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A Sydney broking group has unveiled a new loan specifically designed for drivers of global ride-sharing service Uber.
Paramount Mortgages and Leasing director Sean White said the company has secured the industry’s first approved loan for new Uber drivers trying to obtain finance for new and second-hand car purchases.
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The product requires a 10 per cent deposit, and no financial or bank statements are needed with a clean credit history, with interest rates ranging between 8 and 9 per cent over a 48-month term.
Mr White said that up until now, new Uber drivers have been unable to fund their car purchases due to the banks’ unwillingness to lend for such business ventures.
“It is an absolute breakthrough for the industry that we have been able to secure alternative lending to support the growth in this sector,” he said.
“We have been able to negotiate a product that is specific to Uber drivers’ needs, [and] we will be rolling this new product out through our aggregators and brokers shortly.”
[Related: Industry confused by new mortgage platform]
