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What is 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 decisions by offering financial calculators and tools that are interactive, publishing original and objective content, by enabling you to conduct your own research and examine information for no cost to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law for our mortgage and home equity products, as well as other products for home loans. But this compensation does not influence the content we publish or the reviews that you see on this site. We do not cover the universe of companies or financial deals that could 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 is a specialist in helping readers in navigating the ways and pitfalls of taking out loans to purchase the car they want.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-researched and well-written information that breaks down otherwise complicated subjects into digestible pieces.









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In the early part of August 2021, the president Biden issued an executive order declaring that half of all new cars manufactured in the U.S. should be electric in 2030. So this is the ideal time to get behind the car of a green one. If you're interested considering it, you might be able to save some money through the green auto loan. The green car loan is a loan option for those who purchase low or zero emission vehicles. They often feature and several other perks. What are green auto loans? The green vehicle loan is a way to buy environmentally friendly cars or cars with lower average emissions. The fuel-efficient vehicles generally fall into the category of hybrid or electric, and are available by a wide range of manufacturers including Ford to Nissan up to Tesla. Green auto loans can encourage customers to consider these eco-friendly cars by offering interest rate discounts as well as other advantages. These loans can make green vehicles less expensive for those who want to purchase them. For instance, Chevrolet offers a 3.49 APR of 1% for 60-month loans for the purchase of its Bolt EV. Similar to that, Ford offers a 3.9 percent APR for loans that last up to 72 months for the Mustang Mach-E. These rates are much less than the current average interest rates on new auto loans, which were between 5.4% and 5.28% as of September 20, 2022. But you'll have to satisfy credit requirements and other criteria to be eligible for these discounts. What qualifies as a "green" car? The term "green car" refers to a vehicle which uses alternative fuels or electricity in place of diesel or gasoline, making them more sustainable to the planet. They offer advantages such as lower emission of carbon dioxide, less maintenance, less fuel stops and more quiet engines. A from an study by the International Council on Clean Transportation showed that electric vehicles have the lowest greenhouse gas emissions of any type of vehicle. Based on the research, lifetime emissions of a medium-sized electric vehicle range from 60% to 68% lower than the United States. The most eco-friendly vehicles come with the designation of an award from the U.S. Environmental Protection Agency to vehicles that have the lowest emissions in each model year. Many lenders use this designation to determine if your vehicle qualifies for a money-saving environmentally friendly auto loan. But, they are more expensive on average upfront price tag than traditional car options. So, many states encourage buyers to buy green vehicles . According to Kelley Blue Book, the cost of electric vehicles will be around $30,000 within the United States in September 2022. But not all electric vehicles will cost this much, and certain luxury models are priced higher. For instance, the starting cost of a 2022 Nissan Leaf is $27,400, and that of the Tesla Model 3 starts at $48,490. Spending well over $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 often higher prices, are growing faster than sales of all other kinds of vehicles According to . What are the ways that these green loans differ from conventional auto loans? A green auto loan is similar to a conventional car loan: You'll through an auto lender and receive an interest rate that is based on your credit score, pick a repayment time frame and make regular payments that pay interest for the loan term. However, the details of the two loans might differ slightly. Green auto loans generally have lower rates of interest than conventional loans by way of lower interest rates on base as well as rate discount. Because green vehicles can be expensive, many lenders offer longer term repayments than traditional auto loans to help reduce the monthly cost of repayment. The most important aspect that defines eco-friendly auto loans is the location where they're offered. Contrary to conventional auto loans available to get from banks or online lenders, you're more likely to get green auto loan through an . 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 might offer green loans from the manufacturer. For example, Ford offers financing for Mach-E models via local dealers. Similar to that, Chevrolet offers financing for its Bolt models through dealers. Why are green auto loans important in 2022? A greener approach to auto loans and vehicles started in the early- to mid-2000s, and they're growing at a rapid pace. High gas prices may help to fuel demand, with prices per gallon being around $3.77 in late October. According to Kelley Blue Book, Americans electric vehicles are more prevalent will be more popular 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 has Chrysler as well as Fiat) have committed to boost electric vehicle production. What next steps to take and where to apply for an auto loan that is green. loan Before you apply for a green , ensure your finances are in most favorable condition. Do your best to improve your credit score- lenders use their credit scores, your income, and other factors to determine if you're eligible for the loan and the rates they are willing to offer. You can then shop around for your green auto loan. By comparing a variety of rates prior to applying for the loan will allow you to get the best price. Look through these resources 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 and desired model and make You'll be able to see estimates of cost, available incentives, information on local dealerships and the vehicle's environmental footprint. EV Life: EV Life's gives you the option of being prequalified by a variety of lenders, and automatically qualify you for incentives and rebates and then apply those savings to your monthly payment. Credit unions local credit unions are the best places to start your search for an environmentally friendly 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. Talk to your local credit union about available options as you shop in the market for the perfect auto loan. The final decision of buying green vehicles can be rewarded in several ways. It can help reduce the carbon footprint of your vehicle and take advantage of tax breaks and reduce fuel costs. Before deciding to apply for a green car loan look into at three lenders, and check their eligibility requirements as well as incentives and discounts. Get preapproved so you can evaluate interest rates, fees and monthly installments over the life that you will be paying for the loan. A little research could lead to an automobile loan discount that could save 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 with the ways and pitfalls of using loans to buy a car.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances by providing precise, well-researched and well-documented information that breaks down otherwise complicated topics into bite-sized pieces.






Auto loans editor




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