There is no time like the present to make a foray into the private hire car business. With the economy less than stable and Singapore rocked by repeated lockdowns, it is one of the few industries that still offers a relatively steady income. A Gojek or Grab loan lets you take advantage of this unique situation.
Why become a private hire car driver?
There has been a significant shift away from locals choosing a career as a taxi driver in favour of private car hire work. The simple reason behind it is that ride share companies such as Gojek and Grab apply fewer restrictions on their teams.
Here are some of the most common reasons Singaporeans are choosing to be private car hire drivers:
Independence – Unlike taxi operators, private car hire companies do not set a minimum daily mileage requirement for their drivers. This gives you true independence to work as and when you please, and to change your schedule to suit your circumstances. It is the ideal arrangement for part-time work.
Vehicle use – Taxis are painted specifically to be distinguishable as taxis and there are strict guidelines against drivers using them for private purposes. When you drive a private hire vehicle, there are no restrictions on how you may use it when not working.
Training time – To obtain a Taxi Driver’s Vocational Licence (TDVL), you need to complete 25 hours of training, which includes 16 hours of classes and 9 hours of self-study. A Private Hire Car Driver’s Vocational Licence (PDVL) course consists of 10 hours of training, of which 8 are in the classroom and 2 of self-study. You finish the PDVL course and start earning in less time.
Course costs – The TDVL course costs $200 and the associated training material costs $50. That is exactly double the cost of the PDVL course, where training costs just $100 and training materials cost only $25. (The assessment costs for both courses are $10, with every test paper costing an additional $5) Note, these prices are exclusive of GST.
Lifestyle preferences – Being cooped up in an office (whether at home or in an office building) can be depressing when you have to do it day after day, year after year. A private hire car driver is always on the move, meeting new people, seeing new places and experiencing new things.
Simple job – Many hire car drivers choose the path because it offers them a way to earn money without the stresses and pressures of the rat race. All you have to do is drive safely and get paid at the end of the ride. If you enjoy driving, it is like getting paid to have fun.
Please note that this article contains the latest information from the Land Transport Authority (LTA) as of May 2021. Driver requirements were amended last year to raise the minimum applicant age from 25 years to 30 years of age; Permanent Residents are no longer eligible to apply for a Private Hire Car Driver’s Vocational Licence (PDVL).
How can I use my Gojek or Grab loan?
When most people hear about our hire car loans, they assume it is for vehicle purchase or rental. While this is indeed one of the most common reasons that new drivers apply for this loan, it is certainly not the only one.
Grab and Gojek loans are also popular with drivers who have been working in the industry for years. They often use the loan to cover:
- Ongoing vehicle rental – for periods when the income from driving is not as good
- Upgrade to new vehicle – many drivers do this to get better reviews on the Grab app
- Maintenance and repairs – as with any machine, vehicles require regular care and upkeep
- Accident damage – more time on the road increases the likelihood of damage in accidents
- Miscellaneous expenses – this may include fuel, parking, insurance premiums, and even fines
In light of the recurring lockdowns and restrictions, there has been a huge uptick in demand for food delivery and non-public transport. Galaxy Credit loans can help you earn no matter how the economy is doing.
Get in touch with us today to find out more about the Grab loan and change the way you live.