Singapore-based online automotive marketplace Carro, through its subsidiary Genie Financial Services, has introduced a green car financing scheme aimed at encouraging private-hire vehicle (PHV) drivers to switch to hybrid or electric vehicles (EVs).
Under the GoGreen initiative, PHV drivers who intend to purchase a new or used hybrid car or EV can apply for financing from Genie to enjoy a special interest rate of 1.98% per annum for up to 100 months.
The extended repayment period – eight and 1/3 years – is longer than the standard seven years. The resulting lower monthly repayments help make green vehicles more accessible for PHV drivers, encouraging them to make the switch.
Genie co-founder and chief executive officer Helen Neo notes: “Last year, ride-hailing trips contributed as much as 300,000 tonnes of carbon emissions in Singapore. 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.”
All certified PHV drivers can apply for the financing option on the Genie website. They are required to submit a copy of their professional driver vocational licence (PDVL), their private hire income statements, as well as the make and model of the car that they intend to purchase for verification. 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, but 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 S$200 (US$148) rebate as a reward for making the switch and taking the next car loan with Genie.