Electric Vehicle Maker Fisker Announces Digital Financing Platform

Fisker, which makes electric vehicles, has debuted a new digital financing platform, a press release said Friday (July 8).

Called Fisker Finance, it will offer seamless loan purchase options for customers.

Fisker Finance will allow customers to apply for vehicle financing and get “competitive, personalized” decisions. Car buyers will also be able to finance vehicle accessories like home charging equipment and factory-installed features.

From there, they’ll be able to digitally access their account and make payments online, along with getting customer service.

The finance platform’s debut will coincide with the introduction of the Fisker Ocean One, an all-electric, five-passenger SUV, in November.

“Fisker is a digital car company, first and foremost, focused on a seamless customer experience at every step. Providing finance options on our digital platform, including financing factory-installed options, is part of providing our customers with a completely hassle-free experience respectful of their time,” says Fisker Chairman and CEO Henrik Fisker. “We also aim to provide insurance on our digital platform as we designed and engineered the Fisker Ocean with affordable premiums in mind. The Fisker Ocean One will stand out with all its unique standard options and features.”

Fisker has also confirmed its nomination of retail financing partners Chase in the U.S. and Santander in Europe.

See also: New Car Payments Exceed $1,000 for 12% of Buyers Amid Supply Chain Snarls

PYMNTS wrote recently that monthly payments for new luxury cars have been rising. Now, over 12% of customers are financing a car with over $1,000 in monthly payments. That’s up from 7.3% from June last year.

This comes as carmakers have begun cutting back on lower-priced vehicles in favor of the expensive ones.

The higher prices have not apparently been a deterrent for those looking for the luxury cars. But sources said many others will find the new cars too expensive.