Electric Vehicle Trends & Auto Loans

Ride the EV Wave: Is Now the Smart Time to Finance Your Next Electric Car?

Not so long ago, owning an electric vehicle (EV) seemed about as far-fetched as having a robot butler. Today, EVs are a regular sight on highways and neighborhood streets, and their popularity is growing fast. Recent data from The Zebra uncovers just how much Americans are plugging into this trend, from surging EV registrations to the latest buzz about tax incentives. But what does this mean for folks shopping for a car loan?

Car Loans in the Age of EVs, What's Changing?

Here's the thing: As more drivers consider electric options, lenders are getting savvy and adapting. A boost in EV adoption means there are fresh loan programs and new ways to save, but it can feel overwhelming. Do you go for the tried-and-true internal combustion engine, or finance that shiny new EV everyone's talking about?

• EV sales are up, over a million new registrations in 2023 alone, according to The Zebra.
• States are rolling out fresh incentives sometimes this means thousands in rebates or competitive rates for green vehicles.
• Insurance premiums, charging infrastructure, and resale value all play into the bigger picture (and, trust me, impact your monthly payment calculations).

Let's Make This Real: How Trends Affect Your Loan Choices

If you're looking at electric or hybrid vehicles, here's what you'll want to keep in mind before submitting that loan application:

First, lenders may offer special programs or discounted rates for eco-friendly cars. So, yes, there's a chance you could snag a better deal on financing by going green. Some even have EV-specific loan products or flexible terms for buyers choosing efficient cars.

Then, there's your credit profile. EVs often have higher sticker prices, so a solid score can really move the needle, think lower rates, bigger approvals, or both. Not sure how you stand? Try the car payment calculator on myAutoloan.

But Wait, Do Incentives and Rebates Actually Matter for Loans?

Honestly, yes. Federal and state incentives (which are shifting all the time) can lower your out-of-pocket costs and make it easier to get approved, especially for first-time buyers or folks with not-so-perfect credit. The catch? Some rebates require dealer participation or a specific type of financing, so double-check before you sign.

Practical Tips for Financing Your Next EV

If the itch to go electric has you browsing, here's what to do next:

• Shop around for lenders don't just accept the first offer. (With myAutoloan's marketplace, get up to four real loan offers in just a few minutes!)
• Compare incentives: Federal credits, state rebates, and even utility company discounts are all fair game, and could shift your decision.
• Plan for total ownership cost. Factor charging equipment, insurance, and potential repair costs into your monthly budget, not just your loan payment.

Feeling Nervous? That's Normal, Knowledge is Power

Switching to an EV is exciting, and, yeah, sometimes a little nerve-wracking. You might be shocked (pun intended) by how many new loans and rates are tailored to the EV scene. Plus, comparing lenders isn't just smart, it's empowering. Ready to make that first move?

The Bottom Line, Why Follow the Trends?

The rising tide of electric vehicles means more options and, often, better rates for buyers who know where to look. It pays to stay updated, and to use tools like myAutoloan for every leg of the journey. If you've got questions about bad credit, special programs, or how these new trends affect your specific situation, you'll find loads of guides and calculators across the site to help you cut through the noise.

See how easy financing your next car, electric or otherwise, can be.