Turo: How to Turn Your Car Into a Money-Making Machine

If you’re looking for creative ways to earn extra money but are short on time, why not turn your car into a money-earning machine? Turo, a service that treats a car rental like Airbnb, can help you make more income without needing a second job.

Below, check out our Turo review and learn how you can start making cash with your car.

Turo review

The Turo app connects people who need a vehicle to people who have a vehicle for rent. If you do not drive often and your car is just sitting in your driveway, you can rent it out and start earning passive income. On average, owners who list their car on Turo make $720 a month.

It’s easy to set up and you can list your car within minutes. Depending on where you live, it’s possible to book many customers quickly.

Make extra cash with Turo

While Turo takes up to 35 percent of the rental cost, that cut covers insurance for your vehicle and advertising your car on their site, which helps bring in customers.

To list your car, your vehicle must be a 2005 model or newer and have fewer than 130,000 miles. Your car cannot have a salvage or branded title, and the value of the vehicle cannot exceed $150,000. You can rent out leased or financed cars as long as it does not violate the terms of your agreement.

Motorcycles, passenger vans, cargo vans, and vehicles intended primarily for off-road use are not eligible for the Turo app.

Listing your car on the Turo app

To sign up with Turo and start renting out your car, you can use your email or Facebook login. Once you have an account, click on “List Your Car” at the top right.

Turo review

The site will prompt you to enter information about your car, including your license plate number, photos of your vehicle, make and model, and whether or not your car has an automatic transmission.

While Turo may recommend a rate for you, you can also manually enter your own fee. Turo charges by the day, with discounts for weekly or monthly rentals. Renters must pay a full day’s rate; there is not an hourly option.

Turo will ask you to select an insurance plan. The company offers three options: premium, standard, and basic. Depending on what option you choose, you can collect between 65 and 85 percent of the rental fees. If you opt to purchase your own commercial car insurance, you get a larger cut – 90 percent of the rental rate.

You also decide how the car gets to the renter. You can charge a delivery fee if you are willing to meet the customer at the airport or another agreed-upon location. Or, you can park the car at a Turo Valet lot for customers to pick up on their own. This information is included in your listing so customers know what to expect from the beginning.

Let your car work for you

You can charge a delivery fee which covers both pickup and return, so make sure you set a rate that meets your needs.

Turo app

You can set limits on how much mileage customers can put on your car. For example, you might set your daily driving limit at 50 miles. If the renter exceeds that amount, they are responsible for paying $0.75 per additional mile and you receive 100 percent of this extra payment.

Finally, you choose your car’s availability. You can decide to have your car for rent only on certain days, or set it as unavailable for specific dates in the future.

How to earn more on Turo

When listing your car on Turo, try to think about it from a renter’s point of view. Besides including pictures of your vehicle, include details like measurements of trunk space for luggage, whether or not your car has a bike rack or can tote a kayak, and if anyone has ever smoked in the vehicle.

Include other nice to have accessories in the description, such as satellite radio or a built-in GPS. Those features can boost your chances of finding a customer.

Take a look at what other people are charging in your area for a similar vehicle. For instance, if you own a mid-sized sedan and others are charging $50 a day, you can set your price at $40 and get more customers.

And when it comes to customers, great photos are a must. Listings with professional photos get 50 percent more traffic than other listings. That’s why Turo offers free professional photography shoots for owners. When you’re ready to list your car, you can apply for a free photo shoot.

You’ll meet the photographer at a nearby location and they’ll take photos at different angles to highlight your car and make it look showroom-ready. You can use those photos in your listing to get more traffic and book more customers.

Turo also recommends promoting your car on social media and Craigslist so travelers looking for a deal can find it. And the more your car is available, the more money you can make.

Turo customer service

Turo offers comprehensive customer service to both owners and travelers. When a customer accepts a rental vehicle, they are asked to take pictures of the car to show its condition, and you can do the same on delivery and pickup. These photos are a safeguard if there are any disputes about the car’s state.

Customers are expected to treat cars like their own, but if they return your car and it has damage or is filthy, Turo will step in to help resolve the issue for you.

You can contact them and send them photos of your car’s condition. They’ll work directly with you to find a solution. If your car needs professional cleaning or repairs, send them the receipt and they will reimburse you. Offending passengers who leave a car dirty, drain the battery or otherwise damage a vehicle are responsible for fees and repairs.

List Your Car on Turo today

And if a customer swore they could drive your car with a manual transmission, but turned out to not have a clue, Turo will hold them responsible for any repairs or replacements.

Background on Turo

Turo was founded in 2009 in San Francisco. The company set out to change how people rent cars. Rather than shopping from big rental companies, with hefty fees and robotic customer service, customers can rent from real people. They can get qualify vehicles for less money and get personalized service.

Turo boasts that customers pay 35 percent less than they would renting through an agency, and the majority of that money can go to you.

Turo serves customers of all types. Whether you have a pickup truck to rent out to people on moving day or a sports car for someone taking out clients, you can make money renting out your rarely-used vehicle.

Turo contact information

To contact Turo, you can use their online request form or call them at 1-866-735-2901. You can also follow them on Twitter and Facebook.

If this Turo review inspired you to start thinking about earning extra income, check out this article on 30 ways to turn your talents into cash.

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1 Includes AutoPay discount. Important Disclosures for SoFi.

2 Important Disclosures for Citizens Bank.

SoFi Disclosures

  1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
  2. Personal Loans: Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.29% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.29% APR assumes current 1-month LIBOR rate of 1.34% plus 4.20% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Variable rate, 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 August 1, 2017, the one-month LIBOR rate is 1.23%. Variable interest rates range from 6.02% – 15.97% (6.02% – 15.97% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. 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.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.39% - 29.99%$1,000 - $50,000Visit Upstart
5.29% - 14.24%1$5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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