Brazil's National Monetary Council (CMN), the body that sets credit rules in the country, has extended the maximum financing term under the Move Brasil program from 72 to 84 months for taxi drivers, ride-hailing drivers and taxi cooperatives. The change was approved at an extraordinary council meeting on Thursday (27), according to G1 and Folha de S.Paulo.

In practice, the longer term lets drivers split the financed amount into more installments, which lowers the monthly payment. The program keeps a grace period of up to six months on the principal, during which the beneficiary does not have to start repaying that part of the debt. The price cap for eligible vehicles, previously R$ 150,000, rose to R$ 200,000 (about US$ 38,000). Folha reports the cap increase had already been announced by the government on August 20; G1 presented the measure together with the new term.

Coverage reaches 88% of the market, rates below average

Based on 2025 vehicle registrations, the Finance Ministry estimates the previous cap reached about 63% of the market analyzed. With cars priced between R$ 150,000 and R$ 200,000 now included, another 486,000 units become eligible under the price criterion, lifting coverage to roughly 88%, according to the ministry survey cited by G1.

Created in June through a provisional measure, a type of executive decree that takes effect immediately in Brazil, Move Brasil carries interest rates fixed by the CMN at 12.6% per year for men and 11.5% per year for women, Folha reported. The average market rate for car financing is 28% per year, according to data monitored by the government.

Ride-hailing drivers must have been active on a platform for at least 12 months, with at least 100 rides on that same app; rides from different platforms, such as Uber and 99, cannot be combined. Taxi drivers need an active license and registration with traffic authorities, plus a clean fiscal record. Applicants register at gov.br/movebrasil, get an answer within five business days and, if approved, seek financing at a dealership or at the bank where they already hold an account. The car must come from a maker enrolled in the Mover industrial program, a list that includes Volkswagen, Fiat, Renault, GM, Honda, Hyundai, Nissan, Peugeot, Toyota, BMW, BYD and GWM, and must qualify as sustainable: flex-fuel, hybrid or ethanol hybrid.

The looser terms come amid weak demand for the program. Finance Minister Dario Durigan said on the 20th that state-owned banks have taken part more actively, while private lenders show less appetite. "We are always in touch to understand why, even with the government guarantee, [Move Brasil] has not had the uptake we initially expected," he said, according to G1. On Wednesday (26), Chinese maker BYD said its King, Song Pro, Song Pro Flex and Atto 2 models became eligible for the program, after automakers asked the government to include new models, Folha reported.

For automakers, the R$ 200,000 cap and the longer term open room to sell pricier versions to buyers who use the car as a work tool. For drivers, the monthly bill gets lighter, but the debt now stretches over up to seven years and total interest paid grows with the term, even though the program rate is less than half the market average.