Why is Splend better than PHV car finance?
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Whether you’re an experienced driver looking for an upgrade or just want to become an Uber driver. You don't have a car, but there are a few options to own one. The most popular is PHV car finance, which, compared to car subscription, means locking yourself in for a fixed number of years at a pre-determined APR, depending on your credit rating.
But popular doesn't always mean the best choice. Splend is here to challenge PHV car finance by offering a smarter, more flexible way to own a car, without the hidden costs and long commitments.
While pricing is always a key factor when choosing a vehicle, it’s easy to be drawn to low headline weekly payments for PHV car finance. However, like booking a flight, you may end up paying much more than expected once all the extra costs come into play. Traditional car finance typically only covers the basic car cost and a few add-ons but doesn’t include essential running costs like insurance, servicing, maintenance, or licensing, which are crucial for on-demand drivers. This is where Splend offers a better solution.
Why are Splend prices more affordable than PHV car finance?
Compared to car finance, Splend's All-Inclusive Flexi Own plan is easy to understand, making car ownership affordable and worry-free. One clear weekly payment that includes all the essentials to keep you on the road, earning an income.
Our plans include everything needed by PHV driver. By us taking care of everything, it means you save both time and money.
How much can you really save with Splend?
Don’t take our word for it. Below is a data-based example for the MG ZS EV Long Range which shows you how much you can save weekly, but also by the end of your term contract, usually 4 years. We considered a near-prime credit rating and a 12% APR.
| Weekly savings | Traditional car finance | Splend Flexi own |
| Car model | MG ZS EV Long Range | MG ZS EV Long Range |
| Car payment | £187 | included |
| PCO damage and loss cover | £58 | included |
| Servicing | £13 | included |
| Maintenance | £6 | included |
| All the essentials | £8 | included |
| Weekly payment | £272 | £269 |
| Savings at the end of the contract (4 years) | Traditional car finance | Splend Flexi own |
| Car model | MG ZS EV Long Range | MG ZS EV Long Range |
| Car payment | £38,738 | included |
| PCO damage and loss cover | £12,064 | included |
| Servicing | £2,704 | included |
| Maintenance | £1,248 | included |
| All the essentials | £1,664 | included |
| Weekly payment | £56,418 | £55,952 |
The above comparison tables are for illustrative purposes only. We recommend all customers conduct their own research before purchasing. Below is a breakdown of the calculations used.
Total repayable - for each of the cars, the total repayable was calculated with no deposit. At a 12% APR over a 48-month term with no balloon payment at the end.
Purchase price - car purchase price as at of January 2023 taken from manufacturer's websites and take into account the discount available on electric cars from the Government’s Plug-in Car Grant.
PCO damage and loss cover - estimated pricing based on a 33-year-old male who has held a PCO licence for over 2 years, has made no claims in the last four years, based in South London with an estimated mileage of 36,000 annually.
Servicing - The estimated price of servicing in this example was calculated based on scheduled servicing to 100,000 miles as per each of the manufacturer's guidelines.
Maintenance - The estimated price of maintenance based on the following replacement parts over a 4-year term: 10 replacement tyres, 4 replacement sets of front brake pads, 2 replacement sets of front brake discs, 1 replacement set of windscreen wiper blades.
All the essentials - The estimated price of the essentials includes car tax or Vehicle Excise Duty Annual tax required for all cars used on public roads. MOT (Ministry of Transport), annual check for safety, roadworthiness, and emissions. PHV (Private Hire Vehicle) licence, annual inspection required for all taxis and private hire cars.
Why choose Splend over PHV car finance?
We’re more than affordable prices. We’re also about flexibility, peace of mind, and dedicated support from day one, so you can do what you do best – drive.
The Flexi own plan comes packed with features and benefits, so all you have to worry about is thriving as an on-demand driver.
About Splend
At Splend, we believe in drivers. We know their vehicles need to work harder than most; that they drive more miles than most; that their insurance is hefty; their maintenance costs high and that they can face unreasonable finance rates – which is a heavy load to carry on their own.
That’s why at Splend, we exist to support rideshare drivers with a new model, that takes all those car ownership costs, and provides them for less, with lower purchase prices, better rates, lower servicing and insurance costs – all for one weekly repayment, all in one place.