Like most partners who joined Uber last 2015, we also bought a brand new car for Uber (ALL-IN, low down) . But as the incentives went away it’s becoming difficult to pay our (very high monthly) amortization. Comment below if you share our dilemma. 🙁
Partner Tips: The ALL-IN low down payment schemes offered by car dealerships usually comes with a high monthly amortization. In-house financing is generally more expensive than a direct auto loan from a bank. Longer amortization periods, for example 5 years is more expensive in the long run than a car amortized for only 3 years. (Of course, car dealers and banks need to make money!)
We’ve learned about a partner, Kuya Ronald, who is building his Uber business in a sustainable way. He pays significantly less than our amortization. The secret is —-how he acquired his Uber vehicle.
Kuya Ronald, didn’t buy a brand new car for Uber. Instead, he bought a 2 year old second hand car for Uber.
REMEMBER: As per LTFRB, TNVS vehicle has to be 3 years old or newer. So don’t buy a model that’s more than 3 years old. If you want to know more about how to be an Uber Partner, refer to this step-by-step guide.
Kuya Ronald shared his reason for buying a second-hand car:
Lower and Cheaper Amortization
Since a second hand car has a lower market value, monthly amortization is lower. This allows him to operate his Uber business with better cashflow. Imagine, we’re paying Php 17,500 per month for our brand new car while a second hand car can be amortized for only about Php 8,000!!
But Kuya Ronald suggests that if you have the capital, it also a good idea to pay the second hand car in CASH than amortize it per month. If you pay in full, you save on bank interest and eliminates monthly car amortization altogether. But if capital is limited, remember that there are also banks that offer financing for second hand cars.
TIP: Lower amortization means he keeps more money from his Uber operation, better cashflow, and ensures a more sustainable Uber business.
Tips in Buying a Second hand Car:
- Buy a second hand car in GOOD CONDITION
Kuya Ronald argued that even if you buy a brand new car, its value depreciates by 30% the moment you drive it out of the dealership. So for him, he controls his risks by buying a well maintained second hand car.
- Buy from a trusted second-hand car dealer/seller
Only buy from trusted sellers. It’s not worth the savings if the car is a stolen vehicle or the car has a lot of defects. Don’t be a victim of a scam!
- Confirm the claims of the seller
You cannot just take the word of the seller that the vehicle is in good condition. You have to confirm for yourself that all the things he/she claims the vehicle to be, is true. You don’t want the air conditioning not working one day after purchasing.
Kuya Ronald shares with us that he bought his second-hand car for Uber with the help of Carmudi [www.carmudi.ph], the biggest buy and sell platform for brand new and second hand cars in the Philippines.
Using the Carmudi platform, you can verify the actual condition of the vehicle being sold because Carmudi recently partnered with Rapide for Carmudi Certification Program.
The idea is that the buyer can request the seller in Carmudi to have the vehicle certified via the following steps:
- Rapide specialists check the actual condition of the car. They check everything about the car from the interiors, body, engine, electronics, even accessories.
- The specialists also make recommendations if there are repairs that need to be done on the vehicle and gives you idea on repair costs.
- The results are made available to the buyer for evaluation so the buyer has all the information he/she needs to fully decide on the purchase.
If you’re interested, you can request any vehicle in Carmudi for inspection and certification below:
Carmudi and Rapide’s goal is to bring peace of mind to the buyers through the Certification Program. This brings more transparency and credibility in the buy and sell industry.
TIPS: You can check the car listings in Carmudi here. You might find some interesting deals for your Uber vehicle. If you need the list of accepted vehicles and requirements for Uber, refer here.
We hope this article will help you, aspiring Uber Partners, make a sound decision in joining Uber. And just like Kuya Ronald, have a happy and sustainable Uber business. If you want more info on how to be an Uber Partner, just refer to this step-by-step guide.
Disclosure: This is an advertorial by Carmudi [www.carmudi.ph].
I want my car to be a uber in manila. How my car to be a uber ?pls reply
Here’s a step by step guide on how to be an Uber Partner. Let me know if you still have questions.
http://ubermanilatips.com/how-to-be-an-uber-driverpartner-in-manila/
There seems to be a problem with mu Uber account.
1.) I encoded my credit card number to get done with registration. But since there is already an option for “Cash” payment, I wanted to pay cash instead of credit card but I cannot CHANGE the payment mode.
2.) The credit card number encoded in my account is now expired. So the last time I booked my credit card provider notified me a “declined” transaction of P103. So I paid in cash. How come on my succeeding bookings, I was being notified that I owe Uber P103?
3.) I want to access mu Uber account to change registration details but can’t access. So I requested to “change passowrd”. Uber notifies me that they sent the “change password” link to my email but I am not receiving any email.
Please help me to deactivate my registration so that I may again.
