A well-established Canterbury hospitality company required $140k worth of funding to assist with the purchase and leasing of two brand new Mini Cooper EVs. The new electric vehicles would be used for commercial use as the client looked to upgrade and replace existing petrol/diesel vehicles.
PFL was able to assist with this deal by providing funding over the requested 60-month term as part of PFL’s Motor Vehicle Matrix. For a successful approval and transaction, the client’s application had to meet a set criteria. This included purchasing a new or near new aged vehicle, 3 years minimum trading history, guarantee from all directors, proof of property ownership and a maximum financed amount of $150k.
When asking the returning client what had driven the decision to move to electric vehicles the client responded with, “It’s down to registered fundamental economics. These cars come with an 8-year battery guarantee, a 3-year full parts and mechanical warranty and they have a modular battery. At the moment, I’m currently spending $300 on diesel with the vehicles we are operating. These new cars can be charged at home for 32 kWh which at 0.25cents per kWh is much more energy efficient”.
We were happy to able to facilitate this unique transaction. We’re thrilled to be seeing more and more applications for funding that is going towards green initiatives like this. This is a prime example of a returning customer with a positive and impactful story both for PFL and our Canterbury client.