Following the agreement, uber and Zopa have created a new marketplace that will assist Uber drivers who are looking to move from renting an auto to purchasing the car.
According to Zopa, loans will be secured against the new cars with rates based on the driver’s credit risk. Loan rates will start from 6.9% APR over 3-4 years with loan values up to a maximum of GBP 22,000. Borrowers will be the registered ‘keepers’ and users of the vehicles until the loan is repaid in full, after which ownership will then be transferred to them.Drivers may decide to pay-off loans early. Zopa explains that an institutional lender will be providing the capital. Once a driver is pre-approved, the vehicle must be selected from Uber partner Toyota Jemca.
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