Banks, credit unions offer lower rates for electric vehicle loans

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Banks and credit unions in the Triad region are offering lower interest rates on electric vehicle loans to attract consumers, with rates as low as 1.88% APR. The push reflects growing EV demand and manufacturer investments in production, spurred by President Biden's 2030 goal for half of new vehicle sales to be electric. Financial institutions are marketing EV financing alongside federal and state tax credits to make electric vehicles more affordable.