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4 min read. Published October 26, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely taking out loans to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances with concise, well-researched, and clear information that breaks down complicated subjects into digestible pieces.
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In the early part of August 2021, President Biden signed an executive order stating that half of all new vehicles that are sold across the U.S. should be electric by 2030 . Therefore, now could be the perfect time to hop behind the steering wheel of a green car. If you’re already a green driver in the market, you could be able to save money by taking advantage of the green auto loan. The green car loan is a loan option for consumers purchasing low- or no-emission cars. They often feature and several other perks. What are green auto loans? The green vehicle loan can be used to buy eco-friendly cars — or those with lower emissions. These fuel-efficient cars typically fall in the category of hybrids or electric, and are available from a variety of manufacturers that range from Ford up to Nissan to Tesla. Green auto loans encourage consumers to look into these eco-friendly cars through interest rate reductions, and other benefits. These loans can make green vehicles more affordable for borrowers. For instance, Chevrolet offers a 3.49% APR for 60-month loans when you purchase their Bolt EV. In the same way, Ford offers a 3.9 percent APR for loans that last up to 72-months for the Mustang Mach-E. These rates are much lower than the current average interest rates for new car auto loans that ranged between 5.4% and 5.28% in September 2022. However, you must meet other credit and credit criteria to qualify for such discounts. What qualifies as a green vehicle? The term « green car » refers to one that uses alternative fuel or electricity in place of gasoline or diesel and is therefore better for the environment. They have advantages like lower emission of carbon dioxide, lower maintenance, less fuel stops and quieter engines. A study from the International Council on Clean Transportation discovered that electric vehicles produce the lowest life-cycle greenhouse gas emissions of all car types. According to the study, the lifetime emissions of an average medium-sized electric vehicle are 60% to 68% lower than in the United States. The most eco-friendly vehicles come with the designation of a score awarded from the U.S. Environmental Protection Agency to the cars with the lowest emissions for each model year. Many lenders use this designation to determine if your car can qualify for a low-cost environmentally friendly auto loan. But, they have a higher upfront price tag than traditional automobiles. So, many states encourage buyers to buy green vehicles by . Based on Kelley Blue Book, the cost of electric vehicles within the United States in September 2022. However, not every electric vehicle will cost this much, and some luxury models cost far more. For instance, the starting price for a 2022 Nissan Leaf is $27,400, and that of the Tesla Model 3 starts at $48,490. Spending well over $100,000 on electric vehicles is possible. The Tesla Dual Motor Model X is priced at $120,990. Despite the high prices are increasing faster than sales of all other types of cars, according . How do these green loans differ from traditional auto loans? A green auto loan is similar to a conventional car loan you’ll be able to get an auto lender and receive an interest rate that is based on your credit score, pick a repayment term and make regular payments with interest over the loan term. However, the details of the two loans might differ slightly. Green auto loans typically have lower rates of interest than conventional loans by way of lower interest rates on base or rate discounts. Since green cars can be expensive, many lenders offer longer time frames for repayment than conventional auto loans to reduce the monthly cost of repayment. The most important aspect that defines green auto loans is where they’re available. In contrast to typical auto loans, which you can get from banks or online lenders, you’re more likely to obtain green car loan through an . A. University of Hawaii Federal Credit Union as well as the Vermont State Employees Credit Union and Verity Credit Union all offer green auto loans. Furthermore, some dealers might offer green loans from the manufacturer. For example, Ford offers financing for Mach-E models via local dealerships. Similarly, Chevrolet offers financing for its Bolt models through dealers. Why is green auto loans crucial in 2022? The green auto loans and vehicles started in the mid- to mid-2000s, and they’re increasing in popularity and aren’t slowing. Gas prices are rising, which could fuel the demand, with prices per gallon at $3.77 in late October. As per Kelley Blue Book, Americans electric vehicles are more prevalent will be more popular in the third quarter of 2022 than during the same period in 2021. Many car manufacturers have committed to support the federal initiative, and to drive greener vehicle purchases. Ford, General Motors and Stellantis (which owns Chrysler and Fiat) have committed to increase electric vehicle production. The next steps and how to apply for an auto loan that is green. loan Prior to applying for a green loan, make sure that your finances are in most favorable condition. Make an effort to improve your financial situationlenders will look at your credit score, income, and other factors to determine if you are eligible for the loan and the rates they can offer you. You can then shop around for your car loan with a green loan. A quick comparison of a few rates before applying for an loan can help you get the best deal. Check out these resources for help as you begin the : PlugStar: is an especially useful tool for those looking to buy a car early in the process. Once you’ve entered your zip code as well as the desired model and make, you’ll see cost estimates as well as incentives available, and information about local dealerships as well as the vehicle’s environmental footprint. EV Life: EV Life’s lets you get prequalified by a variety of lenders. It also automatically qualifies you for incentives and rebates by putting those savings in advance to your monthly payment. Credit unions local credit unions are the best places to start your search for green auto loan. Credit unions like JetStream Federal Credit Union, Suncoast Credit Union and MyPoint Credit Union offer interest rates discount for auto loans for green vehicles. Talk to the local branch of your credit union about available alternatives when you are looking to get the perfect auto loan. The final decision of buying a green vehicle can be rewarded in several ways. It can help reduce the carbon footprint of your vehicle, take advantage of tax incentives and reduce expenses for fuel. Before deciding to apply for a green car loan look into at three or more lenders and inquire about their eligibility criteria, incentives and discounts. Get preapproved so you can examine the costs, interest rates and the monthly payment throughout the duration of your loan. Doing some research can lead to the benefit of an auto loan discount that could save you thousands or hundreds of dollars.
Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers to take control of their finances by providing concise, well-researched, and clear information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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