out against your car by transferring ownership to the logbook lender as security. You still get to keep and use your vehicle while you repay your loan, so don’t worry about losing your transportation during your loan period.
Sign up as a rideshare driver
Start up a side hustle by signing up to be a driver for a rideshare company like Uber. Several rideshare appsare popping up in different cities around the world, including Lyft, Kaptain, and Ola, so you aren’t limited in your choices. It is like working another job; however, you get to pick your own hours and set your own schedule, so you can do it casually to make a few extra bucks here and there, or you can go full steam ahead and make it into your full-time job if that works for you.
Before signing up, be sure to check with your insurance company to see what kind of limitations your policy has. Ridesharing apps sometimes have their own insurance policies for drivers, but usually, the driver is responsible for insuring their vehicle, and using it for commercial purposes may nullify your policy.
Become a delivery driver
Another flexible way of earning more money with your vehicle is to become a casual courier. Thanks to the ever-growing demand for faster deliveries, companies are outsourcing their deliveries and are continually looking for more delivery drivers. Companies like Amazon Flex and Hermes offer opportunities for drivers to sign up as self-employed couriers, and if you’re interested, all you need is your own car, a valid license, a passed background checked, and knowledge of your local area.