By Brad Segall
PAOLI, Pa. (CBS) — A suburban Philadelphia bank is offering a unique program to try to jump-start the sales of environmentally friendly cars.
Skyrocketing fuel prices have taken their toll on drivers, pushing some to look at alternatives like hybrid and electric cars.
But they usually sell at a premium, and may be too expensive for some people.
That’s where Malvern Federal Savings Bank is stepping in. Richard Fuchs, the bank’s senior VP of operations, says the Paoli-based bank is offering a 2.99 percent loan — what he says is the missing link that may help put customers in “green” cars.
“(Lack of) dealer and factory financing really limits that financing on hybrid vehicles,” he notes. “They don’t offer their special rates.”
Fuchs says it’s tougher to get lower financing on “green” cars because there’s a greater demand for them — and because of that, manufacturers don’t have to offer factory financing to sell the vehicles.
Fuchs says the limited-time offer is just one of several eco-friendly promotions the bank is offering to coincide with Earth Day celebrations and the bank’s 125th anniversary.