Have you been considering switching to an electric or hybrid vehicle? There are many great reasons to do so. And there are ways to make that purchase easier. Read on to find more information about electric vehicles (EVs) and auto loans for electric cars.
What Are the Benefits of Owning an Electric Car?
Before making any large purchase, you know it’s essential to research and consider your options. The same goes for deciding between an electric vehicle and a gas-powered car. You can start by considering the benefits of an EV.
EVs Save Money on Gas and Maintenance
Gas prices have risen pretty high lately, and even when they settle back down, they’re unpredictable and constantly in flux. If nothing else, many consumers are switching to hybrid or electric cars to save at the pump.
Battery EVs don’t run on fuel, so you no longer have to worry about paying for gas. This also saves you money on the other facets of having a gas engine. Electric motors don’t need regular maintenance. You also won’t need to worry about oil changes, spark plugs, or timing belts. These savings can add up fast, putting dollars directly back into your wallet.
EVs Are More Convenient
Not needing fuel or regular maintenance doesn’t just help your wallet. It also makes your day-to-day life as a car owner much more manageable. Instead of finding the nearest gas station, you can charge battery-powered EVs at home. Plus, not worrying about gas prices can reduce your stress level.
EVs also may bring some extra perks. As an incentive to get more people to go green, many places have bonuses for EV drivers, such as preferred parking. Other potential benefits include access to specific lanes on expressways. You might even be able to save on tolls. Again, there are many financial benefits to these vehicles. And we haven’t even talked about auto loans for electric cars yet.
EVs Optimize Your Drives
In addition to convenience and savings, EVs are also more enjoyable to drive. Because the engine is electric, it means you’ll get instant torque. Acceleration and deceleration will both be very smooth. The low center of gravity will help you feel more in control and secure. All these features make both long rides and short commutes more comfortable.
EVs Reduce Emissions and Oil Use
The benefits listed above will drastically improve your individual driving experience. But the impact of EVs is much more significant than one person. These cars help save the world.
For starters, let’s look at the impact of EVs on carbon emissions. Yes, EVs run on electricity, which often comes from coal. However, this is nothing compared to the emissions of traditional gasoline-powered vehicles. Thanks to their energy efficiency, EVs have a much smaller carbon footprint than gasoline cars.
Additionally, wind and solar power will make EVs even better for the environment. This is a massive deal because carbon emissions are one of the greatest threats to our environment.
Driving an EV also means reducing your personal oil use. Oil use causes many problems for the environment. And traditional gas-engine cars are a huge culprit. EVs are a step forward for people to get from place to place without contributing to the severe oil usage problem.
Now that you know the benefits of electric vehicles, you’re surely wondering how to finance them. Thankfully, making the environmentally friendly switch already gives you a running start.
What Are the Auto Loans Available for Electric Cars?
At Vermont Federal Credit Union, members who opt for hybrid or electric cars get rewarded. We have a special Electric/Hybrid Auto Loan just for helping members buy these energy-efficient vehicles. What benefits does this loan offer? It gives you low interest rates and flexible loan terms off the bat. But we go even further.
When you work with our loan experts, we will help you find any additional rebates or tax credits. This is one way of financially rewarding you for choosing to protect our environment. Our credit union, for instance, includes a special rebate program for Burlington Electric Customers. You’ll also have access to payment protection, mechanical breakdown protection, and more when you borrow with Vermont Federal Credit Union.
When it comes to financial decisions, we’re on your side. That includes making the process of receiving these loans a breeze. We’ll work with you to find the best loan option. It’ll be as quick and straightforward as possible.
What About Auto Loan Pre-Approval?
Another way our credit union makes buying a car easier is by pre-approving qualifying members for these loans. In addition to promising financial assistance, pre-approval also makes you a more appealing customer to dealers. Once you get this check, you’ll be a stronger negotiator at dealerships in Vermont and New York. Contact us to find out if you qualify.
What Other Auto Loans Are Available?
If you decide not to get an EV this time, you’re not out of luck. Vermont Federal Credit Union’s auto loans offer many great deals to make owning a vehicle, electric/hybrid or otherwise, more attainable.
Offering these loans is just one of the many ways our credit union will work overtime to give back to our members and community. You can find more information on these auto loans, other types of loans, and our financial institution overall by exploring our website. Check out the many resources we provide. Not a member of our credit union yet? Don’t wait; apply to join us today.
Vermont Federal Credit Union is a $900 million-plus full-service, not-for-profit, cooperative financial institution that has served Vermonters for more than 70 years, with eight locations currently serving over 50,000 members. Members are part of a cooperative, meaning they share ownership in the Credit Union and elect a volunteer board of directors. Vermont Federal Credit Union provides membership to anyone who lives, works, worships, or attends school in Vermont. Vermont Federal Credit Union is committed to supporting its communities and helping Vermonters prosper, no matter where they may be on life’s journey. Learn more about Vermont Federal Credit Union.