A credit union electric car loan is a financing option for consumers who want to get behind the wheel of an environmentally friendly vehicle. These lenders typically offer lower interest rates than traditional banks and online auto lenders. They also may be able to provide more flexible terms. Consumers can search for a credit union electric car loan by using an online tool or by visiting a local branch.
If you’re looking for an electric car loan, start by getting preapproved by two or three lenders. This will help you narrow your options when shopping at dealerships and put you in a stronger position for negotiating a price. To limit the impact to your credit score, make sure you submit all applications within 14 days.
Unlike traditional banks, most credit unions are not-for-profit and member-owned. This structure allows them to focus on financial wellness and provide perks such as discounts on retail and travel. Credit unions typically require you to become a member before submitting an application for a loan, though some may allow you to apply without joining first.
Once you’ve joined, the credit union may ask you to verify your identity and financial information through documents like bank statements. It may then request a credit report to determine your eligibility. Once you’re approved for an EV loan, the lender can provide you with details of the term and fees, including its annual percentage rate (APR).
GECU offers zero down financing for new electric vehicles with terms up to 84 months. This lender also has a program for used electric cars with terms of up to 60 months. In addition to providing low rates, GECU offers incentives such as a 0.25% discount for those who automate payments through its NextMark checking account. The lender also provides a 2% rebate on the purchase of a qualifying electric car and up to $2,000 for the installation of a charging station at home.
Another lender that caters to EV buyers is Tenet, which offers loan amounts up to $15,000 with terms of up to 84 months. Its EV loans include the cost of a Level 2 charging station, which is important because most owners will want to install one at their homes. Its EV loans also include a breakdown of available federal and state tax credits and rebates to help buyers navigate the process.
In addition to offering a range of EV financing options, the Seattle-based O Bee credit union has the added benefit of selling auto coverage. Its EV loans include mechanical breakdown and accident protection, which could help reduce your total cost of ownership. It’s not far-fetched to imagine that a banking institution like USAA, which sells auto insurance, might eventually offer similar bundled offerings.