As recent events have driven the price of gasoline to record numbers, now more than ever is one of the best times to look for alternatives.
In the past, many electric and hybrid vehicles were unreasonably priced; however due to car manufacturers shifting their focus to more renewable energy, it has significantly lowered the price. In today’s market the lowest priced electric car, being a Nissan Leaf, starts at only $27,400 and $19,900 using the federal incentive.
The federal incentive is a tax credit offered by the government to incentivize people into buying green energy cars. Additionally, states like DC, Maryland and Virginia have their own incentives to further encourage the movement to renewable energy.
To discover the incentives your state offers visit the Alternative Fuels Data Center.
The federal government is also emphasizing their focus towards advancing dependence on electric vehicles by providing $5 billion for states to expand their charging station networks.
In 2018, the University of Michigan’s Transportation Research Institute found that the average cost to fuel an electric car was $485 a year, compared to their gasoline counterparts at $1,117. Now more than ever is crucial to search for savings at every corner.
Signal financial is offering a promotion to assist you in obtaining an electric car. Maximizing your savings with unbeatable rates through July 4.
Click here to apply to get an auto loan rate as low as 1.49%APR*.
-Written by Dehuris Mateo
*Signal Financial Federal Credit Union is not affiliated with any of the companies mentioned or sites that are linked in this article.
* APR = Annual Percentage Rate. Promotional rates are a 0.25% APR reduction taken from the standard Signal Financial FCU auto loan for which a member qualifies, in addition to any other discounts for which the member qualifies. Not all applicants will qualify. Members who opt into a Direct Bundle or Premium Bundle may combine the bundle’s loan rate discount with this promotion. May be applied to new or used vehicles. Only outside (non-Signal Financial FCU) loans are eligible for refinancing using this promotion. Promotion starts May 16th, 2022 and ends July 4th, 2022. Applications received outside of promotional period are not eligible for promotional APR. To receive the promotional APR, member must have automatic payments set up for the loan to come out of a Signal Financial FCU account, starting with the first loan payment. Rates and terms are based on an evaluation of credit history, so your rate and term may differ. Not all applicants will qualify for the lowest rate. The lowest rate available including all discounts and offers is 1.49% APR for new vehicle purchases or refinances, available only to members enrolled in a Premium Bundle, which offers a 0.75% discount on auto loans. The lowest available rate without a Bundle discount is 2.49% APR. Payment Example: Loan of $25,000 for 48 months at 1.49% APR will have a monthly payment of $536.83. Must be over age 18 and a Signal Financial FCU member in good standing to qualify. Good standing with Signal Financial FCU means no loans currently past due more than 15 days, no collections or charge-offs, no negative balance shares, no more than six non-sufficient fund fees in a six-month rolling period, no revoked overdraft privileges, and no tax lien or garnishment. Non-member applicants must qualify for credit union membership and must become a member in order to receive the loan. Rates and terms are subject to change at any time without notice. This credit union is federally insured by the National Credit Union Administration.