The switch to electric cars could have unexpected winners: The traditional commercial banks, savings banks and cooperative banks, which have so far only been poorly represented in car loans, have a good chance of gaining a larger share of the car loan market with offers of “sustainable financing”. This is what Zeb, a management consultancy specializing in the financial sector, argues in a new study.
“So far, the financing of car purchases has been in the firm hands of specialists: the car banks and some houses that specialize in consumer loans, says Zeb banking expert Ulrich Hoyer in Munich. “The market share of the classic universal banks is significantly lower than in other business areas.” Zeb assumes this that the sales figures for electric cars will continue to rise regardless of the current dip. Accordingly, the financing volume for private electric cars – not including company vehicles – could rise to over 50 billion euros by 2030, of which, according to the study, around 1 to 1, 5 billion euros in income would remain.
The basis for the assessment that traditional banks have better chances of arranging e-car loans than financing cars with combustion engines is, among other things, a consumer survey from last summer. Accordingly, there is great interest in advice when financing electric cars, even before financing new heating systems. “It is also surprising to us that those interested in electric cars are comparatively open to other providers and have a high affinity for sustainable financial products,” says Hoyer. “If you want to drive a sustainable car, you’re more likely to want sustainable financing.”
Traditional commercial banks – whether Deutsche Bank, Sparkassen or Volks- und Raiffeisenbanken – have been advertising sustainable financial products for several years, also known as “sustainable finance” in the modern German jargon of the financial industry. This means taking ecological and social aspects into account when making financial decisions. According to the zeb study, this could pay off when it comes to e-car financing. “Market shares are less stuck,” says Hoyer. “The universal banks may enjoy greater sustainability credibility.”
