12/24/2023 0 Comments Uber finances 101![]() To date, we’ve approved 93% of applications received, and our team will always recommend the Splend product that’s right for your situation. At Splend, we always collect subscription payments one week in advance, so we can consider every application regardless of credit history. Traditional car finance requires a good credit rating and a lot of supporting documents prior to approval. Before we delve into the smaller details, here’s what your early payments look like in comparison 3. ![]() We know there’s a lot to consider when you get started with Splend’s Flexi or Flexi own plans, so we’ve put together this easy-to-follow guide. Ready to get started with Splend? We’re excited for you to join our community. If you return the car within the first 12 months of your Flexi own agreement, we charge a $500 return fee. With the Flexi own plan, you own your car within 3 to 5 years, depending on how much you drive, and you also have the flexibility to hand back the keys after a minimum subscription period of just 26 weeks. When you buy a car through traditional finance, you also commit to a 4-5 year lease, with no flexibility to return the car. This, however, grants you access to dedicated support, customer benefits, and additional income opportunities that make the investment more than worthwhile. For the Flexi own plan, the set up fee is $990. We don’t charge a deposit, but we do charge a one-off, non-refundable set up fee when you sign up. We summarized below all the benefits of the Flexi own plan for the Polestar 2 Standard Range, an Uber favourite. car financeįor less than the cost of DIY car finance, our Flexi own plan comes packed with features to help you minimise admin and maximise your on-demand income. The actual cost of your insurance policy might be different, and additional criteria may apply.ģEstimation based on scheduled servicing for a Polestar 2 Standard Range as per the manufacturer’s guidelines.ĤEstimation based on a Polestar 2 Standard Range with the cost of registration and CTP insurance averaged across all Australian states.ĦEstimation based on a Polestar 2 Standard Range with the cost of rideshare licensing and inspection averaged across all Australian states. The pricing assumes 20,000+ kilometres travelled per year. Have a look below.ġEstimation based on a Polestar 2 Standard Range at 10% interest rate (APR) with weekly repayments and no residual/balloon payment at the end of the 5-year contract, not including upfront loan establishment fees or deposits, as per January 2023.ĢEstimation based on a 31-year-old male residing in Auburn NSW, having held a driver’s licence for 12 years, with no insurance claims in the past 3 years with a 12 month-policy paid monthly for comprehensive rideshare insurance of a Polestar 2 Standard Range. Subscribing to drive a car for rideshare is not only more convenient than financing, but also cheaper. ![]() How much does car financing cost per week? ![]() One advantage is that you can change your mind: if you decide that Uber driving is not for you, you can hand back the car after your minimum period. In fact, according to a survey by, close to twice as many drivers prefer to rent or subscribe to drive the car they use for ridesharing rather than buying one. Thousands of people use a car subscription for Uber instead of buying or financing a car. Is a car subscription worth it for Uber driving? Drivers either use their own car or rent or subscribe to drive one for Uber. Although ridesharing wouldn’t be possible without a steady supply of good-quality cars, Uber is not a car supplier, and they don’t have their own fleet. ![]()
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