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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for .
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
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Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
In early August 2021, President Biden signed an executive order stating that half of all new vehicles sold in the U.S. should be electric by 2030. The U.S. is progressing toward that goal. In 2023, the U.S. electric vehicle (EV) market share was 7.6 percent, up from 5.9 percent in 2022, according to Cox Automotive. If you’d like to add to these numbers, now might be the perfect time to get behind the wheel of a green vehicle. If you are purchasing an electric car, you may be able to save money by pursuing a green auto loan.
A green auto loan is a financing option for consumers purchasing zero- or low-emission vehicles. They often feature lower interest rates and several other perks.
A green car loan can be used to purchase eco-friendly cars — or cars with lower average emissions. These fuel-efficient cars typically fall under the category of hybrid or electric and are available from many manufacturers, from Ford to Nissan to Tesla.
Green auto loans incentivize shoppers to consider these environmentally friendly vehicles by offering interest rate discounts, extended repayment terms and other benefits. These loans can make green vehicles more affordable for borrowers.
For instance, in January, Nissan advertised a 4.90 percent annual percentage rate (APR) on 60-month loans for its Leaf EV.
That rate is far lower than the current average interest rates on auto loans, which were nearly 8 percent for new cars in February 2024. But you’ll have to meet credit and other requirements to qualify for such deals.
A green car is a vehicle that uses alternative fuel or electricity instead of gasoline or diesel. They emit less carbon dioxide and are better for the environment. Other benefits include less maintenance, fewer fuel stops and quieter engines.
The best green vehicles have a SmartWay designation. This is a score the U.S. Environmental Protection Agency awards to vehicles with the lowest emissions for each model year. Many lenders use this designation to determine whether your car qualifies for a money-saving green auto loan.
Still, green vehicles come with a higher average upfront price tag than traditional car options. So, many states encourage drivers to purchase these vehicles by offering tax credits. The federal government offers a tax credit of up to $7,500 for qualifying new EVs and plug-in hybrids and $4,000 for used.
According to Kelley Blue Book, the average price of an electric vehicle in the United States was $55,353 in January. But not all electric vehicles will set you back that much. For instance, the starting price for a 2024 Nissan Leaf is $28,140, while the 2024 Tesla Model 3 starts at $38,990.
A green auto loan functions like a traditional car loan: You’ll apply for the loan through an auto lender, receive an interest rate based on your credit score, select a repayment term and make regular payments with interest over the loan term. However, the details of an electric car loan and a conventional car loan may differ.
Green auto loans and vehicles started surging in popularity in the early- to mid-2000s. High gas prices may help fuel the demand, with the price per gallon averaging around $3.15 in February of 2024.
According to Kelley Blue Book, Americans purchased nearly 1.2 million electric vehicles in 2023, hitting a new record for EV sales. Sales were 52 percent higher in the fourth quarter of 2023 than the year prior.
Several car companies have committed to helping the federal initiative and driving more green vehicle purchases. Ford, General Motors and Stellantis (which owns Chrysler and Fiat) have pledged to increase electric vehicle production.
Before applying for a green auto loan, ensure your finances are in the best shape possible.
Try to improve your credit score. Lenders use your credit score, income and more to determine whether you qualify for a loan and what rates they can offer you. If yours is in poor shape and you can’t wait for it to improve, try looking into bad credit auto lenders.
From there, you can shop around for your green auto loan. Comparing a few rate quotes before applying for a loan can help you get the best deal. Make sure to check out Tenet, Bankrate’s 2024 pick for best EV lender.
Check out these resources for help as you begin the car-buying process:
Second-chance car loans: What they are and how to get one
Best places for finding auto loans with bad credit
What is an auto loan? Where do you find them? And how do they work?
Auto loan rate forecast for 2024: Rates should ease for good-credit borrowers
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
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