Bank Stops Giving Loans For Cars

An Australian bank will stop offering loans for new fossil fuel cars from 2025, which it says will ‘encourage’ more people to buy electric vehicles.

Australian Banks Pushes EV Cars On Citizens

The customer-owned Bank Australia will announce the self-imposed ban at a national EV summit in Canberra on Friday, arguing it is a responsible step to ensure its lending practices did not “lock our customers into higher carbon emissions and increasingly expensive running costs.”

“We think that the responsible thing for us to do next, is to ensure that our vehicle lending doesn’t lock our customers in to higher carbon emissions and increasingly expensive running costs in the years ahead,” Bank Australia Chief Impact Officer Sasha Courville said in a statement on Friday. 

“Ultimately, 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.”

In just two years, the bank will stop giving loans to new fossil fuel cars and instead only help people buy the inferior electric vehicles. However, they will still give people loans to buy used fossil fuel cars.

The bank will still consider loans for pre-owned ICE-powered vehicles for some time to come.

Bank Australia is a customer-owned bank focusing on aligning with Charles Schwab’s World Economic Forum’s goals. The company proudly states its operations are 100% renewable and has been carbon neutral since 2011. It also publishes a regular impact report and invests regularly in various environmental causes.

Banks are beginning to decide what cars we can buy and cannot buy under government recomendations, and most feel we are only a few years away from petrol and diesel cars being banned.

We saw in the Soviet Union and in other Socialist countries pushing for people to ride bikes and take the bus or train instead of owning their own car.

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