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. 

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