CJ Logistics said on the 31st that it signed an exclusive financial partnership agreement with Hyundai Commercial to operate a low-interest, shared-growth financial program for entrusted truck owners and partner companies.
Through this partnership, the two companies will design and launch dedicated products for cargo truck owners with interest rates lower than those of commercial financial institutions. CJ Logistics said it planned the product launch because large cargo trucks carry a heavy financial expense burden for purchase and maintenance.
Through the financial products, the two companies plan to support truck owners so they can operate their vehicles on reasonable terms not only with funds to purchase cargo trucks but also through cargo truck collateral loans and business credit loans, and to establish a stable transportation base.
The financial products will be piloted for cargo truck owners affiliated with CJ Logistics' partner companies and will later expand to truck owners subscribed to the digital transport platform TheUnban.
At the signing ceremony held on the 30th at Hyundai Commercial's headquarters in Yeongdeungpo-gu, Seoul, attendees included Choi Gap-joo, head of CJ Logistics' TheUnban Group, and Kim Jae-wan, head of Hyundai Commercial's Industrial Finance Division, among officials from both companies.
Choi Gap-joo, head of CJ Logistics' TheUnban Group, said, "The shared-growth financial product partnership with Hyundai Commercial aims not only to provide interest rate benefits but also to build a safe and sustainable transport environment," and added, "We hope our partner cargo truck owners can operate under more stable conditions."