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Splend Rent-to-Own
Rent and take ownership of your car with the Splend Rent-to-Own plan
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Details
| Product Name | Splend Rent-to-Own |
|---|---|
| Included Distance | 1,000 km included per week |
| Excess Distance Cost | $0.10 per km |
| Membership Fee | $275 (26 week rental period) |
| Price Per Week (from) | $269 |
| Minimum Term | 12 weeks |
| Insurance Included? | Yes |
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 the12 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 $990, 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.
