Tesla & Australia's CBA Team Up to Support EV Purchases

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Tesla and Australia's CBA are teaming up to support electric vehicle purchases. Now, Tesla customers in Australia have more options when it comes to purchasing cars through the company's direct partnership with the bank.

The Commonwealth Bank of Australia (CBA) announced on Wednesday it is the preferred financial services provider for Tesla Australia. The bank will now help customers who want to purchase a Tesla car and switch to an electric vehicle (EV). As part of the agreement, CBA's business and retail customers will be able to access financing through the bank directly from Tesla's website. This will improve the customer experience and expand financing options for customers.

Tesla customers can apply for a CBA-secured personal loan with a fixed, low rate of 5.49% p.a. (Comparison rate 6.92% p.a.). This lower interest rate is available to customers who choose to finance eligible sustainable purchases including electric and hybrid vehicles that meet certain criteria, and use their vehicle as security, CBA said.

CBA’s General Manager of Personal Lending, Joel Larsen, said: “Tesla has proven to be one of the preeminent and hallmark brands that has driven the awareness and uptake of EV adoption in Australia. Through this latest announcement we can help more customers realize the benefits of electric vehicles by making finance more affordable.”

CBA also provides business customers with the opportunity to use CBA vehicle financing directly through the Tesla website, including the ability to access a discounted rate specifically for Tesla customers. New CBA data shows Australian businesses will continue to play a huge role in the adoption of electric vehicles. According to the study, 40 percent of companies plan to use electric or hybrid vehicles in the next 6-12 months. Beyond next year, this figure is forecast to more than double again.

CBA’s General Manager of Asset Finance, Chris Moldrich, says actual and intended EV adoption trends show an acceleration in business use that has already far outstripped earlier expectations.

“EV usage is surging as the market matures and becomes more affordable. That’s being helped by government concessions and an expanding choice of vehicles beyond luxury models,” he said.

“Being a preferred finance provider for Tesla means we can provide faster and simpler ways for Australian businesses to access EVs, allowing our customers to improve efficiencies and deliver greater value to their own customers.”

© 2023, Eva Fox | Tesmanian. All rights reserved.

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