Green auto loans
Members can borrow to buy or refinance a hybrid or fully electric vehicle from model year 2018 onward, with a discount on the loan’s annual percentage rate.
Denne finansieringsmuligheten er foreløpig beskrevet på engelsk.
The discount is 0.25 percentage points for a hybrid and 0.50 percentage points for a fully electric vehicle. Annual percentage rate (APR) expresses the loan’s annual borrowing cost; this discount reduces the rate offered for your eligible vehicle.
You repay the borrowed money with interest, which starts accruing on the contract date. Repayment terms are flexible, payments can be made online or automatically, and there is no penalty for repaying early. Your rate depends on your credit score, the loan term, the vehicle’s year and mileage, and how much you borrow compared with the vehicle’s value. The available term also depends on the model year and loan amount.
Eligibility
- You must qualify for credit union membership. You can join if you live, work, worship, attend school or own a business in the service area shown on its membership page, or have an eligible connection to a listed Select Employer Group. Connections include employment, volunteering, attending school, worshipping or membership with the group. The list includes employees and students of Bishop Grimes Jr./Sr. High School, for example.
- An eligible person’s spouse and direct family line—such as parents, grandparents, children and grandchildren, including through adoption—can also join. Maintain $5 in the membership share account. Existing members can stay members after moving if their share remains open; closing it means membership eligibility must be met again when rejoining.
- The vehicle must be hybrid or fully electric and from model year 2018 or later. Beginnings decides whether it qualifies for its green loan and must approve the loan application.
- You need comprehensive and collision insurance with a deductible of no more than $1,000: the amount you pay yourself on an insurance claim. The insurance documentation must name Beginnings as lien holder, meaning the lender has a recorded claim on the vehicle.
How to apply
- Status
- Løpende søknader
- Vilkår for søknadsrunden
- Membership and loan approval are required. Apply at a branch or contact the call center.
Visit a Beginnings Credit Union branch to apply for the green auto loan, or contact its call center on 607-257-8500 or 800-428-8340. New applicants who meet the membership conditions can join and apply.
You will generally need identification and proof of income, such as paystubs or a Social Security statement. You will also generally need the vehicle’s year, make, model, trim and mileage, insurance documentation, and a title copy where applicable. For refinancing, provide a payoff letter showing the existing loan balance; a lease buyout agreement is needed where applicable.