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What are green auto loans? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with financial calculators and tools that are interactive as well as publishing authentic and objective content, by enabling you to conduct your own research and examine information for no cost and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this website, for example the sequence in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does not influence the content we publish or the reviews that you read on this site. We do not contain the vast array of companies or financial offerings that could be available to you.



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4 min read Published October 26, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans 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 passionate about helping readers gain the confidence to control their finances by providing precise, well-researched and well-written information that breaks down complicated topics into bite-sized pieces.









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In the early part of August 2021, the president Biden signed an executive decree which stated that half of new cars that are sold within the U.S. should be electric in 2030. So this is the ideal time to hop behind the car of a green one. If you're already a green driver considering it, you might be able to save some money by taking advantage of the green auto loan. A green auto loan is a finance option for those who purchase zero- or low-emission vehicles. They often feature and several other perks. What are green auto loans? A green car loan is a way to buy eco-friendly vehicles or cars that emit less emissions. These cars that are fuel efficient typically fall in the category of hybrids or electric and can be purchased by a wide range of manufacturers, from Ford to Nissan and even Tesla. Green auto loans incentivize shoppers to consider these environmentally friendly vehicles by offering interest rate discounts along with other advantages. These loans could make green cars more affordable for borrowers. For instance, Chevrolet offers a 3.49% APR for 60-month loans for the purchase of the Bolt EV. Similar to that, Ford offers a 3.9 percent APR for loans that last up to 72 months on its Mustang Mach-E. These rates are less than the current average interest rates for new auto loans that ranged between 5.4 percent and 5.28 percent as of September 20, 2022. You'll need to meet other credit and credit criteria to qualify for such discounts. What qualifies as a "green" car? A green car is a vehicle that uses alternative fuel or electricity instead of diesel or gasoline which is greener to the planet. They have advantages like lower carbon dioxide emissions, less maintenance, fewer fuel stops and more quiet engines. A study by the International Council on Clean Transportation discovered that electric vehicles produce the lowest greenhouse gas emissions among 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 greenest vehicles are those that have a designation, an award from the U.S. Environmental Protection Agency to vehicles that have the lowest emissions for every model year. A lot of lenders use this distinction to determine whether your car is eligible for a green auto loan. Still, green vehicles come with a higher average initial cost than conventional automobiles. Therefore, many states urge drivers to purchase these vehicles by . Based on Kelley Blue Book, the average cost for an electric vehicle in the United States in September 2022. However, not every electric vehicle cost that much, and certain luxury models cost far more. As an example, starting cost of a 2022 Nissan Leaf is $27,400, and the 2022 Tesla Model 3 starts at $48,490. Spending well over $100,000 on an electric vehicle is also feasible. The Tesla Dual Motor Model X is priced at $120,990. Despite the often higher prices are increasing faster than sales of all other kinds of vehicles as per . What are the ways that green loans differ from traditional 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 get an interest rate determined by the creditworthiness of your score. You'll select a repayment term and make regular payments with interest for the loan term. However, the terms of the two loans may be slightly different. Green auto loans generally have lower interest rates than conventional ones by way of lower base interest rates or rate discounts. Since green cars can be costly, many lenders offer longer term repayments than traditional auto loans to lower the monthly cost of repayment. One of the main factors that distinguish eco-friendly auto loans is the location where they're offered. Unlike typical auto loans available to get from banks and online lenders, you're more likely to find a green car loan through a . A. University of Hawaii Federal Credit Union as well as The Vermont State Employees Credit Union and Verity Credit Union all offer green auto loans. Additionally, certain dealerships might offer green loans from the manufacturer. For example, Ford offers financing for Mach-E models through local dealerships. In the same way, Chevrolet offers financing for its Bolt models through dealers. Why are green auto loans crucial in 2022? Green auto loans and vehicles began in the mid- to mid-2000s and are growing at a rapid pace. Gas prices are rising, which could fuel the demand, with the price per gallon at $3.77 in late October. According to Kelley Blue Book, Americans electric vehicles will be more popular will be more popular in the third quarter of 2022 will be more over the same timeframe in 2021. Many car manufacturers have committed to support the federal initiative and encouraging more green car purchases. Ford, General Motors and Stellantis (which has Chrysler as well as Fiat) have pledged to increase electric vehicle production. The next steps and how to apply for green auto loan Before applying for a green auto loan, make sure your finances are in the best shape possible. Do your best to improve your credit score- lenders use your credit score, income, and other factors to determine whether you qualify for an loan and what rates they will offer. You can then look around for a green auto loan. By comparing a variety of rates prior to submitting an application for a loan will help you find the best deal. Look through these resources for help as you begin the process: PlugStar is an especially useful resource for car shoppers earlier in the process. Once you've entered your zip code as well as the desired make and model, you'll see cost estimates along with available incentives, as well as information about local dealerships as well as the vehicle's environmental footprint. EV Life: EV Life's gives you the option of being prequalified by a variety of lenders. It also automatically qualifies you for rebates and incentives and then apply those savings to your monthly payment. Credit unions Local credit unions are one of the best places to start your search for an environmentally friendly auto loan. Credit unions like JetStream Federal Credit Union, Suncoast Credit Union and MyPoint Credit Union provide interest rate reductions on auto loans for vehicles that are green. Ask your local credit union about their alternatives when you are looking to get the perfect auto loan. The end result of purchasing green vehicles can pay off in a few ways. It can help reduce the carbon footprint of your vehicle and take advantage of tax breaks , and save a bundle on the cost of fuel. Before deciding to apply for a green car loan look into at three lenders, and ask about their eligibility requirements, incentives and discounts. You should be preapproved in order to evaluate interest rates, fees and the monthly payment over the life that you will be paying for the loan. Doing some research can lead to an auto loan discount that could save you hundreds or thousands of dollars.


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Written 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 a car.



Editor: 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 feel confident to manage 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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