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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 has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.

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

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-researched and well-written 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 decree which stated that half of new cars sold across the U.S. should be electric in 2030. So now could be the perfect time to hop behind the car of a green one. If you’re interested in the market, you could be able save money through a green auto loan. Green auto loan is a financing option for consumers purchasing low- or no-emission cars. They typically come with a variety of other benefits. Are they green car loans? A green car loan could be utilized to buy eco-friendly cars — or those with lower emissions. These fuel-efficient cars generally fall into the category of hybrids or electric and are available by a wide range of manufacturers that range from Ford up to Nissan and even Tesla. Green auto loans can encourage customers to consider the eco-friendly vehicles by providing interest rate reductions, and other benefits. These loans can make green vehicles 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 for loans that last up to 72-months for the Mustang Mach-E. These rates are lower than the current average interest rates for new car auto loans, which were between 5.4% and 5.28% in September 2022. You’ll need to satisfy credit requirements and other criteria to qualify for such offers. What is a green car? The term “green car” refers to one that runs on alternative fuels or electricity in place of gasoline or diesel, making them greener in terms of environmental impact. They offer advantages such as less emission of carbon dioxide, lower maintenance, fewer fuel stops , and quieter engines. A study from an study by the International Council on Clean Transportation showed that electric vehicles have the lowest lifetime greenhouse gas emissions among any type of vehicle. Based on the research, lifetime emissions of an average mid-sized electric vehicle are 60% to 68% lower than those in the United States. The best green vehicles have the designation of a score awarded from the U.S. Environmental Protection Agency to the cars with the lowest emissions for every model year. A lot of lenders use this distinction to determine if your car is eligible for a environmentally friendly auto loan. Still, green vehicles are more expensive on average cost upfront than conventional car options. So, many states encourage motorists to buy these vehicles . According to Kelley Blue Book, the average price of electric vehicles will be around $30,000 in the United States in September 2022. However, not all electric cars cost that many dollars, and some of the most luxurious models are priced higher. As an example, base cost of a 2022 Nissan Leaf is $27,400, however, in 2022, the Tesla Model 3 starts at $48,490. The possibility of spending more than $100,000 on an electric vehicle is also possible. It is possible to spend more than $100,000 on the Tesla Dual Motor Model X costs a hefty $120,990. Despite the high prices are increasing faster than all other types of cars According to . What are the ways that green loans differ from conventional auto loans? The green car loan operates like a conventional car loan you’ll be able to get an auto lender and receive an interest rate based on your credit score, choose the repayment period and make regular payments that pay interest over the loan duration. However, the terms of both loans may be slightly different. Green auto loans typically offer lower rates of interest than conventional loans or through lower base interest rates or rate discounts. Because green vehicles can be expensive, many lenders offer longer time frames for repayment than conventional auto loans to help reduce the monthly cost of repayment. One of the main factors that distinguish green auto loans is where they’re available. Contrary to conventional auto loans, which you can find through banks and online lenders, you’re more likely to find a green auto loan through a . It’s the University of Hawaii Federal Credit Union and 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 its Mach-E model through local dealers. Similarly, Chevrolet offers financing for its Bolt models through dealers. Why are green auto loans crucial in 2022? The green auto loans and vehicles started in the mid- to mid-2000s and are increasing in popularity and aren’t slowing. The high cost of gas could help to fuel demand, with prices per gallon at $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 than during the same period in 2021. Many car manufacturers have committed to helping the federal initiative and driving more green vehicle purchases. Ford, General Motors and Stellantis (which has Chrysler and Fiat) have all pledged to increase electric vehicle production. What next steps to take and where to apply for green auto loan Before applying for a green loan, make sure your finances are in the most optimal condition. Do your best to improve your credit scorelenders look at their credit scores, your income, and other factors to determine whether you qualify for a loan and the rates they are willing to offer. Then, you can shop around for your green auto loan. A quick comparison of a few rates prior to submitting an application for a loan will help you find the best deal. Take a look at these sources for assistance as you start the process: PlugStar is a particularly helpful tool for those looking to buy a car earlier in the process. After entering your ZIP code as well as the desired make and model there are cost estimates along with available incentives, as well as information about local dealerships as well as the environmental footprint of your vehicle. EV Life: EV Life’s allows you to get prequalified with a variety of lenders and automatically qualifies you for incentives and rebates by putting those savings in advance to your monthly payment. Credit unions Local credit unions are among 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 for auto loans for vehicles that are green. Ask at your nearby credit union about their options when shopping to get an auto loan. The end result of purchasing a green vehicle can pay off in a few ways. You may lower your carbon footprint, take advantage of tax incentives and reduce the cost of fuel. Before deciding to apply for a green car loan, research at three lenders, and ask about their eligibility requirements, incentives and discounts. You should be preapproved in order to examine the costs, interest rates and the monthly payment throughout the duration of the loan. A little research could lead to an auto loan discount that saves you hundreds or thousands 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 in navigating the details of borrowing money to purchase an automobile.

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 to control 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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