Online automotive marketplace Carro has launched a financing plan through its subsidiary Genie Financial Services aimed at supporting private hire vehicle (PHV) drivers in switching to hybrid or electric vehicles (EVs).
Under the GoGreen initiative, PHV drivers looking to purchase a new or used hybrid car or EV can apply for financing from Genie at an interest rate of 1.98% per annum for up to 100 months, or 8.33 years.
Genie says it is the first provider in the country to offer a car financing term longer than the standard seven years at a low financing rate. Referring to GoGreen as “green car financing”, the company says the plan will make EVs and hybrid vehicles more accessible to PHV drivers given the lower monthly repayments.
All certified PHV drivers can now apply for the GoGreen financing option on the Genie website. They are required to submit a copy of their professional driver vocational license (PDVL), their private hire income statements, as well as the make and model of the car that they intend to purchase for verification.
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Regular drivers without a PDVL can also apply for GoGreen financing and enjoy the same interest rate, but their financing term remains the same at up to seven years.
GoGreen applicants do not have to be existing Genie customers and include drivers who are servicing an existing car loan with Genie and want to change to a hybrid car or EV. Each successful applicant will receive a $200 rebate as a reward for making the switch and taking the next car loan with Genie.
Helen Neo, co-founder and CEO of Genie, points out that ride-hailing trips contributed as much as 300,000 tonnes of carbon emissions in Singapore last year. “PHV drivers spend much more time on the road compared to usual car users, but ‘going green’ is a challenge for them as they often find it difficult to obtain environmentally friendly car financing from traditional institutions. Thus, GoGreen was designed to support their transition to greener vehicles and include them as part of the larger sustainability equation,” she says.
The company also distributes Covered, an AI-driven pay-per-km insurance and maintenance offering that allows drivers to tailor their insurance premiums and maintenance coverage on its digital platform.
Photo: Genie Financial Services
