Electric Vehicle (EV) Loans

You don’t need to be a member to start an auto loan application. However, you’ll need to qualify for membership to complete the process.

Green car loans are loans specifically financing environmentally friendly vehicles, such as EVs and hybrids. A green car loan is usually structured similarly to a standard auto loan, with a few key differences. They are often offered at lower interest rates to incentivize sustainable modes of transportation. These lower interest rates can either be through offering a rate discount or starting with a lower base interest rate. Because electric vehicles are often more expensive than conventional cars, lenders might also lengthen repayment terms to minimize how much the borrower pays each month.

With a few dozen EV brands on the market, there are a growing number of models to choose from. As of April 2021, Kelly Blue Book lists Tesla, Chevrolet, Nissan, and Audi as the highest-selling electric vehicle makers.

Depending on your eligibility and credit history, Mountain America Credit Union can approve your EV loan for terms of 36, 48, 60 or 72 months. The length of your loan term may influence the APR you qualify for, as well as your monthly payment, so speak with a loan professional at Mountain America to choose the option that’s best for you.

If you bought a new fully electric or plug-in hybrid vehicle in 2010 or later, your purchase could be eligible for a federal tax credit. As part of an initiative to incentivize vehicles with lower carbon emissions, you may be eligible for tax credits on your fuel-efficient electric and hybrid vehicles. See if your vehicle qualifies at https://www.fueleconomy.gov/feg/taxevb.shtml

If you’d like to lower the interest rate or monthly payments on your current electric vehicle, refinancing is an easy and effective way to do that. To get started, you’ll need the necessary documents and information, such as your EV’s current mileage and VIN number, current loan numbers, a valid driver’s license, and income verification. With this information in hand, you’ll choose a financial institution and apply for refinancing. Your bank or credit union will review your credit history and documentation. If you qualify, they’ll crunch the numbers with you to set a new loan term with a lower monthly car payment.