All about ecological car loan
For some time now, have you been planning to choose an eco-vehicle? Your old car is about to expire or do you want to change it? Time to take the lead, but have some doubts about the investment needed when buying? The Eco Loan is there specifically to accompany you on this transition, here are all the keys to taking advantage of it.
First of all, you should be aware that many aids have been put in place to give a boost when buying an eco car, such as the eco bonus and the conversion bonus. But to have a less polluting car requires a real investment in order to be able to finance it, which is why the banks, in turn, have prepared a tool: the Eco Car Loan, a loan specifically designed for this type of situation.
What is green loan eligibility?
To be able to avail this loan, the vehicle you wish to acquire must be eligible for the Environmental Bonus or Conversion Bonus. This pertains to cars, new or used, that are electric or plug-in hybrids. But that is not all, bikes with a new electric motor and other motorized vehicles can also benefit from this loan.
Banks on their site provide all the requirements that must be fulfilled, in order to ensure that the car in question meets various standards. Once you make your choice, the lender asks you to complete a sworn statement and form proving your choice.
How does the loan work?
An eco-car loan is a consumer loan at a fixed rate, which you pay back on fixed terms. The conditions set by banks are similar to those of any credit: you must be able to meet the deadlines, and therefore your repayment possibilities will be studied by your bank advisor. After studying your profile, a modified offer will be proposed to you according to your requirements.
Note, to choose the most interesting eco-loan offer for you, the selected item is the APR, or global effective annual rate. This rate sums up the total amount you will have to repay, from the loan amount to the interest rate, including the term of repayment and amortization. The lower this price, the better for your wallet.
What are the terms of an environmental loan?
In general, the purchase price of a new electric or hybrid car, depending on the model, can vary up to 50,000 euros. Be that as it may, an eco-loan is granted only for cars whose cost does not exceed 60 thousand euros. For bicycles and other vehicles, the limit is 3000 euros.
On the repayment side, the maturities can be spread out to a maximum of 108 months for cars and 36 months for other vehicle types. Here again, personalized support from your bank advisor will allow you to find the most interesting formula that suits your financial situation.
How to subscribe to an eco-car loan?
Nothing is easier! Many banks offer online services that allow you to run simulations to get an initial idea of what eco-car loan you can get. In addition, it is also an opportunity to compare different offers in order to find the most advantageous one. Don’t forget to fill in the exact vehicle you’re considering, the amount you’d like to borrow and for how long, in order to get an overview as accurate as possible. Also note that it is not necessary to have a personal contribution to benefit from this loan, although this can be to your advantage, both to obtain the loan and to reduce its overall cost.
After completing the subscription file with your banking advisor or online, you will quickly receive the bank’s opinion on your application and offer a proposal. Once you find the one that suits you the most, all you have to do is complete the contract.
An eco-car loan is an interesting banking tool to get a less polluting car more easily. Combined with the environmental bonus or the diversion bonus, it can be the key that will allow you to implement this project.