BofA Adds EV Charger Financing
Offered through dealers, manufacturers as consumer demand grows.
Bank of America works with more than 10,000 auto dealers and various EV makers.
IMAGE: Pexels/dcbel
Bank of America is now offering financing for home electric-vehicle chargers along with customers’ vehicle loans.
The second-largest U.S. bank said it added the offering due to customer demand for options that make owning an EV easier. It cited Statista-McKinsey data that show U.S. demand for home chargers will increase to almost 27.5 million by 2030.
The North Carolina-based lender is offering the financing add-on through dealers and carmakers. It says charger prices in the U.S. range from $200 to $2,000.
Bank of America works with more than 10,000 auto dealers and various EV makers.
EV demand here could increase in the U.S. with the recent availability of up to $7,500 federal tax credits for models that meet certain sourcing parameters.
Originally posted on Auto Dealer Today
More F&I
Four-Figure Loan Payments on the Rise
A LendingTree analysis found that location, age and credit score play a role in the rising amount of auto loan borrowers who make monthly payments of $1,000 or more.
Read More →
APCO Holdings Acquires Fidelity Dealer Services
The finance-and-insurance product provider says the addition strengthens EasyCare’s reach across key markets.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
Ensure Your Clients Are Sure About Reinsurance
Industry experts recently broke down the complicated profit center at Agent Summit. Learn what’s relevant and what’s new to share with your dealers.
Read More →
Car Loans More Plentiful
May access opens up, as risk segments figured largely in the increased availability, Cox Automotive reported.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →
New-Vehicle Financing Hits Record
Consumers are seeking ways to make financing new-vehicle purchases manageable, from extended loan terms to smaller down payments, according to Edmunds.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →