This collaboration aims to reduce the upfront costs associated with EV ownership by offering discounted finance rates to eligible customers. Specifically, the program provides interest rate discounts ranging from 0.5% to 1.0% on loans for new, fully electric vehicles priced below the luxury car tax threshold. For instance, on a $70,000 loan, a 1.0% interest rate discount over five years could result in savings exceeding $1,900 in interest costs.
The initiative is designed to support households and small businesses in transitioning to cleaner transport options, thereby contributing to the reduction of carbon emissions and promoting environmental sustainability. By making EVs more financially accessible, the partnership addresses one of the primary barriers to EV adoption: the higher initial purchase price compared to traditional internal combustion engine vehicles.
Since its inception, the CEFC has played a pivotal role in financing over 17,000 EVs, amounting to more than $1 billion in value, including third-party capital. This latest investment with Hyundai underscores the CEFC's ongoing commitment to accelerating Australia's shift towards low-emission transportation solutions.
For consumers considering the switch to electric vehicles, this partnership offers a compelling financial incentive. Prospective buyers are encouraged to explore the available models under Hyundai and Kia that qualify for the discounted financing rates, ensuring they meet the eligibility criteria set forth by the program.
As Australia continues to advance its environmental objectives, initiatives like this serve as crucial steps in making sustainable technologies more accessible to the broader population, ultimately fostering a greener and more sustainable future.
