Uber and Zopa team on car loans for drivers

Uber and Zopa team on car loans for drivers

Uber has struck a deal with peer-to-peer lender Zopa to offer its London-based drivers financing for new cars.

The deal will see drivers that rent their vehicles given the option to buy thanks to loans secured against the cars at rates based on credit risk. Loan will be up to £22,000 at rates starting from 6.9% APR over three to four years.

Zopa says that to begin with the loans will be funded through one of its institutional lenders, while drivers will have to choose a vehicle from another Uber partner, Toyota Jemca.

Giles Andrews, CEO, Zopa, says: "Partnering with Uber is an excellent move for us as it marks Zopa's entry into the secured auto lending industry, allowing us to provide secured loans to a growing market of self-employed customers."

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