When it comes to financing an electric vehicle (EV), there are a few key differences compared to a traditional car loan. Here’s a breakdown of how electric vehicle loans differ:Purpose: An EV car loan is specifically designed to finance the purchase of an electric vehicle, whereas a traditional car loan can be used to finance any type of vehicle, including petrol-powered cars.Eco-Friendly Incentives: Many state governments offer incentives to promote the adoption of electric vehicles. These incentives may include tax credits, rebates, or grants, which can help reduce the overall cost of owning an EV. Disclaimer: Your eligibility for these incentives may depend on your specific situation.Loan Terms: Since electric vehicles tend to have a higher upfront cost compared to traditional vehicles, EV/ hybrid car loans with Metro can go to a maximum of 7 years.Charging Infrastructure: Electric vehicles require access to charging infrastructure to recharge their batteries. Some EV car loans may offer additional financing options or partnerships for the installation of home charging stations or access to public charging networks. Disclaimer: We may need documentation to verify the client’s expense and amount of said expenses (i.e. mortgage statements, proof of payout of another loan (if required for servicing), Medicare card, etc.)