Buying a car in the gig economy

For many Australians, the ‘90s made way for a dream that constituted a mortgage for a house in the suburbs, a stable job and a family of whom you could be proud. They were simpler times, regardless if the soundtrack was Nirvana or the Pet Shop Boys. Once the recession was behind us and the jobs started coming back, there was a sense of tangible stability, a grasp on the future firmly in place.

The world suddenly shifted, and we saw the emergence of devices, e-commerce, social media and a stifling GFC which gave many of us pause to take stock of what was important to them. Perhaps what we’d been led to believe … actually wasn’t as important after all. Maybe it’s not just about having a job that provides a pay packet for the next 25 years. Suddenly those who spent their 20s aspiring to be great musicians, athletes or actors didn’t seem so out of touch with the real world, and maybe there were other ways to bring in money than simply waitressing or tending bar between gigs.

The emergence of Uber, Deliveroo and Airbnb meant moneymaking was possible in one’s own time, when its suit the individual, for as much or as little as was desired. If one month you required a bit more cash, you didn’t have to beg for shifts anymore; suddenly you had a source of income that could be turned off and on, depending on when you felt like working.

The flexibility which this brings has brought about both excitement and concern, with analysts suggesting that the ‘gig economy’ is often found to not only be unsustainable, but even exploitative to its workers.

But as the way we view and perform work has altered, many of the institutions around us have failed to keep up. There are concerns over lenders falling behind when it comes to workers, with them often incorrectly being classified as ‘self-employed’. Ernst and Young produced a research document which indicated that 31 million people in the US will be working within the gig economy by 2020, which is one in five US workers. This represents a big chunk of a demographic who’s may be underestimating their own financial needs simply because of a lack of understanding around employment.

Sitting outside this unsettling trend is Positive Lending Solutions, who can provide a more open market when it comes to personal financing. Their online system allows prospective borrowers obtain a quick quote about the potential size of their loan, the repayments, and the timing of these payments, all inside of a nine second quick quote. Finally, amid a changing digital and shared economy, there is a means by which young Australians can seek better options for their financing.

Link: https://www.positivelendingsolutions.com.au/car-loans

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