Splend Rent-to-Own

Splend Rent-to-Own

Splend Rent-to-Own

  • Membership rewards
  • Payment holiday option
  • No lock-in contract
More info Go to site
What happens when I click Go to site?
  • Clicking Go to site will take you to your Online Application on the product issuer's website. You do not need to be an existing customer of this provider to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • You'll be given a decision on your application from the lender and you could have the money in your account within 24 hours.
Click here to start your application >>

Rent and take ownership of your car with the Splend Rent-to-Own plan

If you're looking to work as an Uber driver but don't have your own car, the Splend Rent-to-Own plan lets you rent out a vehicle and pay it off as you go. You make a weekly payment that covers the rental, registration, insurance and other costs, and can choose to return the vehicle at any time after the minimum rental period.

As a Splend member, you'll also get access to a range of benefits and have the ability to pay off your vehicle sooner. See if the Splend Rent-to-Own plan is right for you in this review.

Product NameSplend Rent-to-Own
Included Distance1,000 km included per week
Excess Distance Cost$0.10 per km
Membership Fee$275 (26 week rental period)
Price Per Week (from)$269
Minimum Term6 weeks
Insurance Included?Yes

Pros

  • No lock-in contracts
  • Payment holiday option
  • Early buyout option

Cons

  • Large membership fee
  • Late payment fee
  • Minimum age requirement
  • You're at least 23 years old
  • You have a full Australian driver's licence
  • You have a good driving history

Main points to consider with Splend Rent-to-Own

The Splend Rent-to-Own plan is aimed at Uber drivers looking to work towards owning their own car. You can choose from a range of vehicles and rental plans, and make weekly payments to cover the cost of renting the vehicle. At the end of the rental agreement, you then take ownership of the car.

You will need to pay an initial membership fee, but can choose to end the rental agreement at any time after the 6 weeks minimum rental period. You can also own your vehicle sooner by using it more, with every kilometre you drive over the weekly 1,000 km included per week quota earning 10c towards paying off your rent-to-own agreement.

Features of Splend Rent-to-Own

  • No lock-in contract. You can return the car at any time after the minimum rental period.
  • Maintenance included. Splend will maintain the car during your rent-to-own period, including replacement parts.
  • $1 balloon payment. At the end of your rent-to-own period, you will make a $1 payment and cover stamp duty to take ownership of the vehicle.
  • Early buyout option. If you have 12 months left on your rental agreement, you can choose to buy out the car by paying out the remaining weekly rental fees.
  • Drive more to reduce rental period. You receive a 10c early ownership fee for every extra kilometre you drive over the 1,000 km included per week weekly quota that goes towards paying off your rent-to-own agreement.
  • Payment holiday option. You can choose to pause your weekly payments for up to four weeks every year.
  • Registration and insurance included. Your rental fee covers insurance, registration, breakdown assistance and replacement vehicle if your car is involved in an accident.

What are Splend's member benefits?

  • Every Splend Member gets access to discounted car washes.
  • Every Splend Member receives a dedicated Member Success Representative who provides you with coaching, training and mentoring to help maintain your rating.
  • Earn bonus payments for referring a new Splend Member to a Rent or Rent-to-Own plan.
  • Member-only events. Splend hosts exclusive events where you can hear from ridesharing experts to help you become a more profitable Uber driver.

How much does the Splend Rent-to-Own plan cost?

  • Membership fee. You will pay a one-off fee of $275, but this is reduced to $275 if you increase your minimum rental period from 12 weeks to 26 weeks.
  • Weekly rental fee. You will pay a weekly fee to cover the rental of your vehicle. This starts at $269 per week, but will vary depending on the type of vehicle you choose and your rental plan.
  • Missed payments. You will be charged a fee of $40 if you miss a payment.
  • Refuelling charge. If you return your car, you will need to pay a refuelling and cleaning fee.
  • Early return fee. You will be charged a fee if you return the vehicle within the minimum 6 week rental period.

How to apply for Splend Rent-to-Own

You can begin your application by clicking "Go to site" above and following the instructions. You will need to meet the following eligibility requirements to be approved:

  • You're at least 23 years old.
  • You have a full Australian driver's licence.
  • You have a good driving history.

When applying, you will need to provide the following documents:

  • Driver's licence with current address
  • Passport, birth certificate or citizenship certificate

The Splend Rent-to-Own plan lets you rent a car as you work towards owning your vehicle and may be suitable for Uber drivers without access to a car. As with any financial product, you should compare a range of options to find the one that's right for you.

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