“BVBank Offers Competitive Loan Rates for Ride-Sharing Drivers: 7% Interest with Flexible Repayment up to 96 Months”

Owning a Private Vehicle: A Sustainable Income Solution for Ride-Hailing Drivers

Ride-hailing has become an important source of employment in the passenger transportation industry, offering flexibility in terms of working hours and stable income opportunities. According to statistics from several major companies, the number of drivers working for ride-hailing services such as Be, Grab, and Xanh SM is estimated to be nearly one million. This number has been consistently increasing over the years, reflecting the industry’s appeal to workers, given the growing popularity of app-based transportation services. When including traditional taxis, transportation cooperatives, and other service providers, the total workforce in the service vehicle industry nationwide amounts to several million people.

A survey of user behavior reveals that nearly half of the customers book rides a few times a week, and about 7% use the services almost daily. The large user base continues to drive the rapid growth of the ride-hailing market, providing stable employment opportunities for various groups of workers, especially drivers aged 40 and above.

However, there are several drawbacks to leasing a vehicle for ride-hailing services. Drivers have to pay a fixed monthly fee, regardless of their work situation, which reduces their net profits and makes it difficult to accumulate savings. Additionally, relying on a leased vehicle means that their working hours, travel distances, and vehicle conditions are limited by the terms of the lease agreement.

Mr. Lâm, a 40-year-old driver from Hanoi with three years of experience in ride-hailing services, shared his experience. When he first started, he leased a vehicle for 8 million VND per month, but with additional maintenance and repair costs, his actual expenses exceeded 10 million VND. “After deducting all the expenses, there isn’t much left, and the pressure of having to pay the lease on time is constantly looming,” he said.

Mr. Lâm’s situation is not unique and is quite common among ride-hailing drivers. While leasing a vehicle provides a quick start to the job, the high fixed costs and lack of accumulation potential push many drivers towards owning their vehicles. With their own cars, drivers have complete control over their schedules and can maximize their income. After paying off the debt, the car remains an asset that can continue to generate income or be sold to recoup the investment. However, the biggest obstacle for many drivers is the initial capital required to purchase a vehicle.

BVBank’s Solution: Easy Vehicle Purchase with Affordable Installments

Understanding this need, BVBank has introduced a special loan package for vehicle purchases with attractive benefits. Customers can borrow up to 85% of the vehicle’s value at an interest rate as low as 7% per annum, with a repayment period of up to 96 months to reduce the burden of monthly installments. The bank offers flexible repayment options on a monthly or quarterly basis, catering to the income cycles of ride-hailing drivers. Simplified paperwork and quick approval processes enable customers to acquire their vehicles sooner, allowing them to start or expand their businesses.

The story of Mr. Thành Thái from Bình Tân District, Ho Chi Minh City, is a testament to this. Previously, he leased a vehicle for 8.5 million VND per month to work for a ride-hailing service. After deducting fuel and maintenance costs, his net income was only 10-11 million VND. When he took out a loan for 80% of the value of a 560 million VND car from BVBank with a 7-year repayment period, his monthly installments amounted to 8 million VND, similar to his previous lease payments. However, his net income increased to 13-14 million VND per month due to the added flexibility and control over his work and schedule. “Once I finish paying off the loan, the car will be mine, and I can continue to generate income or sell it to recoup my investment,” Mr. Thái shared.

In the context of the rapidly expanding ride-hailing market, owning a private vehicle not only maximizes drivers’ profits but also provides long-term peace of mind and autonomy. From the bank’s perspective, supporting customers in purchasing vehicles contributes to the development of the sharing economy, creating stable and sustainable employment opportunities. A representative from BVBank emphasized, “We designed this loan package to enable customers to easily access vehicles, thereby increasing their income, improving their quality of life, and building a solid financial foundation.”

A private vehicle, therefore, serves not only as a tool for work but also as an investment in one’s future. With BVBank’s support, the goal of owning a private vehicle to take control of one’s journey and optimize income is now more achievable and practical than ever.