Car wrap advertisements can be a great way to cash in on your commute (and pay down student debt), but the industry is rife with scams. If you’re looking for a way to get paid to advertise on your car, here’s what to know before you sign up.
The average American spends 27 minutes (each way) commuting to work each day, according to the U.S. Census Bureau. Although you can use that time rocking out to your favorite music or listening to audiobooks, you could also be making some extra income.
Companies like Carvertise and Wrapify will pay drivers to put advertisements on their cars. These types of companies typically work with local or national businesses to develop the ads and connect them with drivers in their target area. Once you’re approved as a driver, the company will apply colorful decals — also called wraps — to your car for a set period of time.
The longer your commute, the more you can get paid to wrap your car. The more you drive, the more exposure the businesses get, so they’re willing to pay a premium for those who cover lots of miles. Depending on your commute, location and the campaign, you could potentially earn between $100 and $400 a month, or in some cases, more.
When Sonya Fishel Lawrence saw a post online for Carvertise, she thought it was too good to be true. The Pennsylvania-based registered nurse was looking to boost her monthly earnings, so this passive source of income intrigued her.
She decided to submit her application to Carvertise after looking up reviews. Within a few weeks, the company put the ad on her car and she was earning money. “I was paid $300: $150 after I took my car to be wrapped and the other $150 at the end of the campaign,” said Lawrence.
Although car advertisements can’t replace your salary, it can be a good source of income since it requires no additional time or work from you.
So how do you wrap your car? When you sign up for a car advertisement service, the company will prompt you to enter information about your location, daily mileage and car. Some companies have minimum requirements you must meet. For example, Carvertise has a 30-mile daily driving minimum, and your car must be a 2008 model or newer.
Custom paint jobs or specialty finishes could make your vehicle ineligible, as that can affect how the car wrap looks. Most companies require that:
- Your car has its factory paint job
- You have a clean driving record
Once you submit your application, the company will evaluate your submission and see if you’re a good fit for an upcoming campaign. In some cases, it can take weeks or even months before you hear back.
If the company selects you for a campaign, they will contact you to let you know. Though you might not get to choose the ad that’s applied to your car, you can opt out if you find the ad inappropriate in any way.
If you decide to move forward, the company will work with you to schedule a time for a specialist to wrap your car. The decals are applied with an adhesive made especially for vehicles so that it won’t damage or scratch your paint.
A campaign, depending on the advertiser and the car wrap company, usually runs anywhere from one to six months, or in some cases, even longer. After a campaign is complete, you make another appointment with the car company to have the decal removed.
Although you can get paid to advertise on your car, there are many scams out there. In fact, the Federal Trade Commission issued a warning in 2019 about car wrap companies scamming college students. Shady companies will say that you can get paid for having an advertisement on your car only if you pay a fee first. Or, they might send you a check for more than they owe you and ask you to wire them the difference. After you’ve wired the money, you’ll find that the check was a fake and you’re out the cash you sent.
It is important to research the companies before applying or giving away any of your personal information.
Legitimate car wrap advertising companies will meet the following guidelines:
- They don’t charge a fee: Real car wrap companies don’t charge drivers an application fee. You should be earning money, not paying for the service.
- They cover the wrapping cost: Car wrap businesses cover the cost of applying and removing the car wraps. If they ask you to pay or say they’ll reimburse you, look for another company.
- They have minimum requirements: Shady companies don’t care what model your car is or if you have a bad driving record. They just want your money. Legit car wrap advertising jobs mean that the company will ask about your car’s make, model, year and your driving history before accepting you.
- You must have car insurance: To drive with the reputable companies, you’ll need to show proof of car insurance coverage.
- They have a customer service line: If you have questions or run into problems during a campaign, you should be able to contact the company and talk to a real person.
If you have a long commute, it is possible to boost your monthly income by wrapping your car and just going about your daily routine, but be careful before signing up. Make sure you research each company before sending in an application or giving them any personal information to verify that it is legitimate.
If car wrapping doesn’t sound like a fit for you, there are other ways to increase your income. Here are 10 side gigs you can start this week.
Maya Dollarhide contributed to this report
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 6.65%1||Undergrad & Graduate|
|1.99% – 7.10%2||Undergrad & Graduate|
|2.99% – 6.44%3||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 6.43%4||Undergrad & Graduate|
|3.18% – 6.07%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of June 23, 2020. Information and rates are subject to change without notice.
2 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.
The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.
You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.
Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
3 Important Disclosures for SoFi.
4 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.19% APR (with Auto Pay) to 6.43% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.43% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of June 15, 2020, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 6/15/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.19% effective June 10, 2020.