If you don’t use your car all the time and you have to pay your car loan regularly. Renting out your car seems to be a great option to help you pay your car loan faster. The field of Car rental in Egypt for owners is a great way to make a reasonable income on the side. It is not a complicated process. You just need to learn how to do it right. It will be a systematic process. Here are 6 things to consider before renting out your car.
A great reasonable income source
Renting out your car is a great reasonable income source. Your car will do the work and you just sit back and make some money. You don’t have to do much. We recommend you use an online rental service. They will do most of the work for you. You list your vehicle details plus rental price, availability and location and wait for potential borrowers to contact you.
You must have excellent car insurance
Renting out your car will increase the risks. A borrower may have an accident. You will need to have excellent car insurance. We recommend you to join an excellent car insurance company. You must mention that you’ll rent out your car in the contract. Your car insurance will cover most of the risks, but you’ll have to pay more than usual insurance payments. Don’t cheap out on car insurance. Get the best car insurance for your car.
Inspecting your car
Before you deliver your car to the borrower, you need to take photos of your car. These photos document the status of your car. You will have to inspect the status of your car again when the borrower returns it. Take your time to check everything to make sure there is no problem in the car. If you found any problem in the car, take some photos to document it. You will need to clean your car carefully between borrowers.
Offering the right price
In order to find the right price for renting out your car. Check the local pricing. You can use any local online service to check for prices. You will be able to know the average. Don’t ask for a very high price. The right price can make you extra money because it will allow you to rent out your car more often.
Make sure to charge extra for mileage
Your car is a depreciating asset. This means the more mileage, the less value. You must charge renters for extra mileage. You must factor in the depreciating of the price of your car in the rental price. We recommend you to join a car renting service that charge for extra mileage. This will enable you to make more money and it is a compensation for the wear and tear of your car.
Always use a GPS Tracker
Using a GPS tracker is a must. it’s a good way to keep your car always tracked. You can find your car if anything happens to it. We recommend you use a third-party GPS tracker to protect your car. Don’t just use the built-in GPS tracker. This will add further protection for a small price.
Generally, renting out your car is an excellent way to make money on the side. You have to deal with some problems, but it totally worth it. We recommend you to use a good online car renting service. There are a lot of good companies out there. We are sure that you can find a good one in your area.