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What do you mean by eco-friendly auto loans? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with financial calculators and interactive tools that provide objective and original content. This allows you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage or home equity, and also other products for home loans. But this compensation does affect the information we provide, or the reviews appear on this website. We do not contain the universe of companies or financial offers that may be open to you.
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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 to navigate the ways and pitfalls of borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances through providing concise, well-researched, and clear information that dissects complex topics into manageable bites.
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(image: https://i.pinimg.com/originals/37/4a/0f/374a0f6fe8c9073f2a0f7bc7796658b5.jpg)In the early part of August 2021, the president Biden issued an executive order which stated that half of new cars that are sold within the U.S. should be electric by 2030 . Therefore, now might be the perfect time to get behind the car of a green one. If you are , you may be able to save money through an eco-friendly auto loan. The green car loan is a loan option for those who purchase zero- or low-emission vehicles. They usually come with other perks. What are green auto loans? Green car loan could be utilized to buy eco-friendly vehicles or those that emit less emissions. These cars that are fuel efficient typically fall under the category of hybrids or electric and can be purchased by a wide range of manufacturers that range from Ford to Nissan and even Tesla. Green auto loans encourage consumers to look into these environmentally friendly vehicles by providing interest rate reductions along with other advantages. These loans could make green cars more affordable for borrowers. For example, Chevrolet offers a 3.49% APR for 60-month loans for the purchase of their Bolt EV. Similarly, Ford offers a 3.9 percent APR on loans that extend up to 72 months on its Mustang Mach-E. These rates are much less than the current average rates of interest on new auto loans that ranged between 5.4% and 5.28% as of September 20, 2022. But you'll have to meet other credit and credit criteria in order to qualify for these deals. What qualifies as a green car? A green car is a vehicle that uses alternative fuel or electricity instead of gasoline or diesel and is therefore better in terms of environmental impact. They have advantages like less emission of carbon dioxide, less maintenance, less stops for fuel and more quiet engines. A study from an study by the International Council on Clean Transportation showed that electric vehicles have the lowest greenhouse gas emissions among all car types. The study found that the lifetime emissions of an average medium-sized electric vehicle range from 60 percent to 68% less than in the United States. The best green vehicles have the designation of an award by the U.S. Environmental Protection Agency to the vehicles with the lowest emissions for each model year. Many lenders use this classification to determine if your vehicle qualifies for a money-saving eco-friendly auto loan. But, they have a higher initial cost than conventional automobiles. So, many states encourage drivers to purchase these vehicles by . According to Kelley Blue Book, the average price of an electric vehicle in the United States in September 2022. But not all electric vehicles cost that much, and some luxury models cost far more. As an example, base price for a 2022 Nissan Leaf is $27,400, however, in 2022, the Tesla Model 3 starts at $48,490. Spending well over $100,000 on an electric vehicle is possible. It is possible to spend more than $100,000 on the Tesla Dual Motor Model X starts at a steep $120,990. Despite the often higher prices, are growing faster than all other types of cars as per . What are the ways that these green loans differ from traditional auto loans? 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 rating, pick a repayment time frame and make regular payments that pay interest for the loan period. However, the terms of both loans may be slightly different. Green auto loans generally have lower interest rates than conventional ones or through lower interest rates on base or discount rates. Because green vehicles can be expensive, many lenders offer longer term repayments than traditional auto loans to reduce the monthly payment. One of the main factors that distinguish the green car loans is where they're available. Unlike typical auto loans available to obtain from banks or online lenders, it's more likely to get a eco-friendly auto loan through an . 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. Additionally, certain dealerships may also offer green loans from the manufacturer. For instance, Ford offers financing for Mach-E models through local dealerships. In the same way, 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 started in the early to mid-2000s, and they're not slowing down. The high cost of gas could help to fuel demand, with the cost per gallon averaging around $3.77 in the last week of October. According to Kelley Blue Book, Americans electric vehicles 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 driving greener vehicle purchases. Ford, General Motors and Stellantis (which is the owner of Chrysler as well as Fiat) have all pledged to boost electric vehicle production. The next steps and how to apply for a green auto loan Before applying for a green , ensure your finances are in best shape possible. Make an effort to improve your financial situationlenders will look at their credit scores, your income, and other factors to determine whether you qualify for the loan and what rates they will offer. You can then look around for a new green car loan. A quick comparison of a few rates before applying for a loan will help you find the most competitive rate. Look through these resources to help you get started the process: PlugStar is an especially useful source for car buyers earlier in the process. Once you've entered your zip code as well as the desired model and make You'll be able to see estimates of cost as well as incentives available, and details on local dealerships, and the footprint of the car's carbon footprint. EV Life: EV Life's lets you get prequalified by a variety of lenders, and automatically qualify you for incentives and rebates by putting those savings in advance to your monthly payments. Credit unions local credit unions are 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 offer interest rates discount on auto loans for green cars. Ask at your nearby credit union for details on available options when shopping in the market for an auto loan. The end result of purchasing green vehicles can pay off in a few ways. It can help reduce your carbon footprint and take advantage of tax incentives and reduce fuel costs. Before deciding to apply for a green car loan look into at least three lenders and ask about their eligibility requirements including incentives, discounts and incentives. Get preapproved so you can evaluate interest rates, fees and monthly payments throughout the duration of your loan. Doing some research can lead to an auto loan discount that saves 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 is a specialist in helping readers with the details of taking out loans to purchase 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 gain the confidence to take control of their finances through providing precise, well-researched and well-documented information that break down complex topics into manageable bites.
Auto loans editor
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