Thinking of going green? Like the idea of a hybrid or electric car? Wondering how to finance such a purchase? Our Glen Morris auto loan team are here to help.
As they represent the latest in automotive technology and are still being designed and researched, hybrids and electric vehicles carry a significant price premium. Automakers have invested billions of dollars into developing them and that has to be paid for somehow.
Higher purchase prices are the result.
Which begs the question, how can you afford to buy a hybrid or electric car?
Buy a hybrid or electric car
The process for buying a green car is exactly the same as any other vehicle. You can use dealer finance, cash or an auto loan. Just because the type of car is different, doesn’t mean the method of paying for it has to be.
Dealer finance – Dealerships have all sorts of incentives on new cars and green cars form part of that. From zero percent finance to cash rebates or contributions, there are all kinds of incentives to make you buy.
Manufacturer finance – Many auto manufacturers also offer their own incentives or finance plans. They can be as varied as dealer finance and just as attractive.
Cash – Cash may no longer be king but it’s still a viable way to buy a new car. That includes EVs and hybrids. If you have that kind of money in the bank, you can use it to buy anything you like, including a new car.
Glen Morris auto loan – A standard auto loan is a prime way of being able to afford the latest hybrid or electric cars. Available at attractive rates for those with good credit, they can be as flexible as you need them to be.
Financing an electric or hybrid car
The same options apply for the rest of the price. You can use a cash down payment or part exchange to make up the balance of the loan.
Cash down payment – Lenders love down payments. Deposits reduce the amount of the loan, they show you’re serious about the loan and gives lenders the security they need to lender. The more you put down, the more favourably a lender will look at your application.
Trade in – Trading in your old car is also a viable way to pay for a new electric or hybrid. You can use a trade in on its own or supplement your down payment with it. Either way, trading in is now easier and much more lucrative than it was before.
There are many reasons to go green and there are now more opportunities to drive green too. More cars, more choice, more mature technologies and more charging points are just a few reasons why now is the perfect time to go low or zero emission.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!