Thanks for your immediate attention
Best Regards
Rosario N. Talaguit
You really need to register a card to be able to use Uber even if you want to pay via cash.
This might help you: Having problem requesting because of unsettled balance? Learn how to solve it here:
http://ubermanilatips.com/how-to-settle-outstanding-balance-in-uber/
Hi Admin,
We have plan to come on Saturday, May 14, 2016 on SM Aura Site to have complete register as UBER partner
That’s great. But you have to create an account first online before you go and submit your requirements there. You can sign up here: http://bit.ly/ubermnlsignup
Good day i just want to ask kung may narinig kasi akong aalisin na ang mga hatchback sa uber is it true kasama rin ba ang hyundai accent hatchback sa mga aalisin Thanks
No official news as of the moment po
Hi! Can I specify an innova (for ex) when I request an uberx ride? I need luggage space.
You cannot. It’s better to request for UberBlack so you’re sure that the car is SUV.
I just want to know what type of cars are eligible for uber… thanks
Here’s a full list of the vehicle requirements and accepted cars for Uber Manila, you can also get a car quote in this link:
http://ubermanilatips.com/become-uber-partner-uber-driver/list-of-accepted-cars-for-uber-manila/
Here’s a step by step guide on how to be an Uber Partner. Let me know if you still have questions.
http://ubermanilatips.com/how-to-be-an-uber-driverpartner-in-manila/
Here’s a full list of the vehicle requirements and accepted cars for Uber Manila, you can also get a car quote in this link:
http://ubermanilatips.com/become-uber-partner-uber-driver/list-of-accepted-cars-for-uber-manila/
There are some vehicles that are listed in uberX and uber Black. Example is the peugeot 301 which is listed under both lists.
hi there!
i just want to know how much it will cost me from business registration to fully operating my Uber business? thanks
Hi, all the answers to your questions about the Uber business is in this FREE Webinar. There’s a Q&A portion also at the end where you’ll get tips from pioneer Uber Partners: https://app.webinarjam.net/replay/1010/be1796dcdb/0/0
If I buy second hand car age is 2 years e.g (2014 model), how many years I can use it for Uber? Thanks!
As per LTFRB memorandum, you can use it for 7 years.
As per LTFRB memorandum, you can use it for 7 years.
If I will buy second hand car age is 2 years e.g (2014 model), how many years I can use it for Uber? Thanks!
You can use it for 7 years. Kindly refer to UberMNLTips’ TNVS FAQ: http://ubermanilatips.com/tnvs-faq-by-ubermnltips/
Hi! The owner of the car works overseas. How can he register? Can he register even he is not here? I will be the driver. Can he also be a second driver when he comes home for few months holiday, for example. Pls email me. Thanks in advance. We want to register.
If you need guidance on the requirements for signing up, here’s a step by step guide on how sign up and to be an Uber Partner. http://ubermanilatips.com/how-to-be-an-uber-driverpartner-in-manila/
hi, Im interested to join uber. is there any seminar offered for me to know the business?Thanks
Here’s a step by step guide on how to be an Uber Partner. Let me know if you still have questions.
http://ubermanilatips.com/how-to-be-an-uber-driverpartner-in-manila/
Also, if you found our website helpful, we’d appreciate if you’ll use our Partner Invite Code”QPKMY” to sign up. Sign up as an Uber Partner here.
Hope this helps. Like UberMNLTips on Facebook.
Also you can watch this video regarding how to join uber: https://app.webinarjam.net/replay/1010/be1796dcdb/0/0
Mahina na raw ang Uber/Mahirap na daw makapasok as a partner sa Uber. Is this true, admin?
If you want to get all the details about being an Uber Partner, we highly recommend you watch the replay of the FREE webinar we did a couple weeks back. We guarantee all your questions will be answered plus pioneer and seasoned Uber Partners will give some practical tips at the Q&A portion at the end. You can access the replay here: https://app.webinarjam.net/replay/1010/be1796dcdb/0/0
Hi admin, if i have a brandnew car, How many years ko sya magagamit for Uber?
As per LTFRB’s regulation, you can renew it every year for 7 years.
Kindly refer to this link: http://ubermanilatips.com/list-of-accepted-cars-for-uber-manila/
I’m planning to buy a 2nd hand Toyota Vios car which is already registered in Uber but under the previous owner’s account. Can it be transferred to my name? Or do I need to re-apply again?
We advise that you apply for new account, because TNVS applicant should be the vehicle owner. Kindly refer to UberMNLTips’ TNVS FAQ: http://ubermanilatips.com/tnvs-faq-by-ubermnltips/
if i have my own car then mag apply po ako as a Uber-Partner
need ko din po ba mag pasa ng mga requirements for driver like NBI Clearance
PNP Clearance? just askin lang kase dito ata sa Cebu mejo matagal kumuha ng NBI, so mai ready ko agad before ako mag car loan. tnx admin.