Open navigation Main Menu Mortgages

Financing a home purchase refinancing your existing loan Find the best lender Additional Resources

Looking for a financial advisor? Take our 3 minute quiz and then match up with an advisor today.

Main Menu Banking

Compare Accounts Use Calculators Get help from bank reviews

Looking for a financial advisor? Try our three minute test and match the advisor you want today.

Main Menu Credit cards

Compare according to category Compare by credit needed Compare with issuers Get advice

Looking for the perfect credit card? You can narrow your search using CardMatch(tm)

Main Menu Loans

Auto Loans Loan calculators

Find the perfect personal loan in just 2 minutes or less. Answer a few questions to get offers–with no effect on your credit score.

Main Menu Investing

The Best Brokerages as well as robo-advisors . Learn the basics Additional sources

Looking for a financial advisor? Do our 3-minute quiz and match the advisor you want today.

Main Menu Home equity

Find the most competitive rates Lender reviews. Use calculators. Knowledge base

Looking for a financial advisor? Try our three minute test and then match up the advisor you want today.

Main Menu Real estate

Selling a home Buying a home Finding the right agent sources

Looking for a financial advisor? Try our three minute test and connect with an advisor today.

Main Menu, Menu Insurance

Car Insurance Homeowners insurance Other insurance Company reviews

Looking for a financial advisor? Take our 3 minute quiz and match with an advisor today.

Main Menu Retirement

Retirement accounts and retirement plans Get the basics of retirement calculators Other resources

Looking for a financial advisor? Try our three minute test and connect to an adviser today.

Open search Close search


What are eco-friendly auto loans? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies who pay us. This compensation can affect the way and when products are featured on the site, such as for instance, the order in which they appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial offerings that could be accessible to you.


On This Page on This Page

Prev Next


4 min read Published 26 October 2022

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of taking out loans to purchase the car they want.

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

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

The promise of the Bankrate promise

More info

At Bankrate we are committed to helping you make smarter financial decisions. We adhere to the highest standards of journalistic integrity ,

This post could contain references to products from our partners. Here’s how we make money .

The promise of the Bankrate promise

In 1976, Bankrate was founded. Bankrate has a proven track history of helping people make informed financial decisions.

We’ve maintained this reputation for over four decades by making financial decisions easy to understand

process, and giving people confidence in which actions to follow next. process and gives people confidence in the next step.

so you can trust you can trust us to put your needs first. All of our content is authored in the hands of and edited by ,

who ensure everything we publish will ensure that our content is reliable, honest and reliable. Our loans reporter and editor are focused on the points consumers care about the most — the various kinds of loans available and the most competitive rates, the top lenders, the best ways to pay off debt and many more. So you can feel confident when investing your money.

Integrity in editing

Bankrate has a strict policy , so you can trust that we put your interests first. Our award-winning editors and journalists provide honest and trustworthy content to aid you in making the best financial decisions. Key Principles We respect your confidence. Our aim is to offer readers truthful and impartial information, and we have standards for editorial content in place to ensure that this happens. Our editors and reporters rigorously verify the truthfulness of content in order to make sure the information you’re receiving is correct. We keep a barrier with our advertising partners and the editorial team. Our editorial team does not receive any direct payment from our advertisers. Editorial Independence Bankrate’s team of editors writes for YOU – the reader. Our aim is to provide you the best advice to help you make smart financial decisions for your personal finances. We follow the strictest guidelines in order to make sure that content isn’t in any way influenced by advertising. Our editorial team is not paid any compensation directly from advertisers and all of our content is verified to guarantee its accuracy. Therefore, whether you’re reading an article or review, you can be sure that you’re receiving reliable and reliable information.

How we make money

If you have questions about money. Bankrate has the answers. Our experts have helped you understand your money for over four decades. We are constantly striving to provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our content is truthful and precise. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the right financial decisions. Our content produced by our editorial team is factual, objective and is not influenced by our advertisers. We’re honest regarding how we’re capable of bringing high-quality content, competitive rates and helpful tools to you by explaining how we earn money. is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on certain links posted on our website. So, this compensation can impact how, where and when products are listed and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other elements, like our own rules for our website and whether or not a product is available in the area you reside in or is within your self-selected credit score range can also impact how and when products appear on this website. While we strive to provide an array of offers, Bankrate does not include specific information on every financial or credit product or service.

