U.S Bank Gives Green Car Loans A Free Ride

U.S Bank Gives Green Car Loans A Free Ride.

Free ride is a little bit of an exaggeration but they are certainly offered a sweet break on their monthly car loan payments. And as we all know, every little bit helps.

Maybe it is a marketing gimmick. Maybe the skeptic in you feels it is an empty display of public relations. And maybe you are right. Nevertheless banks giving green cars a loan incentive can’t be a bad idea. In a world where the finance is going down the shute paying a little less on cars that are fuel efficient makes a lot of sense. The fact that it helps give the Earth a chance is a beautiful bonus.

But what are green cars? What kind of incentives are banks and in this case the U.S Bank planning to provide? This article will help you understand these terms and give you some hints of how to make the most of this opportunity.

What is a green car?

This is a question that if taken out of the current context might help to drop your I.Q rating. Green cars are cars that pass a certain carbon based fuel efficiency rating or in extreme cases have a non carbon based energy source. Which cars qualify for the Green Car rating will depend on the country and ruling authority. In the United States you can check here for more details.

What are the benefits for taking on a car loan for a green car?

The exact benefits change from program to program. In the case of the U.S Bank scheme, all green cars will get an automatic 0.5% reduction on the interest rate. This will save you 100$ the first year on a 10,000$ loan and around 500$ throughout the loan. Better in my hands than the bank’s, that is all I have to say. Apart from these extra breaks provided by banks and finance companies you have the savings on gas when you get fuel efficient vehicles. The satisfaction of doing the right thing and not killing the environment for no good reason with gas guzzling SUV’s is of course, priceless.

How can you benefit from these schemes?

Although this is the first “large” bank that provides a break for green cars it is not the only one. If you are planning to buy a green car, or at least a fuel efficient car check out the link above and see if there is a green card that catches your fancy. This will spell out savings for you and the environment. Incentives for fuel efficient vehicles is a growing trend that is spilling to all kind of car related services like insurance and taxes.

Be smart and make the most of the current trend in promoting loans and green cars. It really doesn’t get much better when you get “paid” for doing the right thing.