Friday, July 12, 2024

Bank Australia will stop giving loans on internal-combustion cars to speed-up EV adoption

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Eco-friendly cars are increasingly becoming more and more concentrated on fully electric cars. This has also received support from various parties, including from the banking sector.

Australian banks are encouraging would-be car owners to switch to EVs and at the extreme they refuse to offer loans for the purchase of internal combustion engines after 2025.

Quoted from Fox Bussines, the bank which has 185,000 customers, said it would no longer lend money to people to buy combustion engine cars, trucks and SUVs. They say they don’t want to lock their customers into higher carbon emissions and higher operating costs.

However, the Australian Bank still offers loans for the purchase of used cars with conventional engines. They realized that not everyone could afford a new EV.

“Our announcement today is the start of a conversation with our customers and a signal to the wider market that if you are considering buying a new car. You have to think seriously about electric vehicles, both for their impact on the climate and for their lifespan. cost savings,” said Sasha Courville, Bank Australia chief impact officer

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