back to articles | September 23, 2022 | Staci Bailey
Categories:   Auto Loans & Financing
5 Best Electric Car Loans
Here are 5 best electric car loans: myAutoloan, Bank of America, Pepper Money EV Loans, Westpac Financier, and Carvana Loans.
Electric car adoption is on an upward trend, with most financial institutions shifting their financing focus from petrol and diesel cars to electric cars. The Bank of Australia has declared it will no longer finance petrol and diesel cars after 2025, shifting its loaning options solely to electric vehicles.
So, why is the rising adoption of electric vehicles, and why is the shifting focus of financial institutions towards adopting these vehicles? Well, the answer is simple. Governments and states are gradually becoming part of a global effort to end carbon emissions, and part of doing this is by discouraging the ownership and use of petrol and diesel cars.
Electric cars are the new norm: they promise fewer carbon emissions and contribute too little if any global warming. So, moving towards electric car ownership will see the world cut the overall global emissions and become part and parcel of the sustainability dream.
Unfortunately, there's one challenge towards the overall uptake of electric cars - cost. Electric cars are not only expensive to buy but also equally costly to operate and maintain.
There’s no denying that electric cars can be more expensive. And not everyone has some cash laying around for such an investment. So, if you’re planning to shift to a hybrid car, you must obtain a green auto loan.
However, it may take a long time considering the higher cost of purchase. So, below we look at various financing and loan options for electric or hybrid cars.
Let’s delve deeper.
5 Best Electric Car Loans
1. The myAutoloan
myAutoloan offers perhaps the best loans for electric vehicles. These loans are tailored to individual credit needs, meaning that you can access a loan for an electric car even with a bad or poor credit rating.
What makes myAutoloan stand out from a wide range of car financiers is the ability to provide instant and affordable loans that meet your needs. myAutoloan process is fast, straightforward, and secure, ensuring that you get your car in the shortest time possible and that your personal and credit card information is secure.
2. Bank of America
The Bank of America is one of the leading banks in the United States and among the most respected globally. Bank of America offers affordable, secure, fast, and streamlined loans to buyers of electric cars or electric vehicles.
Bank of America is committed to ensuring global sustainability, and as part of this commitment, it dedicates itself to offering affordable financing and loaning options to its partners – namely, its clients, and specifically, aspiring EV car owners.
Bank of America believes that driving a hybrid reduces the global carbon footprint since electric cars emit fewer carbon emissions. According to the Environmental Protection Agency EPA, carbon emissions from transportation account for nearly 30% of the total greenhouse emissions, making vehicular emissions a critical component of atmospheric GHGs.
3. Express Credit Union
Express Credit Union is one of America’s leading electric car financiers. Express Credit is a great financing option because of its commitment to serve the financially vulnerable and the under-served.
By securing Express Credit Union EV loans, you can access customized benefits. For instance, you enjoy fixed repayment rates, zero monthly (or ongoing fees), and finally, you get up to a year of charging included in your car.
The Express Credit Union offers new EV auto loans for as low as 2.49% APR and used EV auto loans for as low as 2.99% APR.
In addition, you can start the application online with either of the above two options. These two application options are convenient for both consumers with internet connectivity and those without.
4. Mountain America Credit Union
Mountain America Credit Union is among America’s leading electric vehicle financiers. Mountain America Credit Union offers customized and affordable loans for electric vehicles, reiterating its commitment to environmental and social responsibility.
With years of banking experience, Mountain America has managed to differentiate its business model as a sustainable partner, with low-interest loans for different types of hybrid cars. In addition, the American electric car loan provider offers a fixed auto loan interest rate starting at 4.74% per annum.
So, whether you're in the market for new or used cars and you want to reduce emissions and cut overall operational costs, look no further. Mountain America Credit Union loans are customized to cover all your hybrid purchase and maintenance costs, providing customization and flexibility for aspiring hybrid car owners.
Carvana offers affordable car loans to almost everyone. It doesn't matter whether you have bad credit, poor credit, or no credit at all. You can get approved within minutes and land a lucrative electric car deal.
So, if you want to get approved for an auto loan and have bad credit, Carvana is the place to be. In addition, this electric car loan offers long repayment term periods and competitive interest rates.
Why Should You Own a Hybrid Vehicle?
You can benefit from Federal tax benefits and credit incentives by owning an electric car. The United States Federal Government offers incentives and state tax benefits to owners and operators of electric or hybrid cars.
In addition, it's relatively more expensive to operate an internal combustion engine ICE car than a hybrid car. There's a relatively lower cost to charge your car than using a gasoline or petrol-powered engine. There are also huge savings on maintenance costs since electric cars require less maintenance than hybrid, gasoline-powered vehicles.
So, if you're looking forward to owning a hybrid car, you can explore various financing options.
myAutoloan provides customized, affordable, same-day loans to aspiring hybrid car owners.