As the automotive world rapidly shifts toward electrification, hybrid, plug-in hybrid and electric vehicle (EV) buyers face both new opportunities and challenges at the cutting edge of automotive technology. While the promise of instant response, rapid acceleration, and even lower long-term running costs is undeniable, the higher upfront price of EVs, hybrids and plug-in hybrids can be a barrier too high for many, especially compared to traditional ICEs, for their respective entry-level options.
In this context, RHB’s VF-i Flexi Redraw emerges as a uniquely tailored solution to this modern dilemma, offering significant financial flexibility and the ability to purchase a car that takes a greener future into consideration. Here, we explore how it is ideally suited for those delving into EVs, hybrid and plug-in hybrid ownership, helping them manage the higher initial costs while providing the freedom to address future needs like home charging upgrades or additional car accessories.
Navigating The Price Hurdle of EVs, Hybrids and Plug-In Hybrids
Many say that EVs, hybrids and plug-in hybrids are undoubtedly the future of mobility, offering benefits like lower fuel consumption, reduced carbon emissions, and lower maintenance costs compared to traditional gasoline-powered vehicles. However, one of the primary concerns for buyers is the higher initial purchase price. The cost of the vehicle itself is often more than that of a comparable internal combustion engine (ICE) vehicle, making financing essential for most buyers.
This is where RHB’s VF-i Flexi Redraw comes into play, providing an excellent solution to manage the financial aspects of purchasing an electrified vehicle with a plan that not only offers competitive profit rates but also comes with the flexibility to make extra payments and later ‘redraw’ these funds when needed, addressing the unique needs of EV, hybrid and plug-in hybrid ownership.
Flexibility to Save on Long-Term Costs
One of the most attractive features of the VF-i Flexi Redraw plan is its flexibility in managing payments, which allows buyers to make additional payments towards the financing, translating into overall savings and increased flexibility throughout the financing tenure.
For those purchasing an EV, hybrid or plug-in hybrid, this feature is a game-changer. With the higher upfront cost of these vehicles, any excess payment made will help reduce financial strain, not only making financing more affordable, but also offering the opportunity to save more over time.
Redrawing Funds for Future Needs
One of the standout features of the RHB VF-i Flexi Redraw is the ability to redraw funds from the excess payment made, providing an invaluable safety net for car buyers who may need access to funds down the road.
EV, hybrid and plug-in hybrid owners, in particular, may need to make additional investments to maintain or enhance their vehicle ownership experience, such as upgrading their home charging systems, purchasing new accessories, or even preparing for long road trips by utilising more extensive charging infrastructure.
For example, after purchasing an EV, a buyer might realise that their current home charging setup isn’t sufficient to meet the vehicle’s needs. In this very common scenario, the redraw option allows them to tap into the extra funds they’ve paid into the car financing to cover the cost of upgrading their charging station, which could include installing a faster charger or adding home solar panels to further reduce running costs.
In essence, RHB VF-i Flexi Redraw give buyers the freedom to adapt to evolving needs without taking out additional financing or stretching their finances too thin.
Experience Electrification With Peace of Mind
The uncertainty of future expenses is a significant concern for EV, hybrid and plug-in hybrid buyers. While the operational costs are generally lower than those of traditional vehicles, the initial investment can be a daunting hurdle.
RHB’s VF-i Flexi Redraw plan offers peace of mind by providing a financial safety net. The ability to make extra payments and access funds when necessary ensures that EV, hybrid and plug-in hybrid buyers are not locked into the same rigid financial constraints as traditional vehicle financing.
It also alleviates concerns about unexpected costs arising from future upgrades or changes in vehicle requirements, as the redraw option gives them the flexibility to manage their finances in a way that suits their unique situation.
Even more enticing is that the VF-i Flexi Redraw plan offers no penalty for early settlement. Whether they want to pay extra to enjoy profit charges discount or need to withdraw funds for other expenses, they can do so without worrying about penalties, making it an ideal choice for the smart buyer who values flexibility and control over their finances.
The RHB Vehicle Financing-i (Variable Rate) Flexi Redraw is available to individuals aged between 18 and 65 years old, as well as sole proprietorships, partnerships, private limited, and public limited companies. For new and new unregistered reconditioned Hybrid, Plug-in Hybrid and Electric Vehicles, the minimum financing amount is RM150,000 up to RM500,000.
It is important to note that the profit charges discount on the excess payment made is capped at 50% of the total original financing amount. Withdrawal transaction is to be performed over-the-counter and each withdrawal is subject to an RM18.50 withdrawal fee, with a minimum withdrawal of RM2,000 and in multiples of RM1,000.
With the increasing demand for greener transportation options, RHB’s innovative financing solution empowers buyers to invest in the future of mobility with confidence, knowing that they can manage their finances and adapt to future needs without the pressure of rigid financing terms or penalty. Future-proofing your car financing has never been easier, and RHB’s VF-i Flexi Redraw is leading the way in providing financial freedom for the next generation of car owners.
Enquire at your nearest RHB Branch or find out more here. Terms and conditions apply.