8 Tips on Renting Out Your Car

There are good reasons for you to feel attracted to rent out your car, it is ecologic, it can be an extra income, it can help you to pay the car (in Singapore being a car owner can be quite expensive), avoid the need of selling your car if you are abroad, etc., however doing it profitably in Singapore without the knowledge can be an issue and you can have a lot of legal problems like liability claims, fine and even jail for that, if you don’t know how to start is this increasingly common business. There are 8 key guidelines you should follow to rent your car safely and legit.

1. Make Sure You Are Doing It Legally: 
In Singapore there are specific laws to rent your private car, the Land Transport Authority or LTA has the Private Car Rental Scheme, which specifically states that is only legal to rent a car registered under the name of a private individual and, with a proper insurance coverage on weekends, from Friday 7pm to the following Monday at 7am and during public holidays from 7pm on the eve of the holiday to 7am on the following working day of the public holiday, other than that can have penalties from a fine of $ 1000 to a 12 months ban and even a maximum of three months of jail. For more information consult the LTA website.

2. Research How Much You Can Charge: 
The rates may vary from one vehicle to other, it is important, if you want to successfully rent your car, to know the market rates for your car so the price is fair for you and the hirer. Cars that are 5 years old or more are less likely to find renters.

3. Advertise Your Vehicle:
You can publish your car rental on the newspapers or doing it online through social media or specialized websites in classified advertising are a good option too, if you don’t want your car going too far you can also tell your friends or family who need a car that you are renting yours.

4. Talk to Your Insurer: 
In order to have the coverage necessary to legally rent your car, you need to contact your insurer to have all the documents to change your policy, if you don’t you take the risk the company will not accept any renovations and, in the worst case scenario, if something happens with the car you can be facing liability claims and the insurance will not do anything because they will not have the legal responsibility to do so. Third Party is the minimum coverage needed according to the Singaporean law, Limited Protection or Comprehensive Motor Insurance, are recommended too for having a better coverage.



5. Get to Know the Hirer: 
Giving your car to a stranger is not exempt from risk, if you rent by yourself make sure to meet in person the hirer, make sure it is the same person you arranged with and check if the person has age and experience to drive your car, those are the only things you can be sure about, you cannot guess the purpose of renting the car, you have to trust the person will not do anything illegal, or will take care of the car like you do, when the driver does not own the car is more likely to be negligent (not avoiding potholes, not paying enough attention to the road and even reckless driving).

You have the option of joining a car sharing club, often before getting a membership the applicants need to pass a strict screening for the safety of the car owners, it could be helpful to reduce the stress of thinking all of the bad things the driver can do when your car is in service and the difficulties of tracking the driver’s background by yourself.

6. Keep Controlled When and Whom You Rent Your Car: 
Do not let a third person, even if it is family take control of your car rental, that person can be tempted of getting out of the law for a little more money and might get you into troubles because the liability of the car is on you, and also can be complicated for you to get access to your own car when you want to use it.

7. Be Organized: 
If you don’t want the car rental to become a nightmare, keep a schedule of the rentals of the car and plan when you will use it, so you don’t compromise with a client, especially if it is an old one and frequent. If this ever happen you can lose a trustworthy renter and maybe get thought the stress of getting to know a new client and building trust again. Also it is convenient not putting all the eggs in the same basket, you cannot keep just one client because if something happens you might not have rental income until another person shows.



8. Car Rental Companies Are a Good Option: 
You can sign a leasing contract with a company that rents the car for you if you don’t use the car at all, this companies always screen their clients, and also the companies may offer convenient features for you. Before leasing your car to a company you should not take the first that shows, try to research deeply several companies, so you find the one who offers conditions and deals that are suitable for you. Once you find the right company, and before signing any documents, make sure that: you understand all the terms and conditions, you are comfortable with the payment the company is offering, it is also very important you have the right insurance coverage and last but not least the background and credibility of the business you are leasing to.

The most important thing to take in account when choosing the method for renting your car is that it fits in your possibilities and time, If you don’t want to spend the weekend worrying about your car, there is a wide range of options for safety and there are also reliable business renting the car for you if you don’t have the time to arrange and meet the renter and still want to be in this trending business.

How To Rent Out Your BMW?

Owning a car is one of the biggest dreams of many people. Everyone wants to own a car to ease the load of getting late for important events and situations. You might have a personal car, which means that you will not need to call a taxi to pick you up wherever you are. Basically, it is flexible and comfortable to own a car. And another great thing to have is a luxurious car, and BMW stands as one of them. In Singapore, there are several BMW models that people own, however, what if you are not getting value from your car, or it’s too expensive to maintain due to seasonal parking fees? What about when you have monthly instalments to pay for your car, and you can’t successfully raise the money? When such situations come, you may want to rent out your car. But how do you go about it?

