Electric Car Loan Financing

Electric Car Loan Financing

Going green is much easier today. Gone were the times when being earth-friendly means you have to spend more just to have a tree-hugging lifestyle. More automakers are churning out smart cars that run on renewable resources and are giving consumers more options to make our planet less polluted. Consequently, internet loan agencies are also jumping the “green” bandwagon and are offering car loan financing programs that make it easy for buyers to be earth-friendlier.

Car loan programs for electric vehicles are not entirely new. Such schemes were already available in early 2000 but haven’t taken off due to the dearth of models that appeal to the general public. Until recently, most electric cars then don’t look as sleek and powerful as their contemporary clunkers. Their designs sometimes were a bit Flash Gordon-esque and appeal only to a small peculiar market sector.

Today, the advances in chip, cell, biofuel, and other relevant technologies have pushed the production of new types of earth-friendly cars to new frontiers. Prodded partly by rising oil and gas prices, consumers now are more willing to have an optional green car on their garage. Governments are also pushing other private and public sectors to pitch in their support for cleaner and less-polluting means of transportation.

As such, banks, car loan financing companies, and credit unions are doing their share and are offering auto loans online with lower interest rates for those interested in getting their hands on the hybrids, and electric and other fuel-efficient vehicles. Far from a Catch-22 situation, they consider this a win-win-win solution that would bring a lot of benefits to end-consumers, the financing sector, and, most certainly, the environment.

Buyers that obtain hybrid and electric cars through internet loan agencies report that they get lower interest rates and enjoy some tax breaks. Recent studies have also shown that people in their 20’s – who prefer the Environmental Protection Agency-certified fuel-efficient cars more than the other age ranges – are not tempted by the moderate discount rates on the interest rate. A number of credit unions, for instance, only offer negligible reductions of about less than 1 percent depending on the a hybrid car’s fuel economy. An additional interest cut can be had for e-statement sign-ups. Indeed, the high savings on gas money is a much appealing factor to most consumers and far outweighs concerns over the perceived efforts to maintain or resell one. Some car dealership offer promos such as a donation to an environmentalist agency and free gas cards.

The surge in consumer interest has also kept financing companies buzzing. Many lending institutions are glad to be part of “greener” initiatives. Most that have instituted green car loans early in the decade have reported that consumers who acquire fuel-efficient autos are highly expected not to default on their payments than those with other types of vehicles.

Earth-conscious individuals wanting to purchase a fuel-efficient, electric, or hybrid vehicle via a green car loan program should do an exhaustive research first. Know the pros and cons of the vehicle and the financing plan you want to get. Various companies that provide auto loans online can help you with just a few clicks of the mouse or just a few taps on your tablets. Check them out now.