You aren’t required to use a specific type of auto loan when buying an electric vehicle. While lenders have restrictions on where you can shop — some lenders won’t finance that bargain you found on Craigslist, for example — those selling the cars are less picky. They typically just want the check to cash.
That said, auto loans branded with terms like “electric vehicle financing” or “green loans” might have features specific to electric vehicles, or EVs, that aren’t found in traditional auto loans, like including in the loan amount the cost of installing Level 2 charging in your home. That convenience can make these loans worth considering if you’re buying an EV, though you shouldn’t restrict your search to these types of loans exclusively.
What makes EV loans different
As far as money changing hands is concerned, there isn’t a technical difference between an EV loan and a traditional auto loan. In both cases, a credit union, bank or other lender supplies you…
This article was written by Kurt Woock and originally published on www.nerdwallet.com