Launch of credit card dedicated to long-term car rental services

DNVN - On October 30, Lotte Finance Vietnam Company Limited (LOTTE Finance) and LOTTE Rental Vietnam Company Limited officially launched a credit card line exclusively for long-term car rental services.

The cooperation agreement between LOTTE Finance (a 100% foreign-invested company from LOTTE CARD - a credit card issuing financial company with the largest retail and service network in Korea) and LOTTE Rental (a leading brand in the field of car and equipment rental in Korea) promises to bring convenient and safe financial solutions, increasing benefits for users.

Accordingly, the two units will apply the exclusive credit assessment model developed by LOTTE Finance to analyze customers' credit. LOTTE Finance also provides specialized and optimized financial products for long-term car rental services such as paying car rental fees by credit card. From here, customers will experience the convenience of automatic monthly car rental payment by LOTTE Finance's specialized credit card with flexible limits and quick approval time.

Representatives of both sides at the signing ceremony.

Not only that, LOTTE Finance also offers many incentives for customers using the service such as first-year annual fee refund, interest-free period up to 45 days and other attractive policies.

Currently, LOTTE Finance is providing financial services, including: credit card issuance, consumer loans, auto loans, "buy now, pay later" services and installment loans for medical and educational needs. After 6 years of operation in Vietnam, LOTTE Finance has expanded its business network to 63 provinces and cities nationwide, maintaining stable growth and distinct credit management capabilities.

LOTTE Rental is now offering long-term private car rental services – a completely new solution that allows customers to comfortably use 100% new cars without worrying about ownership costs. Currently, LOTTE Rental is managing about 1,300 cars and plans to expand to about 10,000 cars by 2028.

Speaking at the signing ceremony, Mr. Kong Sung Sik - General Director of LOTTE Finance shared: "This cooperation is a premise to mark the strategic partnership to maximize the strengths of both parties, while affirming LOTTE Finance's determination in exploiting and expanding the market. In Vietnam, where credit information has not been systematized, we can provide long-term car rental products and financial services suitable for customers' credit capacity based on LOTTE Finance's credit assessment capacity".

According to a report by research firm Report Ocean, the self-driving car rental market in Vietnam is expected to reach a scale of up to billions of USD by 2032, with a compound annual growth rate (CAGR) of nearly 14% in the period 2024-2032. After a period of decline due to the impact of COVID-19 from 2020 to 2022, the market is expected to recover strongly from 2024. The trend of users wanting to experience many types of cars instead of owning their own personal cars and the boom of the tourism industry are considered factors driving the development of this industry.

With financial support from LOTTE Finance, customers will experience modern and flexible payment utilities when using LOTTE Rental's car rental service.

Van Nguyen

Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/ra-mat-the-tin-dung-danh-rieng-cho-dich-vu-thue-xe-dai-han/20241030033615722