• Inquire the Cost
Prior to leasing out your car, you will need to know the amount of money that you would expect to get. For that, you will need to go to the website of the company that you intend to lease out your car to, and get a quote. The company is expected to give you an instant quote, in order for you to decide earlier enough on whether you will rent out your car on not, depending on the amount expected. You must be aware of the money that you will be earning, either monthly or yearly. Despite the quote given by the company, you will be able to set your own, comfortable quote and make an agreement.



• Choose Your Desired Driver
Once you have made up your mind about renting out your car to a given company, in relation to the earnings, you will then need to choose the one who will drive your BMW. It is your valued car, therefore, you need to look for a competent driver. The company should be able to give you the list of drivers available, with their profile that shows their eligibility in driving. You will then choose the driver that suits your preferences.

• Meet Out With The Renters in Person
If your car is to be given out to a person, for a day or however long they would need to hire your car, you will need to meet them and negotiate personally on the terms. Despite giving the car to a certain company, the company will update you on the person who has rented your car. It has been studied that private cars that are leased out tend to be handled with more care compared to company cars. This is because the person renting the car knows that they are handling a private property. Despite knowing the driving eligibility of the renter, you will need to know their characters and personalities too.

• Know the Liability Insurance Cover
Apart from your personal auto insurance, the company that you lease out your car too should be able to cover your car, in case of any mishaps. Ensure that the company is able to provide a liability insurance cover for your BMW. This will help to reduce the load from you and your auto insurance cover.



• Know Your Rights
You should be aware that you have the right to reject a rental request for whichever reason. It is not a must that you should accept any rental request that has been presented to you. Therefore, the company that you choose to rent out your car to should leave you the decision of who to rent the car to. Do not be forced to lease out your car to anyone who doesn’t suit your desires, remember that the car is still yours. For instance, if a renter is smoking, and you don’t, that could be a conflicting factor and for that, you will be free to reject the rental request.

You can earn more than you expect from leasing out your car. On average, one can get up to 310 Singapore Dollars in a month from renting out their car. In other situations, some have earned over 8,200 Singapore Dollars in a year. Therefore, you will be able to get enough money from renting out your BMW and get off the financial burden. Always remember to know how much you will expect to earn from renting out your car to a given company and above all, know your rights as you rent out your car.

When Is The Best Time To Rent Out Your Car?

Cars are comfortable assets that help us conveniently move from place to place which is why many people strive to own one. It is also common for people to rent or lease cars for a given time from car renting companies. However, these are not the only places where you can seal car renting deals. There are many people who simply rent out there cars for a short while to fetch them extra money before they get it back. If you want to rent out car to a given renting company, travel group or individuals, there are several aspects you must consider. Issues of business and contract credibility, insurance, duration for renting, liabilities and cost are all important. Nonetheless, a small often oversight aspect still remains; when is the best time to really rent out your car?

Do you have chauffeur from work?
There are many things that may lead you to renting out the car and most of them are obvious and straightforward. For instance, if you are just back to work and have a personal chauffeur sent from work, then you are not going to use your car for commuting. Check out your schedules for the next few weeks and determine whether there is any serious need for having your car. If you are free and only focused on work, then you can consider renting out your car for a short duration.

Do you have a company vehicle?
If you have a company vehicle at your disposal and can use it to commute to your workplace or shop around, then renting out your own car is not such a bad idea. Having a company car is like having a second car and the good thing is that most of the expenses are taken care of by the company. Your own car can be rented out since you have limited use for it.

Are you going for vacation abroad?
Holidays and vacations can be quite insightful, rejuvenating and inspiring which is why we love them. If you are planning to go on vacation somewhere far from your residence and will be leaving the car home, then it is probably best to rent it out to fetch you some money while you are out for holidays. If you are going to stay abroad for a month or more, then you can make plans to rent out your car for that period of time.



Studying or living abroad
If you have received an offer to work or study abroad, then you will probably leave your car back home. Some people choose to leave to their family members and relatives who are remaining. However, this is a good opportunity to rent out the car instead of letting it depreciate in rust if you do not have someone to take good care of it while you are away. Since you will be spending a long time away from home, it is best to rent or give it to a leasing company.

Looking to make quick money
There are several platforms that enable you to make quick money by renting out your own car. From peer-to-peer car sharing and renting to large car renting establishments that take your car and rent it to their clients, these platforms should not be hard to find. You simply rent out car for a given journey or period and earn quick money. You can still get your car back in time to use it for your own conveniences.

