Rent Out Your Car on HyreCar: The Complete Guide
What we do here at HyreCar is simple: We offer a marketplace where people who want to drive for Uber or Lyft can pay local vehicle owners to borrow their car, and in turn a place for car owners to rent out their cars to earn some extra income.
You’ve probably heard the stories of how much money people are making driving for Uber/Lyft, either online or asking a driver yourself. But making money doesn’t stop there.
Here’s our complete guide to renting your ride out and making money ASAP.
Benefits: Why rent out your car?
We are proud of the amount of benefits owners can glean with HyreCar. Share your vehicle and you can enjoy the following:
$$ Money $$
Actual earnings from car owner’s dashboard:
- Make more than $1,000/month: It’s true – Choose to rent your vehicle out and you can make great money to help knock some bills off your list, or do whatever sounds good to you (we don’t judge). If you play your cards right, $1,000 in a month is very doable. The daily rate of a rental can range from $35-$65. Owners get 85% of posted rates, plus additional funds for excess mileage when applicable. Where our competitors take, we give.
- Car owners market = higher daily rental rates: There’s been no better time to make money renting your car than now. We have high demand to drive for Uber/Lyft to thank for that.
- Get paid FAST and OFTEN: We mean it. With our easy to manage dashboard, you control when you get your money. Your first deposit will be made a week after your first booking,. After that, you’ll get paid on a rolling two day schedule.
- Insurance: We get it, your vehicle is your baby. Don’t fret. Share your car without worry: We provide comprehensive, double-backed insurance for all vehicles rented in our HyreCar marketplace. Our insurance meets and often surpasses state requirements. Additionally, your vehicle is also covered by Uber/Lyft insurance policies while the drivers are driving for Uber or Lyft.
For more info about our insurance policy, see: https://hyrecar.com/insurance
- Extensive background checks: Yeah, we know. You wouldn’t even let some of your family drive your vehicle. That said, rest assured knowing that our driver screening is one of our most major focuses. Our renters go through an extensive screening process.
- Incentive to drive right: Remember that to drivers, your vehicle is their business. The incentive for a driver to treat your vehicle with respect is high. If the car is in less than acceptable shape, or in the rare instance that it’s in an accident, that means no business for the driver. We’ve known drivers to adhere closely to this behavior across the board.
- Longer rental periods: This one is simple, longer rental periods equals more money in your pocket! Uber/Lyft drivers need to continue renting your car in order to keep making money.
Note* If you haven’t seen it yet, check out our animated video describing our service:
Process: How to Rent Your Car Out
We’re also really proud of how simple we’ve made the “make money renting your car” process. We’re sure you’ll agree: it’s easy.
Listing your vehicle
- Decide you want to rent your car out for money.
- Give yourself a high-five and pour yourself a scotch (latter is optional but recommended).
- Visit hyrecar.com/share and enter your information.
- Complete your vehicle information and click next
- We’ll also ask you for: pictures of your vehicle, make, model, year, plate #, VIN, and features.
- Additionally, you’ll decide on a pickup location and a price
- Our prices average about $40 per day. (Tip: Submit your vehicle with as much info as you can to get it verified so you can make money quicker!)
- Enter your user information and verify your email
- On your partner dashboard click “My cars” and post your vehicle to the marketplace! That’s it.
- Congrats, your vehicle is now live on our marketplace! You can now start making money renting out your car. So, more scotch?
Car listing tips:
- While they aren’t mandatory, the inspections for Uber/Lyft and a basic 19-point inspection look extremely good to drivers, as they won’t have to get them done themselves individually. Owners who get these inspections done get their vehicles rented 87% more often than those that don’t!
Making Money: Actually Renting Your Vehicle Out
The final part of this is teaching you ways and best practices our owners are using to get their cars rented. Great news: Drivers are hungry for cars right now. Let’s start making money with your car.
- HyreCar Marketplace: Our simple, user-friendly, and vibrant marketplace is where most of our drivers find vehicles to rent. The same will go for yours. (This is where making a sweet listing really counts!) Log on and view the drivers in your area that need cars.
- Driver invitation system: Drivers will be able to find your car organically through our marketplace, but you can also invite them to apply via our driver invitation system. Simply use the tool to search for drivers and invite them to apply for your vehicle. See our driver invitation page here. (Must be logged in to see drivers)
- Reaching out: If the invitation system doesn’t tickle your entrepreneurial fancy, there’s an additional option for drivers to search for drivers and reach out to them personally. Owners can pay a small fee to see driver’s personal contact information and are empowered to reach out themselves to make a transaction.
Finalizing the transaction
Once you’ve found a driver you like, you’re knocking on the door of Money Town. Some final “t”s to cross and “i”s to dot.
- After approving a driver: You’ll be promoted to upload your car’s registration if you haven’t yet.
- Upload your vehicle registration ASAP: This will move things along much quicker once you get your first application
- After registration is uploaded: You’ll be prompted to fill out a damages list.
- Be as thorough as possible. Obviously.
- After submitting the damages list: The insurance will be uploaded within 24 hours of the rental period to our site. The driver and you will receive an email notifying that the transaction’s insurance info is on the site.
- Set up the time/place: Once a booking is confirmed, contact the driver to set up a pickup time and location.
- NOTE: You do not have to meet at your residence. We suggest somewhere you feel most safe, like a Walmart. Unless you have bad memories at Walmart, in which case Target is a great alternative.
- Inspection: When the driver gets there, they’ll inspect the vehicle for damages themselves and confirm the damages list you submitted.
- Confirmation: Both you and the driver will have to confirm the pickup on our HyreCar app. ENSURE THE DRIVER DOES THIS.
- Insurance will begin: Insurance begins once the pickup is confirmed by both parties.
- Driver is notified: Driver will be notified 24 hours before your vehicle is due back.
- Driver Extensions: Drivers can choose to extend the rental at any time, based on your preferences. More money for you!
- Time of dropoff: The drop-off will occur wherever the driver and owner have agreed at the time specified by the owner.
- Confirm dropoff: Similar to pickup, both driver and owner will have to confirm the dropoff on the HyreCar app.
The driver demand for Uber/Lyft is incredible. If you have a vehicle that you could rent out, this is an opportunity to make some great money. We hope we’ve shown you our process is well-thought out, and especially thorough when it comes to protecting the safety and property of our owners. We’re willing to help you earn some passive income, are you ready to take it?
For any additional information, including our FAQ, please visit us at http://hyrecar.com or find us on Twitter @HyreCar.