5 Ways to Quickly Generate Cash With Your Car
If you’re like most Canadians, your car is by far the biggest asset you own, aside from your house. And while your vehicle may technically be a depreciating asset, that doesn’t make it any less useful as long as you’re driving it.
But are you really getting the most out of your car?
Chances are, you’ve heard of plenty of ways people can generate cash with their cars. You might think that making more money on the go is easier said than done, but the truth is that anyone can get some quick cash from their vehicle—whether you want to work as a driver or not! If you’re looking for ways to turn your car into a money-making machine, here’s where to start.
1. Transport Goods
If you want quick cash for one-off jobs, try transporting other people’s goods and belongings!
With a service like TaskRabbit, you can sign up to perform contactless pickups and deliveries. This may mean running errands, delivering prescriptions, bringing donations to charity, or helping someone move.
In other words, you can perform valuable services within your local community while making a little extra money on the go! What’s more, this option gives you the ability to choose your own schedule, picking up jobs only when you’re available.
2. Be an App-Based Delivery Driver
From Instacart to Grubhub to DoorDash, there are countless apps available for delivery services today.
If you’re willing to sign up as a driver and spend some hours working, you can deliver food and groceries from various stores and restaurants in your area. Not only do you get paid per delivery—often between $10-25 per hour, depending on the app and the time of day—but you can also keep any tips your customers give you.
Again, this option is ideal for anyone who needs a flexible schedule: most apps require you to schedule blocks of time in which you want to work, but you decide when and how often that will be.
3. Work for a Ridesharing Company
Ridesharing has taken off in a major way in recent years, and it’s become a great way for car owners to make some extra money on the go. Choose between the two major companies, Uber and Lyft, or sign up with both for a more reliable stream of income.
There are a few caveats to this tactic, of course.
First, you’ll need to be willing to drive during prime hours to make more money—specifically Friday and Saturday nights as well as on weekdays during rush hour. You’ll also have to be prepared to put a little more wear and tear on your vehicle. Last, you’ll have more luck in major cities like Ontario; in less populated areas, you may have a hard time getting ride requests.
4. Let People Borrow It
Got a car that you don’t use much? If you don’t mind letting others rent it out, you could turn your little-used vehicle into a steady stream of cash.
In much the same way that Airbnb rents out rooms, there are many services that help you rent out your vehicle when you know you won’t be using it. Turo is the first and largest car rental service that operates in Canada, though you’ll find it’s more common in major cities like Toronto.
If you’re worried about strangers driving your car, Turo takes a few steps to put your mind at ease. The service covers both insurance and roadside assistance for your vehicle when someone is renting it. In addition, all renters must be vetted before they can rent a vehicle.
5. Slap an Ad on Your Car
Wondering how to make quick cash without working? If you don’t mind altering the appearance of your vehicle, you can make money just by driving your car around like you normally would!
Many companies are willing to pay drivers to wrap their car with an advertisement. These ads aren’t permanent, and they’re designed to come off without damaging your vehicle. One of the more popular companies, Drivertise, will pay you up to $70 per month for a back window advertisement.
6. Use It to Get a Loan
If you’re looking for a great deal of money all at once, the prospects above might not help much. Fortunately, there’s another option available: quick cash loans.
Getting a car title loan can allow you to borrow up to $25,000, depending on the vehicle you own and its condition. This can score you a loan to pay off credit cards or other debt, and it doesn’t even require you to give up your vehicle.
What’s more, car title loans are fast transactions, meaning that you could have the money in your hand within hours of settling the details. From unexpected expenses to a loan to pay off debt, this option may be just what you need to get out of a financial bind.
Generate Cash With Your Car Today
Whether you’re looking to jump into the gig economy, launching a full-time career as a driver, or hoping to make some fast cash with a loan, the tips above are great ways to generate cash with your car. Consider your lifestyle and your financial needs to weigh which of these options will give you the most value for your time and effort.
If you’re interested in learning more about car title loans or if you’d like to start the process, come by our offices or contact us online. We’d love to show you how we can help. Additionally, you can get money through a Storage Loan where you leave your snowmobile, watercraft, motorcycle or classic car with the lender for the term of the loan.