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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 goal is to help you make smarter financial decisions by providing you with financial calculators and tools that are interactive that provide objective and original content, by enabling users to conduct research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this website, for example, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does have no impact on the content we publish or the reviews that you read on this site. We do not contain the vast array of companies or financial offers that may be open to you.



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

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely using loans to buy a car.







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

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing clear, well-researched information that dissects complicated topics into bite-sized pieces.









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In the early part of August 2021, 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 -- so now could be the perfect moment to take the steering wheel of a green car. If you are considering it, you might be able save money through a green auto loan. Green auto loan is a finance option for those who purchase zero- or low-emission vehicles. They usually come with other benefits. What are green auto loans? Green car loan can be used to purchase environmentally friendly cars or cars with lower emissions. The fuel-efficient vehicles typically fall under 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 incentivize shoppers to consider these environmentally friendly vehicles through interest rate reductions, and other benefits. These loans could make green cars less expensive for those who want to purchase them. For instance, Chevrolet offers a 3.49 APR of 1% for 60-month loans when you purchase the Bolt EV. Similarly, Ford offers a 3.9% APR on loans that extend up to 72 months for the Mustang Mach-E. These rates are lower than the average interest rates for new auto loans that were between 5.4% and 5.28% in September 2022. But you'll have to satisfy credit requirements and other criteria in order to qualify for these discounts. What is a green car? Green cars are one that runs on alternative fuels or electricity, instead of gasoline or diesel and is therefore greener for the environment. They come with benefits like less CO2 emissions, lower maintenance, fewer stops for fuel and more peaceful engines. A study by the International Council on Clean Transportation found that electric vehicles have the lowest life-cycle greenhouse gas emissions of all car types. Based on the research, lifetime emissions of an average mid-sized electric vehicle range from 60% to 68% lower than those in the United States. The most eco-friendly vehicles come with an identifier, an award to them by the U.S. Environmental Protection Agency to the cars with the lowest emissions in each model year. Many lenders use this classification to determine if your vehicle is eligible for a environmentally friendly auto loan. However, green cars are more expensive on average initial cost than conventional car options. Therefore, many states urge motorists to buy these vehicles by . As per Kelley Blue Book, the cost of an electric vehicle within the United States in September 2022. However, not all electric cars will cost this many dollars, and some of the most luxurious models are priced higher. For instance, the beginning cost of a 2022 Nissan Leaf is $27,400, while 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 is priced at $120,990. Despite the often higher prices they are growing more quickly than all other kinds of vehicles According to . How do green loans differ from conventional auto loans? A green auto loan operates like a conventional car loan It is a loan that you can get through an auto lender, receive an interest rate that is based on the creditworthiness of your score. You'll pick a repayment time frame and make regular payments with interest for the loan period. But, the specifics of both loans may be slightly different. Green auto loans typically have lower interest rates than conventional ones or through lower base interest rates as well as rate discount. Because green vehicles can be expensive, many lenders provide longer time frames for repayment than conventional auto loans to help reduce the monthly payment. The most important aspect that defines green auto loans is the location they are available. Contrary to conventional auto loans available to get from banks or online lenders, you're more likely to get a eco-friendly auto loan through an . The University of Hawaii Federal Credit Union as well as The Vermont State Employees Credit Union and Verity Credit Union all offer green auto loans. In addition, some dealerships may offer green loans from the manufacturer. For example, Ford offers financing for its Mach-E model through local dealers. In the same way, Chevrolet offers financing for its Bolt models through dealers. Why is green auto loans important in 2022? Green auto loans and vehicles began in the mid- to mid-2000s, and they're growing at a rapid pace. Gas prices are rising, which could increase demand, with the price per gallon averaging around $3.77 in late October. Based on Kelley Blue Book, Americans electric vehicles will be more popular will be more popular in the third quarter of 2022 over the same timeframe in 2021. A number of car manufacturers have pledged to helping the federal initiative, and to drive more green vehicle purchases. Ford, General Motors and Stellantis (which is the owner of Chrysler and Fiat) have committed to boost electric vehicle production. The next steps and how to apply for an auto loan that is green. loan Before applying for a green , ensure your finances are in the best shape possible. Try to improve your -lenders look at the credit score of yours, as well as income and more to determine if you are eligible for the loan and the rates they can offer you. Then, you can shop around for your new green car loan. Comparing a few rate quotes before applying for a loan can help you get the best price. Take a look at these sources for assistance as you start the : PlugStar: is an especially useful tool for those looking to buy a car earlier in the process. Once you've entered your zip code and desired model and make, 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, and automatically qualify you for incentives and rebates, applying those savings upfront to the monthly installment. Credit unions Local credit unions are among the best places to begin 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-only reductions for auto loans for green cars. Talk to the local branch of your credit union about their options as you shop in the market for the perfect auto loan. The bottom line Buying green vehicles can benefit you in a variety of ways. It can help reduce your carbon footprint and take advantage of tax incentives and reduce your fuel costs. Before you apply for a green car loan make sure you research at least three lenders and ask about their eligibility requirements as well as incentives and discounts. Get preapproved so you can compare fees, interest rates and monthly installments over the course that you will be paying for the loan. Shopping around could land you the benefit of an auto loan discount that saves you hundreds or thousands of dollars.


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Authored by Auto Loans Reporter

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



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

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-researched, and clear information that breaks down complicated topics into bite-sized pieces.






Auto loans editor




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