Hyundai Capital is launching a financial support program for small rental car companies facing management challenges. The company announced on September 14 that it will implement measures to assist the small rental car sector.
As part of the initiative, Hyundai Capital will defer the principal repayment of auto loans for small rental car companies for six months. Additionally, it plans to reduce the interest accrued during the deferment period by 50%.
This program is available to small rental car companies that utilize Hyundai Capital's financial services. Currently, Hyundai Capital provides financial services for vehicle purchases to approximately 700 small rental car companies, with a total financial scale of about 740 billion won.
Hyundai Capital is also considering non-financial support to help expand the operational base of these companies. A key proposal includes prioritizing the allocation of vehicles from small rental car companies in need of short-term replacements due to accidents or breakdowns.
Furthermore, discussions are underway to facilitate the transfer of returned long-term rental vehicles to small companies to assist in securing operational vehicles. The company is also exploring the expansion of insurance product subscriptions for long-term rentals through the National Rental Car Mutual Association.
A Hyundai Capital representative stated, “We have established these financial support measures to strengthen cooperation with the small rental car industry and to participate in the government's inclusive finance policy. We will continue to review additional support programs and maintain ongoing communication with the industry.”
* This article has been translated by AI.
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