Lucid elects Bank Of America as preferred lender for financing

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According to a recent article published by Teslarati, Lucid has officially announced that Bank of America will be their preferred lender going forward. Now, Lucid buyers will have the option to apply for financing through Lucid, and apparently the process will be simple and straightforward.

If you’ve recently bought or leased a new car, you probably know that you usually have several options when it comes to financing. The concessionaire usually offers a lease or finance option through its own financial arm, which may be supported by a preferred lender.

However, you can also use your own bank or credit union, and it’s not uncommon for dealers to look for several financing options available from various lenders. The lender you choose can also affect eligibility for various incentives.

For example, when you buy a Ford or GM vehicle, you can get additional bonuses if you choose to finance through GM Financial or Ford Credit Financing. During our recent experience at a local Honda dealership, we received offers from three different lenders including Honda Financial Services and a few notable banks. The goal was to find the most financially sensible deal based on our credit rating and other variables.

Now that Lucid has racked up over 17,000 pre-orders for its Air electric sedan, it’s time to start sorting out other aspects of the equation. Deliveries of the Air began in October 2021, although production is moving at a relatively slow pace at the moment, as would be expected for the initial launch of any automaker, and especially for startups. While reservation holders wait for their cars to be produced, they are probably working on decisions about financing. Lucid announced that he chose Bank of America to help him.

Director of Financial Services at Lucid Amira Aly shared via Teslarati:

“The strategic relationship between Lucid and Bank of America is another way to improve and streamline the vehicle shopping experience for Lucid customers. Lucid will continue to grow its consumer credit journey with compelling offers to put more vehicles in the hands of customers as we deliver the world’s most advanced EV. “

Lucid chose Bank of America in part because of its focus on sustainability. The bank has already pledged to channel $ 1 trillion towards solutions that will reduce greenhouse gas emissions and work to make it more sustainable as a whole.

Head of Vehicle Lending Products at Bank of America Fabien Thierry said that offering innovative financing for electric cars is a major step towards reducing emissions.


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