Is it better to rent or buy a car for PCO driving? Each option has its pros and cons, but since they’re so different, there is going to be a compromise either way.
But what if there was a middle way that provided the flexibility of renting and the ability to own the car at the end of the agreement?
Our Rent to buy cars solution combines the ease and flexibility of renting with the benefits of buying a new car. If you’re not fully committed to either one, this might be a solution to consider.
It’s exactly what the name suggests. You rent a car, and it becomes yours at the end of your agreement.
Instead of saying goodbye to your weekly rental payments, you’re investing your money long-term.
Yes. As opposed to traditional car finance, where you first apply for a loan that you repay later, with Rent to buy you pay one week in advance. Hence, there’s no need for credit.
Rent to buy is very similar to a standard rental agreement. Since you always pay the next week’s rent, you can apply even with a bad credit score. Your Rent to buy contract will also not affect your credit rating in any way.
A Rent to buy plan’s most prominent difference compared to a car lease is that you don’t need to apply for credit. But it doesn’t end there.
Here’s a list of the most important differences when comparing Splend’s Rent to buy plan to a car lease:
Yes. The amount will vary depending on your Rent to buy provider.
With Splend there is a one-off £179 joining fee to cover the costs of ordering and shipping your car, as well as the necessary paperwork so your car is ready for work from day one. The joining fee also gives you lifetime access to all Splend member benefits such as dedicated support, exclusive partner discounts, and more.
Yes, you can drive with Uber if it’s stipulated in your Rent to buy agreement.
Splend’s Rent to buy plan is tailored for Uber drivers and other on-demand drivers who need new-model cars to provide a quality service, and a flexible payment plan that fits their dynamic lifestyle.
Our Rent to buy cars meet all safety, accessibility, and emissions standards for on-demand driving in London, and they come with all the paperwork prepared, such as registration, insurance, and even the required PHV licence.
The biggest pro of a Rent to buy plan is the flexibility it provides when compared to a car lease or car finance.
The biggest con of a Rent to buy plan can be the slightly higher upfront cost when compared to car finance, since with Rent to buy you pay the downpayment and one week in advance.
This depends on many factors, but if you are looking for a flexible way to own a brand-new or used car, then the answer is yes.
At Splend, we recommend our Rent to buy plan for you if:
If you’re after ultimate flexibility and you don’t want to own the car you use for PCO driving, you might want to check out our Rent plan.
After you’ve paid the joining fee, you will also need to pay a partial fee for the remainder of the week you decide to pick up the car on, as well as the full amount for the next week. This is because Rent to buy is not a credit-based payment plan, so you always pay for the upcoming period instead of repaying a debt.
Same as any car on the road, Rent to buy cars also need insurance.
With a Splend Rent to buy plan, you don’t need to worry about it, because our agreement includes motor insurance cover for most day-to-day driving as well as business use. Most importantly, the package allows for PCO applications such as Uber.
Yes. Depending on your provider, you can use a debit or credit card, issued by any bank.
With Splend, we charge your nominated debit or credit card with your weekly rental fee plus any additional charges every Wednesday. You only need to make sure you have enough money in your account when your payment is due.
This amount will depend on the weekly cost associated with your Rent to buy plan.
At Splend, if you picked a £220 per week car up on a Wednesday, it will cost you £514.70 to get started. Remember, that includes the next week’s rental payment in advance and the £179 joining fee.
Additional charges may include your excess mileage fees or any late fees in case you miss a payment. For Splend Rent to buy these fees amount to £1 for every 10 miles above your 700-mile weekly allowance – rounded to the nearest 10 – and go towards early repayment. Thus, the more you drive, the sooner you own the car.
We enable people to make money by driving. Our vision is a future where every on-demand driver can be successful.
We’re Rent to buy specialists. Don’t take our word for it—drivers rate us excellent on Trustpilot. We can set you up with a brand-new or new-model car on a Rent to buy plan, plus we provide the training and support you need to become an Uber driver that’s more profitable, safer, and fulfilled.