New data shows electric vehicle refinancing offers big savings as tax credits wane

Despite a lack of enthusiasm from the government towards electric vehicles (EVs), lenders see significant value in them according to new data from Caribou. Electric vehicle owners are discovering remarkable financial benefits when refinancing their auto loans, with many achieving substantial savings. This unique opportunity is presented as the chance to leverage both the OBBBA and EV savings, which are available before the pending expiration of tax credits. The findings indicate that, while governmental policy may not be entirely in favor of EVs, the financial upside makes them attractive to both consumers and lenders. As traditional car loans remain steady, the refinancing of electric vehicles stands out as a savvy financial move, highlighting the strategic advantage for EV owners to act promptly. With the potential phasing out of tax credits, this could be a pivotal moment for EV owners looking to maximize savings through refinancing.

Eastern Progress