Careem Fleet Solutions has partnered with Hyundai Motor Company to launch a program that provides affordable vehicle finance for Careem Captains and supports new employment opportunities for Saudi nationals.
The multi party agreement was signed between Careem Fleet Solutions, Hyundai Motor Company, Hyundai’s Dammam distributor Al Majdouie Group, and Raya Finance Corporation.
While there are many financing products for Careem captains to choose from, the differentiating aspect of this product is that it does not require any guarantor from the Captains in addition to a low down payment, affordable monthly installments over three years, and a profit rate set below the market standard.
The first stage of the program will be for part-time Captains. While Captains will need another paid job to be eligible, the programme will have lower salary requirements than normally demanded for vehicle finance, setting the minimum income of only SAR4,500. A second phase will support drivers wanting to work full-time with Careem, helping unemployed Saudi nationals become financially independent.
The product is being marketed to all eligible Captains in Riyadh, Jeddah, and Dammam where the offer is currently live. Interested Captains can complete the documentation process via Raya desks at Careem sites and get their car delivered within two weeks.