The EV ONLY Club: Bank Says No More Loans For Fossil Fuel Vehicles

A Danish bank will no longer provide automotive loans for cars powered by fossil fuels in an attempt to encourage customers to consider electric vehicles, which are more environmentally-conscious.

Merkur Andelskasse, a Denmark-based financial institution, has announced that there will no longer be financing options for car buyers who are interested in receiving loans for gas-powered automobiles. The strategy should convince many customers who go to Merkur for loans to consider sustainable transportation options because the bank offers the best interest rates for electric cars in Denmark, according to ABC Nyheter.

MDarringer - 7/8/2020 4:21:07 PM

+2 Boost

Time for another bank to make big money.

SSBMW - 7/8/2020 5:19:58 PM

+3 Boost

And backtrack in 3...2...1...

CANADIANCOMMENTS - 7/8/2020 6:44:17 PM

+4 Boost

This is a tiny cooperative bank owned by its members. And it was founded in 1982 with a mandate to focus on sustainability. A bit ahead of the curve, but it is seen as a major attraction point for customers in THAT market. Banning loans on ICE vehicles makes sense for them and their customers. And it will increase, not decrease their business in the long term. Marketing 101.

MDarringer - 7/9/2020 10:53:33 AM

-1 Boost

And you clearly failed Marketing 101.