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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 is a specialist in helping readers in navigating the details of borrowing money to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-researched and well-written information that dissects complicated subjects into digestible pieces.
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In early August 2021, the president Biden signed an executive decree 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 moment to take the wheel of a green vehicle. If you’re already a green driver , you may be able to save some money through a green auto loan. Green auto loan is a financing alternative for people who are buying zero- or low-emission vehicles. They usually come with other perks. Are they green car loans? Green car loan can be used to purchase eco-friendly cars — or vehicles with lower emissions. These cars that are fuel efficient typically fall under the category of hybrid or electric and can be purchased from many manufacturers including Ford and Nissan to Tesla. Green auto loans incentivize shoppers to consider the eco-friendly vehicles through interest rate reductions, and other benefits. These loans can make green vehicles more affordable for borrowers. For instance, Chevrolet offers a 3.49 percent APR on 60-month loans for the purchase of their Bolt EV. In the same way, Ford offers a 3.9 percent APR for loans that last up to 72 months for its Mustang Mach-E. These rates are less than the current average rates of interest on new auto loans that ranged between 5.4% and 5.28 percent as of September 20, 2022. You’ll need to satisfy credit requirements and other criteria to qualify for such discounts. What qualifies as a green vehicle? The term «green car» refers to a vehicle which uses alternative fuels or electricity, instead of gasoline or diesel and is therefore greener to the planet. They offer advantages such as less carbon dioxide emissions, less maintenance, less stops for fuel and more peaceful engines. A study by an study by the International Council on Clean Transportation discovered that electric vehicles produce the lowest greenhouse gas emissions of all types of cars. The study found that the life-cycle emissions of a medium-sized electric vehicle are between 60 percent to 68% less than the United States. The most eco-friendly vehicles come with a designation, which is a rating given to them by the U.S. Environmental Protection Agency to the vehicles with the most efficient emissions for every model year. Many lenders use this designation to determine if your vehicle qualifies for a money-saving green auto loan. Still, green vehicles come with a higher average initial cost than conventional cars. Many states also encourage buyers to buy green cars by . As per Kelley Blue Book, the average cost for an electric vehicle within the United States in September 2022. However, not all electric cars will set you back that much, and certain luxury models are priced higher. In the case of For example, the base price for a 2022 Nissan Leaf is $27,400, while that of the Tesla Model 3 starts at $48,490. A budget of more than $100,000 for an electric vehicle is feasible. Tesla Dual Motor Model X Tesla Dual Motor Model X is priced at $120,990. Despite the often higher prices they are growing more quickly than the sales of other types of cars According to . What are the ways that green loans differ from conventional auto loans? A green auto loan functions like a traditional car loan: You’ll through an auto lender get an interest rate that is based on the creditworthiness of your score. You’ll choose the repayment period and pay regular monthly interest over the loan term. However, the terms of these two loans might differ slightly. Green auto loans generally have lower rates of interest than conventional ones or through lower base interest rates or rate discounts. Because green vehicles can be expensive, many lenders provide longer repayment terms than conventional auto loans to lower the monthly payments. One of the main factors that distinguish the green car loans is where they’re available. In contrast to typical auto loans available to get from banks or online lenders, it’s more likely to get green auto loan through an . It’s the University of Hawaii Federal Credit Union, The Vermont State Employees Credit Union and Verity Credit Union all offer green auto loans. Furthermore, some dealers may offer green loans from the manufacturer. For example, Ford offers financing for Mach-E models via local dealerships. Similar to that, Chevrolet offers financing for its Bolt models through dealers. Why is green auto loans vital in 2022? A greener approach to auto loans and vehicles began in the early- to mid-2000s, and they’re increasing in popularity and aren’t slowing. The high cost of gas could help to fuel demand, with the price per gallon averaging around $3.77 in the last week of October. According to Kelley Blue Book, Americans electric cars will be more popular in the third quarter of 2022 as opposed to the same time frame in 2021. A number of car manufacturers have pledged to support the federal initiative and driving more green vehicle purchases. Ford, General Motors and Stellantis (which is the owner of Chrysler and Fiat) have pledged to increase electric vehicle production. The next steps and how to apply for green auto loan Before applying for a green auto loan, make sure your finances are in the best shape possible. Try to improve your — lenders use your credit score, income, and other factors to determine whether you qualify for the loan and what rates they are willing to offer. Then, you can look around for a car loan with a green loan. Comparing a few rate quotes prior to submitting an application for an loan will allow you to get the most competitive rate. Check out these resources for help as you begin the : PlugStar: is an extremely useful source for car buyers early in the process. After entering your ZIP code and desired make and model there are cost estimates, available incentives, information on local dealerships and the environmental footprint of your vehicle. EV Life: EV Life’s lets you get prequalified with multiple lenders. It also automatically qualifies you for incentives and rebates, applying those savings upfront to your monthly payments. Credit unions Local credit unions are among the most ideal places to begin your search for green auto loan. Credit unions like JetStream Federal Credit Union, Suncoast Credit Union and MyPoint Credit Union offer interest-only discount on auto loans for green cars. Contact at your nearby credit union about their options when shopping for an automobile loan. The bottom line Buying a green vehicle can benefit you in a variety of ways. It can help reduce the carbon footprint of your vehicle as well as benefit from tax breaks , and reduce the cost of fuel. Before deciding to apply for a green auto loan make sure you research at three lenders, and ask about their eligibility requirements including incentives, discounts and incentives. Get preapproved so you can examine the costs, interest rates and monthly payments over the life that you will be paying for the loan. Shopping around could land you an auto loan discount that can save you thousands or hundreds of dollars.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of using loans to buy the car they want.
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 dedicated to helping their readers feel confident to take control of their finances with precise, well-researched and well-documented information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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