In early August 2021 President Biden issued an executive order which stated that half of new vehicles sold within the U.S. should be electric by 2030 . Therefore, now might be the perfect time to hop behind the wheel of a green vehicle. If you are considering it, you might be able save money by pursuing an eco-friendly auto loan. A green auto loan is a loan option for those who purchase low or zero emission vehicles. They often feature and several other perks. How do you know about green automobile loans? A green car loan is a way to purchase eco-friendly cars — or those that emit less emissions. These fuel-efficient cars typically fall in the category of hybrid or electric and are available from many manufacturers that range from Ford up to Nissan and even Tesla. Green auto loans encourage consumers to look into these environmentally friendly vehicles by providing interest rate reductions, and other benefits. These loans could make green cars less expensive for those who want to purchase them. For example, Chevrolet offers a 3.49% APR for 60-month loans for the purchase of its Bolt EV. Similar to that, Ford offers a 3.9 percent APR for loans of up to 72 months for its Mustang Mach-E. These rates are much less than the current average rates of interest on new car auto loans that were between 5.4 percent and 5.28 percent at the time of writing in September. You’ll need to satisfy credit requirements and other criteria in order to qualify for these offers. What qualifies as a green vehicle? A green car is a vehicle that uses alternative fuel or electricity instead of gasoline or diesel and is therefore more sustainable for the environment. They offer advantages such as lower CO2 emissions, less maintenance, fewer fuel stops and more peaceful engines. A study from the International Council on Clean Transportation showed that electric vehicles have the lowest lifetime greenhouse gas emissions of any type of vehicle. The study found that the lifetime emissions of an average mid-sized electric vehicle are between 60 percent to 68% less than in the United States. The best green vehicles have a designation, which is a rating given 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 qualifies for a money-saving environmentally friendly auto loan. But, they have a higher cost upfront than conventional cars. Therefore, many states urge drivers to purchase these cars by . Based on Kelley Blue Book, the average price of electric vehicles will be around $30,000 within the United States in September 2022. However, not every electric vehicle will set you back that many dollars, and some of the most luxurious models cost far more. As an example, beginning cost for the 2022 Nissan Leaf is $27,400, and in 2022, the Tesla Model 3 starts at $48,490. The possibility of spending more than $100,000 on electric vehicles is feasible. Tesla Dual Motor Model X Tesla Dual Motor Model X starts at a steep $120,990. Despite the higher costs they are growing more quickly than the sales of other kinds of vehicles According to . How do 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, receive an interest rate based on the creditworthiness of your score. You’ll pick the repayment period and make regular payments with interest for the loan period. But, the specifics of these two loans could be different. Green auto loans typically offer lower rates of interest than conventional loans or through lower interest rates at the base as well as rate discount. Since green cars can be costly, many lenders offer longer term repayments than traditional auto loans to lower the monthly payments. The most important aspect that defines green auto loans is the location they are available. Unlike typical auto loans available to obtain from banks and online lenders, it’s more likely to find eco-friendly auto loan through an . 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 instance, Ford offers financing for its Mach-E model 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 early- to mid-2000s, and they’re not slowing down. The high cost of gas could help fuel the demand, with prices per gallon at $3.77 in the last week of October. Based on Kelley Blue Book, Americans electric vehicles will be more popular will be more popular in the third quarter of 2022 will be more than during the same period in 2021. Several car companies have committed to support the federal initiative and driving more green vehicle purchases. Ford, General Motors and Stellantis (which owns Chrysler as well as Fiat) have all pledged to increase electric vehicle production. What next steps to take and where to apply for green auto loan Before you apply for a green , ensure your finances are in the most optimal condition. Try to improve your -lenders look at your credit score, income and more to determine if you’re eligible for the loan and what rates they will offer. From there, you can search for a car loan with a green loan. By comparing a variety of rates prior to submitting an application for an loan can help you get the best deal. Look through these resources to help you get started the : PlugStar: is an extremely useful source for car buyers early in the process. Once you’ve entered your zip code and desired model and make You’ll be able to see estimates of cost along with available incentives, as well as details on local dealerships, and the vehicle’s environmental footprint. EV Life: EV Life’s lets you get prequalified with multiple lenders. It also automatically qualifies you for rebates and incentives and then apply those savings to your monthly payments. Credit unions Local credit unions are the best places to begin your search for green auto loan. Credit unions like JetStream Federal Credit Union, Suncoast Credit Union and MyPoint Credit Union offer interest rates reductions for auto loans for green cars. Ask at your nearby credit union about available alternatives when you are looking for an auto loan. The final decision of buying a green vehicle can be rewarded in several ways. You could reduce the carbon footprint of your vehicle as well as benefit from tax breaks , and reduce fuel costs. Before deciding to apply for a green car loan, research at three lenders, and inquire about their eligibility criteria including incentives, discounts and incentives. You should be preapproved in order to examine the costs, interest rates and monthly payments over the course of your loan. Shopping around could land you the benefit of an auto loan discount that can save you thousands or hundreds of dollars.


Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely using loans to buy an automobile.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to take control of their finances with precise, well-researched and well-documented information that breaks down complex topics into manageable bites.

Auto loans editor

Related Articles Auto Loans 3 min read Feb 10 2023

Auto Loans 8 minutes read Jan 12, 2023

Auto Loans 5 minutes read 13 Oct 2022

Auto Loans 3 min read Sep 08, 2022



Legal Cookie settings Do not sell my info

How we make money is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or by you clicking on certain hyperlinks on our site. This compensation could influence the manner, place and in what order items are listed in the event that they are not permitted by law. This is the case for our credit, mortgage and other products for home loans. Other factors, such as our own website rules and whether or not a product is offered in your region or within your personal credit score may also influence the way and place products are listed on this site. While we strive to provide an array of offers, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |


(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.

If you adored this article and you would certainly like to receive additional details pertaining to payday loans online same day alabama ( kindly go to the site.