How to Finance a Hybrid Car

Buying a hybrid car can be good for the environment, and good for your wallet, as well. As the price of gas gets higher and higher, the value of having a car that runs on electricity and gasoline become more and more apparent. You can save even more on your hybrid car if you are able to take advantage of special rates and terms for fuel-efficient vehicles.

Instructions

1

Check your credit report before you start shopping for a new hybrid car. An error in your credit report could hurt your chances of being approved for the loan you need, or cause you to be charged a higher interest rate. You can get a free copy of your credit report once every 12 months at annualcreditreport.com.

2

Contact the bank or credit union where you have your checking or savings account and ask to talk to a loan officer. Ask if the bank offers a special financing rate on hybrid car loans.

3

Shop around at other area banks and credit unions for rates on hybrid car loans. Compare those rates to what your own bank is offering.

4

Negotiate the best price you can on our new hybrid vehicle, then talk to the salesperson about your financing options and any rebates or incentives the dealership and manufacturer are offering. Compare the financing rates offered by the dealer to what you found on your own from area banks.

5

Contact your elected representatives for information about any special financing options and tax incentives that might be available for the hybrid vehicle you plan to purchase. A number of states provide tax incentives, rebates and special financing options to encourage the purchase of hybrid vehicles. Your senator or congressman can provide you with information about any incentives available in your part of the country.