How can I leverage or rent out my car to make money, at least, covering my bill?
Please Help! I ‘ve currently paying by financing almost 700.00 / month for my brand New 2006 VW Jetta TDI 1.9L. Ever since I’ve moved to the place near to my work without driving my car, I am thinking of rent out my car with an amount of money to pay my bill or make some money from it. I have the following questions,
1. Am I supposed to do it?
2. If it’s doable, what kind of legal documents should I get for my tenants or customers?
3. Does it require to have a business lincense to do that? I only have one car anyway.
4. Have anyone like to share the story or experience in this case.
If you’re not using your car — sell it! It sounds like you’re really getting hosed! You’re paying 700 a month for a Jetta! If you really want to keep your car and need a one time loan, if you have any equity in your car, you can get a title loan from a place like a check cashing store. That will be a one time loan though and likely at a high interest rate. It sounds like you are living outside of your financial means and just need to reevaluate your expenses.
If you’re thinking of renting your car — yes you’ll need a business license and there will be A LOT of other legal hoops to jump through that will likely make it not worth your while. Not to mention, the practical question of finding people to rent the car.
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