• July 18, 2024

Banks Beginning To Deny Loans On Purchases Of Gas Powered Vehicles!

According to Fox Business:

The financial institution announced Friday that it will stop providing loans for new gas and diesel cars starting in 2025. Instead, it will only give loans to those buying new electric vehicles or used gas and diesel cars.

“We think that the responsible thing for us to do next is to ensure that our vehicle lending doesn’t lock our customers into higher carbon emissions and increasingly expensive running costs in the years ahead,” said Bank Australia’s Sasha Courville said in a statement, Fox Business reported.

Courville is Bank Australia’s “chief impact officer.”

“Ultimately, our announcement today is the beginning of a conversation with our customers and a signal to the wider market that if you’re considering buying a new car, you should think seriously about an electric vehicle – both for its impact on the climate and for its lifetime cost savings,” the statement continued.

This implies that Australians haven’t thought about it. More than a few new auto buyers likely have — and they’ve said no thanks.

In 2021, 20,665 electric vehicles were sold in Australia, according to data from the Electric Vehicle Council. While that was triple EV sales from the previous year, it still represents only 2 percent of auto sales in the country.

Furthermore, over 60 percent of those sales went to one type of car alone — the Tesla Model 3. At $59,900 Australian to start — almost $41,00 in U.S. dollars — that’s an expensive car for most people.

Nevertheless, Courville assured the deplorable Down Under that Bank Australia still cares about them, noting the bank would offer loans for used gas cars “until there is a viable and thriving market for electric vehicles.”

“While we will cease car loans for new fossil fuel cars from 2025, we are deeply aware that we need to support people not yet able to afford an electric vehicle while the market grows,”  he said.

Just not a new gas or diesel vehicle in their price range. Sorry, Aussies.

Make more money. Learn to code, mate.

Patriots Beacon