How can I leverage or rent out my car to make money, at least, covering my bill?

Please Help! I 've currently paying by financing almost 700.00 / month for my brand New 2006 VW Jetta TDI 1.9L. Ever since I've moved to the place near to my work without driving my car, I am thinking of rent out my car with an amount of money to pay my bill or make some money from it. I have the following questions,


1. Am I supposed to do it?


2. If it's doable, what kind of legal documents should I get for my tenants or customers?


3. Does it require to have a business lincense to do that? I only have one car anyway.


4. Have anyone like to share the story or experience in this case.How can I leverage or rent out my car to make money, at least, covering my bill?
Establish a car rental business and register it with the concerned offices.