Electric Vehicles (EV) Loans

Time to make the switch to an Electric Vehicle?

.35% Discount on EV Loans

National JACL Credit Union believes that as more and more of us convert to EVs, we’ll soon be enjoying the benefits of a cleaner environment. As an incentive we’re offering a .35% discount to our already low Auto Loan rates for a 2020 or newer Electric Vehicle.

.25% Discount on Hybrid Vehicles

We are also giving a .25% discount to our regular Auto Loan rate for a 2020 or newer Hybrid Vehicle

The Electric Vehicle Era

Even though the electric vehicle is still in its infancy, most automakers are announcing new electric vehicles at a blistering pace. California and other states are already planning on phasing out gasoline-powered new car sales within the next 10-15 years. Like it or not, the electric vehicle era is here!
All of us like the idea of improving our air and doing our part to stop climate change. Determining if now is the time to buy your first electric vehicle will take some research and may not be an easy choice. Here’s the arguments to consider, for and against.

Pros of Electric Cars

1. Zippy and Fun to Drive   The performance of an electric motor is generally excellent acceleration. Many report that they’ve never had more fun driving a vehicle. Even the lesser expensive EVs accelerate with enthusiasm.
2. Convenient    Plugging them in at home overnight is convenient and less expensive than buying gas.
3. Excellent Commuter Cars   Since your commute is generally far shorter than even the shortest-range EV, charging may only take an hour or two to top the battery’s charge each day. Also, you can still receive a tax credit or utility buying incentives when you install a Level 2 electric vehicle charging station at your home.
4. Cleaner Air    Driving an EV is probably the highest impact you can have as an individual to improve air quality.
5. Cheaper to Maintain   There are far fewer moving parts so there’s generally lower maintenance costs.

Cons of Electric Cars

1. More Expensive   Although the gap is narrowing, an electronic vehicle’s base price is substantially more expensive.2. Technology is New   As improvements to battery technology improves and becomes more available, the price disparity will likely decrease. A good reason to wait.
2. Inconvenient on a Long Trip   There may not be enough “Fast-Charging” stations in your area. Charging an EV takes substantially longer than filling up with gas. It’ll take 15-45 minutes to get a decent amount of range from a DC fast-charging station.
3. The weather can hurt an EV’s performance.
4. Public Charging can be Expensive   While charging at home is far less expensive than buying gas, it’s more complicated at Public Charging stations. The fee is charged by how much time it takes to charge so depending on your car, the price can vary dramatically.

Summary

The quality of our air in the Salt Lake Valley could use some improving. We’re lagging behind more progressive Europe when it comes to EVs. All of us converting to a EV would substantially help. For some of us, it may be economically unfeasible for now. However, it makes a lot of sense to buy an electric vehicle for your 2nd car and for your daily commuter car. Do your own research on the numbers for your situation. You may find that even though upfront costs are more expensive you may very well save money over the life of the car. Alternatively, If the numbers still don’t make sense for an EV, consider a hybrid car.