Here’s a concise, practical comparison between Moove (mobility‑fintech that finances cars for gig drivers) and getting a traditional auto loan from a bank or credit union — focused on what matters to rideshare/delivery drivers in the U.S.

Quick summary

• Moove: revenue‑based, drive‑to‑own financing built for gig drivers; underwriting uses earnings data rather than just FICO; repayments often taken as a percentage of driver earnings (weekly). Good if you have limited credit history or need fast onboarding and flexible payments tied to income. (Reuters.com)
• Traditional banks / credit unions: standard auto loans with fixed monthly payments, APRs that depend heavily on credit score, usually lower rates for borrowers with good credit, and wider choice of vehicles. Require tax returns/bank statements for self‑employed/gig workers; approval can take longer. (lbcmortgage.com)

How Moove works (high‑level)

• Offers new cars to drivers and finances most of the purchase. Drivers repay via scheduled deductions (often a share of weekly revenue) until they own the car (terms commonly 12–48 months in markets Moove operates). Underwriting uses platform performance and alternative credit signals. Moove has expanded rapidly and is backed by investors including Uber. (TechCrunch.com)

How bank/credit‑union auto loans work for gig drivers

• Lenders generally require documentation for self‑employment: 2 years tax returns, 12–24 months bank statements, profit & loss statements, or 1099s. Rates vary by credit score; good credit often yields lower APRs than specialty fintechs. Banks give fixed monthly payments (predictable) and typically finance vehicles bought anywhere (new/used). (lbcmortgage.com)

Pros and cons (side‑by‑side)

Moove — Pros

• Designed for gig drivers: underwriting that accounts for fluctuating earnings and platform performance. (TechCrunch.com)
• Fast onboarding and easier access if you lack strong FICO or long tax history.
• Repayments tied to earnings can ease cashflow in slow weeks.
• Often sold as “drive‑to‑own” (you end up owning the car after payments). (TechCrunch.com)

Moove — Cons / risks

• Total cost: revenue‑based and alternative pricing structures can make effective APR and total cost higher than a low‑rate bank loan — you must calculate total dollars paid. (TechPression.com)
• You may be limited to certain vehicle models or must buy through Moove’s network.
• Contracts often have clauses about account monitoring, repossession if earnings fall, and fees — read fine print.
• Availability and exact terms differ by market (Moove has been expanding globally since 2020). (Reuters.com)

Bank / Credit Union Loans — Pros

• Potentially lower APRs if you have good credit, lowering total interest paid.
• Broader vehicle choices (including used cars) and typical consumer‑friendly protections.
• Fixed payments and standard consumer loan disclosures make costs predictable. (lbcmortgage.com)

Bank / Credit Union Loans — Cons

• Harder to qualify if you’re new to gig work, lack tax returns, or have a thin credit file.
• Fixed monthly payments can be hard to meet during slow weeks — less payment flexibility than revenue‑tied plans.
• Longer approval processes and more documentation required for self‑employed/gig workers. (lbcmortgage.com)

Which is better for you? (rules of thumb)

• Choose Moove if:

  • You have limited credit history or inconsistent 1099/tax documentation.
  • You want quick access to a new vehicle and need payments that flex with earnings.
  • You accept possibly higher total cost in exchange for access and flexibility. (TechCrunch.com)

• Choose a bank/credit union if:

  • You have a solid credit score, steady historically documented income, and can qualify for a low APR.
  • You value the lowest total interest cost, broader vehicle choice, and predictable monthly payments. (lbcmortgage.com)

How to compare offers (practical checklist)

1. Calculate total cost to own: total payments + fees vs. purchase price. Convert revenue‑share or weekly deductions into an APR or total dollars paid over the term for apples‑to‑apples comparison. (If lender won’t show total cost, be cautious.)
2. Compare effective APRs and all fees (origination, servicing, late, early‑payoff, insurance requirements).
3. Confirm ownership timing: when does title transfer to you? Any lease‑to‑own fine print?
4. Read repossession/default terms: how do they treat low‑earnings periods?
5. Verify insurance and maintenance requirements — some programs force higher insurance or maintenance plans.
6. Ask about vehicle selection and mileage/usage restrictions. (TechCrunch.com)

Alternatives to consider

• Credit union auto loans — often friendlier rates and more flexible for self‑employed people than big banks.
• Personal loans (if you have good credit) — simpler underwriting, but rates vary.
• Dealer financing promotions (for new cars) — sometimes competitive.
• Short‑term cash advances or MCA products — generally expensive; use only as last resort. (Fundo.com)

Action steps (next 7 days)

1. Get an itemized Moove quote and request the total repayment schedule and effective APR/total cost. (TechCrunch.com)
2. Prequalify with 2–3 banks or credit unions (ask for rates for self‑employed/gig drivers) and request full loan disclosures.
3. Run a simple total‑cost comparison (sum of all payments + fees for each option).
4. Check online driver reviews of Moove in your city and read the Moove contract terms carefully (repossession, maintenance, early payoff).
5. If unsure, steer to a credit union or bank with a clear low APR and consumer protections.

Sources (for core claims)

• Moove product descriptions and reporting on its revenue‑based drive‑to‑own model and expansion/backing by investors including Uber. (TechCrunch.com)
• Reporting on Moove funding, market expansion and product features. (Reuters.com)
• General guidance on loan options and documentation requirements for gig/self‑employed borrowers. (lbcmortgage.com)
• Comparison pieces and cash‑advance cautions for gig workers. (GigsHelp.com)

If you want, I can:

• Help convert a specific Moove quote into an effective APR and total cost if you paste the numbers.
• Pull sample bank/credit union rates in your state (I’ll need your ZIP code to search).