Thinking of buying a new EV? Maybank is here #ForYou as your trusted partner for your Electric and Hybrid Vehicle Financing needs
Electric vehicles (EVs) and hybrid cars have been gaining popularity among consumers in Singapore, with sales of such vehicles going on an upward trend in recent years. Driven by growing concerns about the environment and climate change, consumers are seeing EVs and hybrids as the solution to help reduce pollution caused by traditional internal combustion engine (ICE) cars.
The Government has also outlined a roadmap for an EV future for Singapore, with plans to phase out the registration of new ICE cars by 2040. It is also rolling out the relevant infrastructure to help with the transition, with plans to deploy 60,000 EV charging points across the island by 2030.
To further encourage the adoption of EVs and hybrids, the Government has also introduced numerous incentives to attract buyers towards greener vehicles. These include rebates from the Vehicular Emissions Scheme (VES), as well as the Electric Vehicle Early Adoption Initiative (EEAI), which tacks on additional rebates off the Additional Registration Fee (ARF) of zero emissions full battery electric vehicles (BEVs).
For the consumer, EVs and hybrids also offer significant cost savings from an operational perspective. They generally use less fuel on average (or in the case of full BEVs, no fuel at all), and the cost of electricity, which is used to power BEVs, is much lower than the cost of fuel as well. In addition, full BEVs have lesser mechanical moving parts as compared to ICE cars, and so maintenance costs over the long term is also much reduced.
The Future is Now
As such, EVs and hybrids present an attractive option for car buyers looking for a greener alternative to regular ICE cars. However, when EVs and hybrid cars were first introduced, they commanded a much higher retail price over their ICE counterparts, given the novelty of the technology at that time.
Therefore, budget conscious buyers tended to favour traditional ICE cars over EVs and hybrids, given the higher cost of entry. However, with the advancement of technologies, along with the numerous financial incentives, the prices of EVs and hybrids have fallen fairly significantly in recent years.
There is also a greater variety of EV and hybrid models available for sale today, giving consumers more choices to go down the greener route, and buying an EV or hybrid is now seen as a viable option for many consumers who desire something that’s kinder to the environment.
Making the transition easy
While EVs and hybrids are still slightly more expensive than regular ICE cars at the current moment, Maybank’s Electric and Hybrid Vehicle Financing is currently offering a promotional interest rate of 1.68% to help ease the consumer’s transition towards going green and adopting EVs and hybrids as their next purchase.
Maybank is a trusted brand that has built up a strong established network with its partner dealers, and is also on the financing panel of the top 10 EV and hybrid vehicle retailers, further affirming its commitment towards the green and sustainability cause.
Applying for a car loan from Maybank is a simple and fuss-free process, with its seamless application procedure that retrieves your relevant information automatically via Singpass, cutting out unnecessary hassle and paperwork.
Maybank also has a dedicated team of hire-purchase specialists that can help facilitate with the loan application and documentation, and service all aspects of the auto financing process, further adding a level of reassurance to its customers and partners.
Trusted and dependable
Maybank is among the largest players in the automotive loan market, and has been in the vehicle financing market since 1961, having built up a prominent reputation for consistency and longevity over six decades of being in the business.
It has built up strong ties with numerous motor traders, and established a wide network of over 300 car dealers and authorised distributors. With its constant engagement with its partners, Maybank has established a solid foundation for firm business relationships based on trust and dependability.
Maybank is Malaysia’s leading bank, with a strong presence in regional markets, and is now South East Asia’s fourth largest bank, while it is also the only bank that offers Islamic Auto Financing options in Singapore. When it comes to your EV and hybrid vehicle financing needs, Maybank is here #ForYou.
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