A growing number of people are choosing to rent a car to drive with rideshare on-demand applications such as Uber. In fact, according to a survey by Finder.com.au, close to twice as many people would prefer to rent the vehicle they use for ridesharing rather than invest their money into buying a new car.
So the question remains, why are people choosing to rent a car for ridesharing? And what are the benefits of renting a car for Uber instead of financing? The table below summarises the benefits of renting a car with Splend compared to traditional car finance:
|Car finance||Splend Rent||Splend Rent to own|
|No credit check||?||?||?|
|Car registration & CTP insurance||?||?||?|
|Loss & damage cover||?||?||?|
|24/7 breakdown assistance||?||?||?|
1. No deposit
We don’t charge a deposit, but we do charge a one-off, non-refundable membership fee when you sign up. Depending on the plan and minimum rental period you opt for, this fee can range between $275 and $990. This, however, grants you access to a vast amount of exclusive services, member benefits and additional income opportunities that make the investment more than worthwhile.
2. Flexible contract
By purchasing a car through traditional finance, you are committing to a four or five-year lease. Splend rents cars on flexible agreements. On the Rent plan, you can provide your two-weeks’ termination notice after a minimum period of four weeks, and hand back the car after a total of six weeks. There are no exit fees to worry about, so the choice and flexibility is all yours.
On the Rent-to-Own plan, you have the opportunity to gain ownership of the car after renting it for up to four years. Just like on the Rent plan, you have a lot of flexibility – you can provide your termination notice and hand the keys back after a 12-26-week period (depending on your initial commitment). If you return the vehicle within the first 12 months of your Rent-to-Own plan, a $500 return fee applies.
3. No credit check
In order to gain approval for traditional car finance, you need a number of supporting documents to be eligible. When renting a car from Splend, you are paying for your car one week in advance. Therefore, since the product does not involve finance, all you need is an Australian driver’s licence and a good driving record.
4. Replacement vehicle
Splend provides you with a replacement vehicle in case you are involved in an accident and your car needs to be repaired. This means that there is no loss of income in such an unfortunate event.
5. Scheduled maintenance
Any professional driver knows that if you take care of your car, it will also take care of you. That can be a hassle at times, but not if you are a Splend member. Just give your Member Success Representative a call, let them know what needs fixing, and they will set up an appointment for you at the nearest service partner. The costs? That’s the best part, and it deserves a separate paragraph:
6. Maintenance Pack
Some parts don’t last forever and need to be replaced periodically in order to meet roadworthiness standards, and not least for your safety. If you’ve ever owned a car you know that these can slowly burn a hole in your pocket.
The Rent-to-Own plan includes the following over the length of your agreement:
- 12 replacement tyres
- 12 brake discs
- 12 brake pads
- 3 front- and rear wheel alignments
- 9 windscreen wiper blades
- 2 full sets of headlight bulbs
- 1 replacement battery
This means full brake and tyre swaps as well as new front and rear wipers every year, biannual headlight revamps, and a new battery if the original one ever fails – but most probably to mark the big day when you take full ownership of the car. These are all included in your weekly payments!
7. Car registration & CTP insurance
All Splend cars have valid registration and Comprehensive Third Party insurance. This is also a huge time-saver, not to mention you are always covered in the unlikely event that you are in an accident.
8. Loss & damage cover
It’s in everyone’s best interest that you keep your car damage-free, but accidents happen. That’s why regardless if you choose renting or car finance, you’ll most certainly need a loss and damage waiver. With most traditional car finance options this means more costs and paperwork for you.
9. Rideshare documents
Each state has different rideshare regulations – you either need a special accreditation added to your licence, an additional safety certificate for your car, or both. Regardless of local specifics, they all have something in common: it takes time and costs money to obtain and renew these documents, reaching hundreds of dollars annually in some cases.
Splend’s support team processes all the necessary applications and we also cover the associated fees! All you have to do is drop by your local Member Support Centre and sign up for the plan that best suits your needs.
10. Vehicle inspection
All of our cars are roadworthy and have also been inspected by Uber. Therefore, they are always ready for you to jump behind the wheel and start earning an income.
11. Member benefits
Being a Splend member is more than signing an agreement and renting a car long-term. Apart from having your very own member Success Representative to help you with everything from paperwork to data-driven feedback to maximise your earnings, you can also access a growing list of Member Benefits such as:
12. Referral bonus
Driving a new-model car to earn a flexible income is just one part of the Splend experience. Did you know you can also supplement your rideshare income with referral bonuses?
In simple terms, you spread the word and we reward you with a cash bonus of $150 for every new member you refer to Splend. Your friend will also receive a warm welcome and $50 off their Membership fee. Read our post about the Splend Referral Program to find out more.
13. Business mentoring
Ridesharing is very similar to running a small business. It’s great, but it also comes with difficulties you may not have faced before, especially if you’ve been working nine-to-five prior to driving Uber. The good news is that with Splend you are not alone. Our training sessions and ongoing one-on-one support will arm you with all the knowledge you need to be successful in your work and keep growing.
14. Payment holiday
Everyone needs a break every once in a while. When you hit pause on rideshare driving, we hit pause on your payment. You can put your payments on hold for up to four weeks every year on your Rent-to-Own plan!
15. Early buyout
With 12 months remaining on your Rent to own agreement, you can request to buy out the car and pay the remaining weekly rental fees in one block. There will be no penalties or additional fees charged, just a symbolic $1 balloon payment for signing the car into your name!
16. 24/7 breakdown assistance
Nowadays with many insurance companies and car manufacturers offering breakdown assistance, it really takes one heck of a problem to get stuck on the side of the road. The internet is also at your fingertips with dozens of third-party towing services just a web search away – the only question is, how much will an unplanned adventure like this cost?
With Splend you’re covered by default, just call your Member Success Representative, and help will be on its way within minutes.
How much does it cost?
This is the part where you normally brace for a nasty surprise, but this time you’re in for a pleasant one. Renting your car for rideshare is not only more convenient than financing, but also cheaper!
Over a four-year period, you can save close to $2,000 on Splend’s Rent plan compared to financing the same model, and this doesn’t even include your earnings that you’d otherwise lose while doing paperwork or when your car is off the road for maintenance. Go for our Rent-to-Own plan and you can save up to $8,000, plus you drive away in your very own car.
Splend is the global leader in providing flexible vehicle access and ownership. In addition to car hire and ownership options, Splend also offers its Members ongoing rideshare training, support, and data-driven feedback via a personal Member Success Representative. Our members also receive some fantastic Member Benefits including discounts from our partners!
For more information about Splend, give us a call on 1800 775 363 or email us.