Commonwealth Bank offers EV loan discounts

Commonwealth Bank (CBA) has joined Westpac as another ‘big four’ bank offering lower interest rates on electric vehicle loans.

For new and used electric and hydrogen vehicles valued up to $250,000, CBA is discounting up to one per cent off the standard rate.

Additionally, assets such as EV charging equipment, battery storage systems, LED lighting upgrade projects and solar, wind and hydro-powered hardware are eligible for a 0.5 per cent discount.

CBA general manager of asset finance Christ Moldrich said this targets businesses to help them improve their environmental, social and governance (ESG) responsibilities, and take advantage of the federal government’s Instant Asset Write-Off scheme before it expires on June 30.

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“This new green asset finance offering is designed to assist companies in the manufacturing, logistics and construction sectors who are focused on lowering their running costs and energy wastage, while also reducing carbon emissions,” Moldrich said.

“Our financing solutions cover up to 100 per cent of the purchase price of these assets, as well as supporting infrastructure such as chargers and batteries.

“There is a range of terms to suit different cash flow needs and the ability to use the purchased equipment as security for the loan also enables businesses to free up their working capital for other purposes.”

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It’s a similar move to Westpac (which supports hybrids as well), but Bank Australia has stopped providing loans for petrol or diesel vehicles entirely and Pepper Money includes free 12-month/2000kWh Evie Networks public charging credit.

Meanwhile, Origin Energy recently launched a salary-sacrificing EV subscription service for employees who want to take advantage of the fringe benefits tax (FBT) exemption and have the flexibility of being able to switch between EV models.

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