How to Rent Out Your Car

Share this article:
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is Car Renting?
Why Might You Consider Renting Out Your Car?
Steps to Rent Out Your Car
1. List Your Vehicle
2. Find Drivers
3. Complete the Transaction
4. The Pickup
5. Returning the Car
Options for Renting Out Your Car
Turo claims to be the world's largest car-sharing marketplace, with locations in the United States, Canada, and the UK. Most rentals require that drivers and hosts meet in person to exchange keys, as few rentals are able to be unlocked using the app. Hosts determine the rental pick-up and drop-off locations or offer a delivery service. Rental rates range from about $20 to $100, and hosts keep 60%, 75%, 85%, or 90% of the rental rate depending on the vehicle protection program they choose. Getaround is available in the United States and Europe. Rentals can be unlocked using the app, so hosts and drivers do not need to meet in person. However, rental owners will need to install the hardware that allows this system and pay a subscription fee. Rental rates range from about $20 to $80 a day, and rental owners keep 60% of the rental cost. HyreCar was built specifically as a service for those working in the gig economy who need a car while theirs is in the shop or want to avoid putting wear and tear on their own vehicle. Rentals require in-person key exchange. Average rates are about $35 to $45 a day, and hosts keep 75% to 85% of the rental fee.
Risks Associated With Renting Out Your Car
Car Financing Options
The Takeaway
Frequently Asked Questions
About the Author
Austin Kilham is a writer and journalist based in Los Angeles. He focuses on personal finance, retirement, business, and health care with an eye toward helping others understand complex topics.
Share this article: