Carro’s fintech arm launches financing plan for EVs, hybrid cars

Genie, the financial services arm of Singapore’s latest unicorn Carro, has launched a “green car financing” plan, which it claims to be the city-state’s first. The plan aims to help private-hire vehicle (PHV) drivers switch to hybrid or electric vehicles (EVs).

Helen Neo, co-founder and CEO of Genie / Photo credit: Genie

Under Genie’s GoGreen initiative, PHV operators can purchase new or used hybrid or electric cars by applying for financing from Genie, where they can get a special interest rate of 1.98% per annum for up to 100 months. The initiative was launched to get more EVs on Singapore’s roads for a greener urban environment.

To avail themselves of the lower loan rates, drivers can apply through the Genie website, where they are asked to submit a copy of their professional driver’s vocational license (PDVL), their private-hire income statements, as well as the make and model of the vehicle they’re looking to buy for verification.

“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,” said Helen Neo, co-founder and CEO of Genie.

Drivers on existing car loan plans with Genie who want to make the switch to hybrid or electric cars may also receive a S$200 (about US$150) rebate as a reward.

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The GoGreen initiative comes in addition to Carro’s existing pay-per-km insurance and maintenance product called Covered, which was launched recently. Underwritten by NTUC Income, the AI-driven program allows drivers to personalize their insurance premiums and maintenance coverage.