However, the bandwagon better be a hybrid, horse-drawn or get pretty darn good gas mileage to qualify.

I know “going green” is a buzzword of the times, but “green auto loans” sounds to me more like something sold on the Vegas strip. I like the way the marketing types make it sound though, “loan products that work to help reduce energy consumption and promote the use of cleaner energy solutions”. Nice!

All kidding aside though, it’s not a bad idea, but the discounts they are offering aren’t exactly a tremendous incentive, but they do make you take notice. We found a few credit unions offering these, here’s an excerpt from one, the Veridian Credit Union Site:

With financing from Veridian, being green just got a whole lot easier.

*Fixed Annual Percentage Rate for 60 months, 10% down, effective as of 7/1/08, and subject to change. Rate available on new vehicles with an EPA rating of 30+ highway MPG and/or hybrid to those who sign up for automatic payments and eStatements. Other qualifications apply. Rate determined by credit score. See Veridian for details.

I think I’d want to make sure I know all the details, as with any type of financial transaction. Most of the similar programs we found have minimum requirements of 25 mpg or more (based on fueleconomy.gov vehicle ratings), 2006 or newer vehicles, and interest rate discounts of .25% to .5%. Hey, it’s something, anyway.

Corporations are obviously capitalizing on the marketing potential of going green. Auto manufacturers, in particular, are hopping on the bandwagon with rebates for their fuel-efficient cars. Besides possibly giving the auto-makers a shot in the arm as they deal with slumping SUV sales, it’s also a baby step toward helping our planet survive the effects of a worsening environment.

Has anyone out there taken one of these loans that can share your experience?

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