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4 min read Published 26 October 2022

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to purchase a car.

Edited 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 manage their finances with concise, well-researched, and clear information that breaks down otherwise complicated topics into bite-sized pieces.

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At Bankrate we are committed to helping you make better financial decisions. While we are committed to strict ethical standards ,

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In early August 2021 President Biden signed an executive decree declaring that half of all new vehicles that are sold in the U.S. should be electric by 2030 . Therefore, now might be the perfect time to get behind the steering wheel of a green car. If you’re interested considering it, you might be able save money by pursuing the green auto loan. The green car loan is a finance option for consumers purchasing low- or no-emission cars. They often feature and several other benefits. How do you know about green automobile loans? A green car loan is a way to purchase eco-friendly vehicles or vehicles with lower emissions. These cars that are fuel efficient typically fall in the category of hybrids or electric and are available from a variety of manufacturers that range from Ford to Nissan to Tesla. Green auto loans encourage consumers to look into these eco-friendly cars by providing interest rate reductions along with other advantages. These loans are able to make green vehicles more affordable for borrowers. For example, Chevrolet offers a 3.49 APR of 1% for 60-month loans when purchasing their Bolt EV. In the same way, Ford offers a 3.9 percent APR for loans that extend up to 72 months for its Mustang Mach-E. These rates are less than the current average interest rates for new car auto loans that ranged between 5.4% and 5.28% in September 2022. But you’ll have to meet other credit and credit criteria in order to qualify for these discounts. What is a green vehicle? A green car is one which uses alternative fuels or electricity instead of diesel or gasoline which is more sustainable to the planet. They have advantages like less carbon dioxide emissions, less maintenance, fewer fuel stops and quieter engines. A study from the International Council on Clean Transportation showed that electric vehicles have the lowest greenhouse gas emissions of all car types. According to the study, the life-cycle emissions of an average medium-sized electric vehicle range from 60% to 68% lower than the United States. The most eco-friendly vehicles come with a designation, a score awarded by the U.S. Environmental Protection Agency to vehicles that have the lowest emissions in each model year. Many lenders use this classification to determine whether your car can qualify for a low-cost eco-friendly auto loan. However, green cars come with a higher average cost upfront than conventional car options. Therefore, many states urge buyers to buy green vehicles by . As per Kelley Blue Book, the average cost for electric vehicles in the United States in September 2022. But not all electric vehicles will cost this many dollars, and some of the most luxurious models cost far more. In the case of For example, the base cost of a 2022 Nissan Leaf is $27,400, and in 2022, the Tesla Model 3 starts at $48,490. Spending well over $100,000 on electric vehicles is possible. 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 . How do these green loans differ from conventional auto loans? A green auto loan functions like a traditional car loan: You’ll through an auto lender, receive an interest rate determined by the creditworthiness of your score. You’ll choose a repayment time frame and make regular payments that pay interest for the loan period. However, the terms of the two loans might differ slightly. Green auto loans generally have lower rates of interest than conventional ones by way of lower base interest rates or rate discounts. Since green cars can be expensive, many lenders offer longer term repayments than traditional auto loans to help reduce the monthly cost of repayment. A main defining factor of eco-friendly auto loans is where they’re available. In contrast to typical auto loans that you obtain from banks and online lenders, you’re more likely to get green auto loan through an . A. University of Hawaii Federal Credit Union, the Vermont State Employees Credit Union and Verity Credit Union all offer green auto loans. In addition, some dealerships might offer green loans from the manufacturer. For example, Ford offers financing for Mach-E models through local dealers. Similarly, Chevrolet offers financing for its Bolt models through dealers. Why do green auto loans important in 2022? Green auto loans and cars were introduced in the mid- to mid-2000s and are increasing in popularity and aren’t slowing. High gas prices may help to fuel demand, with the price per gallon at $3.77 in the last week of October. Based on Kelley Blue Book, Americans electric cars during the third quarter of 2022 will be more as opposed to the same time frame in 2021. A number of car manufacturers have pledged to helping the federal initiative and driving more green vehicle purchases. Ford, General Motors and Stellantis (which owns Chrysler as well as Fiat) have committed to boost production of electric vehicles. What next steps to take and where to apply for green auto loan Before applying for a green , ensure your finances are in most optimal condition. Make an effort to improve your financial situationlenders look at the credit score of yours, as well as income, and other factors to determine if you are eligible for a loan and what rates they will offer. From there, you can shop around for your new green car loan. Comparing a few rate quotes before applying for a loan will allow you to get the best price. Look through these resources to help you get started the : PlugStar: is an extremely useful source for car buyers early in the process. After entering your ZIP code as well as the desired model and make You’ll be able to see estimates of cost along with available incentives, as well as information about local dealerships as well as the vehicle’s environmental footprint. EV Life: EV Life’s allows you to get prequalified by a variety of lenders and automatically qualifies you for rebates and incentives, applying those savings upfront to your monthly payment. Credit unions Local credit unions are one of the most ideal places to begin your search for green auto loan. Credit unions such as JetStream Federal Credit Union, Suncoast Credit Union and MyPoint Credit Union offer interest-only discounts in auto loans for green vehicles. Ask the local branch of your credit union about their options when shopping in the market for an automobile loan. The final decision of buying a green vehicle can pay off in a few ways. It can help reduce the carbon footprint of your vehicle as well as benefit from tax incentives and save a bundle on expenses for fuel. Before deciding to apply for a green car loan make sure you research at three lenders, and ask about their eligibility requirements including incentives, discounts and incentives. You should be preapproved in order to compare fees, interest rates and monthly payments over the life of the loan. A little research could lead to the benefit of an auto loan discount that could save you thousands or hundreds of dollars.

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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of borrowing money to purchase the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to control their finances with precise, well-researched and well-documented information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

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