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4 min read Published 26 October 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 details of taking out loans to purchase an automobile.
Editor: 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 by providing concise, well-researched, and clear information that dissects complex topics into manageable bites.
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In early August 2021, President Biden signed an executive order stating that half of all new cars manufactured within the U.S. should be electric in 2030. So now might be the perfect time to get behind the wheel of a green vehicle. If you are considering it, you might be able to save money through an eco-friendly auto loan. Green auto loan is a financing option for consumers purchasing low- or no-emission cars. They often feature and several other advantages. What are green auto loans? A green car loan can be used to buy eco-friendly cars — or vehicles that emit less emissions. These cars that are fuel efficient typically fall in the category of hybrid or electric and are available by a wide range of manufacturers, from Ford and Nissan and even Tesla. Green auto loans incentivize shoppers to consider these environmentally friendly vehicles by offering interest rate discounts as well as other advantages. These loans could make green cars more affordable for borrowers. For instance, Chevrolet offers a 3.49 APR of 1% for 60-month loans when purchasing its Bolt EV. Similarly, Ford offers a 3.9% APR on loans that last up to 72 months on its Mustang Mach-E. These rates are much lower than the average rates of interest on new auto loans that were between 5.4% and 5.28 percent as of September 20, 2022. However, you must meet credit and other requirements to qualify for such deals. What is a green car? The term «green car» refers to one that uses alternative fuel or electricity instead of diesel or gasoline which is more sustainable for the environment. They have advantages like lower carbon dioxide emissions, lower maintenance, less stops for fuel and more peaceful engines. A study from the International Council on Clean Transportation discovered that electric vehicles produce the lowest greenhouse gas emissions of any type of vehicle. Based on the research, lifetime emissions of an average medium-sized electric vehicle are between 60 percent to 68% less than the United States. The greenest vehicles are those that have an identifier, which is a rating given from the U.S. Environmental Protection Agency to the vehicles with the most efficient emissions for every model year. Many lenders use this classification to determine whether your car can qualify for a low-cost environmentally friendly auto loan. However, green cars are more expensive on average upfront price tag than traditional car options. So, many states encourage drivers to purchase these vehicles . According to Kelley Blue Book, the average cost for electric vehicles is $30,000 in the United States in September 2022. However, not every electric vehicle will cost this many dollars, and some of the most luxurious models will cost more. In the case of For example, the beginning cost for the 2022 Nissan Leaf is $27,400, and in 2022, the Tesla Model 3 starts at $48,490. Spending well over $100,000 on an electric vehicle is also possible. The Tesla Dual Motor Model X starts at a steep $120,990. Despite the high prices they are growing more quickly than all other kinds of vehicles as per . How do these green loans differ from conventional auto loans? A green auto loan is similar to a conventional car loan It is a loan that you can get through an auto lender, receive an interest rate determined by your credit score, pick a repayment time frame and make regular payments with interest for the loan term. However, the details of the two loans could be different. Green auto loans generally have lower rates of interest than conventional ones or through lower base interest rates or rate discounts. Since green cars are expensive, many lenders provide longer repayment terms than conventional auto loans to lower the monthly cost of repayment. The most important aspect that defines the green car loans is where they’re available. Unlike typical auto loans, which you can obtain from banks or online lenders, it’s more likely to get a green auto loan through a . It’s the University of Hawaii Federal Credit Union as well as Verity 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 through 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 began in the early to mid-2000s and are not slowing down. Gas prices are rising, which could increase demand, with the cost per gallon at $3.77 in late October. As per Kelley Blue Book, Americans electric cars in the third quarter of 2022 over the same timeframe in 2021. Many car manufacturers have committed to supporting the federal initiative and driving greener vehicle purchases. Ford, General Motors and Stellantis (which owns Chrysler as well as Fiat) have pledged to boost production of electric vehicles. The next steps and how to apply for a green auto loan Before applying for a green loan, make sure your finances are in most optimal condition. Make an effort to improve your financial situation- lenders use the credit score of yours, as well as income, and other factors to determine whether you qualify for an loan and the rates they can offer you. From there, you can search for a green auto loan. Comparing a few rate quotes prior to submitting an application for a loan will help you find the most competitive rate. Check out these resources for assistance as you start the process: PlugStar is an especially useful resource for car shoppers at the beginning of the process. Once you’ve entered your zip code as well as the desired make and model You’ll be able to see estimates of cost along with available incentives, as well as information on local dealerships and the footprint of the car’s carbon footprint. EV Life: EV Life’s allows you to get prequalified with a variety of lenders. It also automatically qualifies you for rebates and incentives by putting those savings in advance to your monthly payment. Credit unions Local credit unions are among the best places to begin your search for green auto loan. Credit unions such as JetStream Federal Credit Union, Suncoast Credit Union and MyPoint Credit Union provide interest rate discount on auto loans for vehicles that are green. Talk to at your nearby credit union about their options as you shop to get the perfect auto loan. The bottom line Buying an eco-friendly vehicle will be rewarded in several ways. It can help reduce the carbon footprint of your car and take advantage of tax breaks , and reduce your fuel costs. Before you apply for a green car loan look into at three or more lenders and check their eligibility requirements including incentives, discounts and incentives. You should be preapproved in order to compare fees, interest rates and monthly payments over the course of your loan. A little research could lead to an automobile loan discount that can save you thousands or hundreds of dollars.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers to control their finances with concise, well-researched, and clear information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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