With more eco friendly cars hitting showrooms, automobile finance companies are coming up with different loan facilities so that people can buy these cars. A few lenders are even walking that extra mile to specialize in such form of financing so that they can give better services to their customers.
Different moves and initiatives taken by auto financing companies
They are not only working out on various title loan options, however, they are also making the efforts to come up with interest rates that are low in comparison to the regular car loans that are offered. Not just that, they are also setting the various factors that will help a customer qualify for such a car loan.
One of the main motifs of companies that offer such a car title loan is to ensure that a borrower can save money during the entire tenure of the loan. Along with that, for those borrowers who opt for the paperless billing option, these companies are offering further benefits and features that can help borrowers to save a little more. This is done keeping in mind the whole eco-friendly and go green concept. These borrowers will receive their monthly bills and any such communication directly to their e-mail address.
Reasons on obtaining the go green car loan
If you are planning to opt for such a car loan, here are a few reasons why this would be a good idea.
- The contribution of such loans helps in the reduction of the toxic gases generated by green houses as well as various other reasons that are responsible for the climate change.
- When a borrower opts for the special car loan for eco friendly cars, the use of natural resources reduce to a large level.
- Considering the way the eco friendly automobiles are designed, they do not depend much on petrol/gasoline.
- These sorts of loans also provide other special benefits apart from saving money. This includes tax benefits.
- Such loans also have reduced fees which is beneficial for the borrower. This includes the penalty fees for the prepayment of the loan as well as for the late fees taken.
- The monthly payments are not just fixed; however, it is also automated. This means that the person will not have to stress about paying their loan on time.
Basic qualifying criteria for a borrower to be eligible
Just like conventional automobile loans, even people who are applying for the go green car loan have to be eligible to qualify. Some of the criteria that would play a vital role would include
- The borrower has to be a resident of the country and should be above the legal age.
- In order to obtain the loan, a borrow needs to have a regular income. There are a few terms and conditions on this front depending on their profession.
- A background check would be done on his/her credit score to ensure that everything is fine and the borrower has never filed for bankruptcy.
- The vehicle that he/she plans to buy should be an eco friendly automobile, that is should not be above 3 years (varies from one lender to another)
- As per the guide set for Green Vehicles, the green rating for the car should be between 4 and 5 in order to qualify for a loan.
Basic steps for obtaining the title loan
For those who are wondering how they can obtain a car loan for eco friendly cars, well here’s how you can get one. To get a free quote online, here is what you would need to do
- After filling your basic information, you would need to provide a few details on the car you plan to buy. This is essential to find out if the car you want to get is an eligible one or not.
- You can compare the quotes that would be provided by various lenders to see which one would be the most suitable and economical loan for you. Some lenders are even open for negotiations when it comes to the terms and rates of the loan.
- As soon as your loan is approved, you can go and purchase the car of your choice without wasting much time.
Article Submitted By Community Writer