After buying a new car
If you have an old car and recently purchased a new one, then the old will be laying unused for most of your travels. Cars depreciate much faster when they are unused in garages where many pests and elements attack them. If you do not want your first car to waste away, then you can consider renting it out to clubs and companies that deal with such businesses. It could be a good plan to help you afford fuel costs and other expenses your new car demands.

Working from home
It has become quite common for people to begin different business startups building companies from home is not in any way unusual. If you have started a home business, you will be hooked in your location for long hours before the business picks up and your car will remain unused for given days of the week. In car renting clubs, you can effortlessly rent out your car during specific days that you do not need it. This can fetch you more income to help support your business.



Festive and high price seasons
The best time to rent out your car is when the market prices are high enough to fetch you good money. The main objective for renting out a car is to make the most of your car when you are not using it and generate money from its use. Festive seasons and holidays are known to have many discounts and coupons but are also the time when people are willing to spend more since they have been saving up for such seasons. Renting out your car when there is a high demand for cars will definitely fetch you more money than during busy working days.

Renting out of convenience
There are various situations that may lead you to rent out your car. For instance, if you have a leased car which you are not currently using and still have to make payments without the option for transferring that lease, then renting out is probably a good way of making something off that car to pay your lease installments until the time expires.

Conclusion

Renting out a car is common and many clubs have been formed specifically for sharing and renting out cars. It is important to keenly review the company or people you are giving your car and ensure they are credible licensed businesses. You should consider all the legal and contractual implications before renting out cars to any business. Identify the liabilities for accidents and damages done to the car during the time it is rented and how you go about maintaining the value of your car. The above situations are only a few instances when renting out your car may be the best decision.

Where Can I Rent Out My Audi?

Buying a car is one of the dream of many people. However, the beauty of owning a car is the ability of having it and be at ease. The comfort comes in when you are sure of a cleared bank loan, and enough money to maintain it. It could not be such an easy task to maintain a car, especially if you need to service it constantly as well as clear the loan. It could be costly when you need to go to work with your car and pay for the daily parking fee.

However, you can cut on the extra costs and rent out your car to a reliable company. Audi is a common car in Singapore and the most eminent models are saloon cars, which are the most popular types of cars that are leased out. Prior to thinking of renting out your Audi, you will need to consider the company that you intend to rent the car out to and the terms of the agreement. So where can you lease out your car? This will be determined in relation to the company’s features.



• The Rates
Yes, it is your car that you are renting out, but you will need to know that most of the money will be going to the company. Nevertheless, you must come to an agreement with the company that you are handing over the car for leasing. You will need to understand the charge that will be placed on the leased car, and weigh the options of keeping it or not. The company should be open on the amount of money that you will be charged or paid, in order to avoid future losses.

• Professionalism
The company that you wish to lease out your Audi must be professional enough. They should be able to advise you on the right way to approach your solution. The company must have competent employees that will ensure your car will be in safe hands, even if you leave it with them. In addition, the company must be inquisitive about your car leasing. It might sound irritating if a company asks you too many questions concerning your Audi. However, it will be a proof of professionalism if that company asks about the car’s condition, your reason for leasing it, or any other related question.

• License
Above all, you will need to find the right company that is licensed and insured. This will help you to be sure of a genuine deal. When you need to lease out your Audi to a certain company, you must be sure that they are licensed and that they are also recognized. You could be leasing the car to a con company, which will make you lose more than you already have. In addition to being insured, this will make you know about the damages cover. For instance, if the car is involved in an accident, you must be sure of the person who will be responsible for the costs. Also, if it gets any scrapes, you should be informed if the company or you will be in charge of the fees.



• Availability
It is advised to rent out your car to a local company. This is for the sake of contacting them in person where needs be. It will be easier to know the progress and openness of your car lease contract if the company is easily accessible. Another good thing about renting out your car to a local company is that they you can ask from the residents about their services. Typically, a local company will be more trusted by the residents, due to its reliable services, so you might want to consider that.

• Competent team
The company should have professional drivers with legal licenses to prove their eligibility. This will give you an assurance that your Audi will be handled by professionals. Besides, you are just renting it out for a while, which will mean that you may want to have it back. For that, ensure you leave your car with a company with eligible crew.

The essence of renting out your car is to solve the financial burden that you might be going through. Therefore, the company you choose to rent out your car should be able to help you in getting out of the financial challenge. You can also ask the company questions about their eligibility and their terms of services, in order to be sure of leaving your car in the right hands.