An American bank provides a new financing package for electric cars

A US bank has unveiled a new package program that allows electric vehicle buyers to finance electric vehicle chargers alongside their auto loans.

With demand for zero-emission electric vehicles rising rapidly, Bank of America expects this trend to only increase as we move toward a sustainable future.

To support the movement, Bank of America is looking to streamline the process by giving dealers and manufacturers the option of allowing electric vehicle buyers to finance charging equipment with their auto loans.

An American bank provides a new financing package
 electric cars

With buyers handing over their gas-powered vehicles to electric vehicles, the demand for home charging units is also expected to skyrocket over the next few years. Demand for home charging stations is expected to increase by more than 2,000% from just 1.3 million units in 2021 to nearly 27.5 million in 2030, according to Statista.

Since in-home electric chargers add an extra expense in many cases, it only makes sense for a major company to offer it as a financing option. Bank of America's head of consumer auto products said:

  • We aim to help people "go electric" by providing financing for this important accessory, which allows customers to charge their cars in their homes at convenient times.

  • Terry added that the recently passed Inflation Reduction Act "provides significant investment in clean energy and transportation technologies, including a wide range of electric vehicle incentives, and is expected to accelerate consumer demand."

  • The Edison Electric Institute (EEI) projects that 26 million electric cars will be on US roads by 2030, compared to more than 800,000 in 2022.

  • Bank of America is kicking off the offer and says customers interested in financing their own EV chargers should check with their merchant to see if it's available. The company works with more than 10,000 dealers and many EV manufacturers across the country.

  • The banking giant is committed to investing $1.5 trillion in sustainable finance by 2030 to accelerate the transition to a sustainable economy.

  • Even with the increasing number of electric vehicle chargers available to the public, people still prefer charging at the convenience of their homes if at all possible.

  • Looking at the auto industry's transformation, Bank of America is now the first major bank (according to it) to offer consumers the option to bundle electric vehicle chargers with their auto loans.

  • This is likely to be the beginning of a new trend. Not only does it enable electric vehicle ownership, but it could also attract a new market of buyers looking for zero-emission electricity financing options.


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