Bank of Australia to cease ICE loans in favour of EV financing

The Bank of Australia will stop granting new fossil fuel car loans from 2025. A post on their website explains, “We’ve chosen 2025 because the change to electric vehicles needs to happen quickly.”

The reasoning behind the move is that the Bank says that it doesn’t want to “lock our customers into higher carbon emissions and increasingly expensive running costs”.

“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,” said Sasha Courville, Bank Australia’s chief impact officer
bankaust.com via carscoops.com