What the future of car buying means for Californians
As the world becomes more environmentally conscious, it comes as no surprise that California is, and always has been, a front runner in eco-friendly initiatives.
California is steering towards zero emissions
As we enter a more environmentally friendly world, it’s important to consider how our own choices will impact our future. As most already know, some of the most detrimental effects on the environment have been from gasoline-powered vehicles. Presently, transportation accounts for more than 50 percent of California’s greenhouse gas emissions.
In fact, Governor Newsom has proposed an end to any new gasoline-powered vehicles on the road by 2035. If implemented, California will be leading the nation in this effort, joining 15 other countries that have committed to phasing out gasoline-powered vehicles. Although there is concern surrounding the aspect of affordability regarding this proposed law, there are more options than people realize. In fact, if this rule goes into effect, the price of electric vehicles is projected to reach equivalence with traditional vehicles in just a matter of years.
What does this mean for car buying?
In order to incentivize all Californians to retire their gasoline-powered cars and make the switch to electric or plug-in hybrid, many car companies and lenders are offering more affordable options. Several car companies have also expressed a full commitment to an electric, zero-carbon future.
As a credit union committed to a cleaner environment, and as a supporter of California’s green initiatives, Southland will offer a 0.25% vehicle loan discount to Members for green vehicle financing. Unlike many other lenders’ offers, this discounted rate will extend to both new and used vehicles. Southland offers flexible terms of 36-84 months with the ability to finance up to 130% LTV.
Wondering what specifically constitutes a “clean-air vehicle”? Southland defines this term as automobiles that fall under one of the following categories: (1) Zero Emission Electric (EV); (2) Plug-in Hybrid (PHEV); (3) gas or diesel-powered vehicles with at least 40 MPG; (4) CNG vehicles (natural gas); (5) Fuel Cell Vehicles (FCV); (6) and any qualifying vehicle in the EPA Green Vehicle Guide. You may be surprised to find that the current list of clean-air vehicles is extensive. With the immense advancements in green vehicle technology over the past few years, there hasn’t been a better time to start considering your next green-air car than today.
Whether you have already begun your clean-air car search or are just getting started, there is no denying that the future of car buying is green. Visit Southland’s website to learn more about your auto loan options!