Hybrid car: banks help you finance them



Facilitating the ecological transition was the focus of the year-end talks between the government and
 the banks. The project is to engage them to present several green car loan offers to their consumers. TopCompare here explains the challenges of this model aimed at promoting hybrid car financing.

Green loans
Last year, banking organizations continued to be under pressure from the government, which wanted to facilitate financing options for "green" vehicles, which are more respectful of the environment. In order to better meet their commitments to global warming and carbon dioxide emissions, banks are now offering offers to increase borrowing capacity for auto loan applicants. With the term "green auto loans" or "green vehicle personal loan", they help you finance part or all of the purchase of a cleaner vehicle. More flexible over the repayment period, these credits adapt to the situation and needs of the consumer by offering rates more advantageous than in the context of a conventional car loan. In addition, banks are also looking at the issue of incorporating pre-financing of the conversion premium into this type of credit.
Revision of the conversion premium
Established in 2015, this premium aims to replace old vehicles with new, less polluting ones. The initial idea was to allow a buyer to benefit from a premium of up to 2,500 euros, and this in exchange for an "old" vehicle (less ecological). The amount of this premium, valid for new or used vehicles, relates to the performance of CO2 emissions, as well as the financial situation of the buyer.

Since the 1st of January, this premium is now doubled for the 20% of the most modest households, as well as people paying no tax but traveling daily a large number of kilometers to get to their place of work (in general 60 km minimum ).
Having also undergone a considerable increase, the new conversion bonus can give you up to 4,000 euros for the purchase of a thermal vehicle and up to 5,000 euros for a hybrid or electric car.
Some examples of existing offers
At Crédit Agricole, the Auto Loan Auto allows you to borrow (depending on your repayment capacity) the sum you need up to 50,000 euros. You are also free to choose the length of your refund, which ranges from 6 to 84 months.
At La Banque Postale, the reimbursement of your "personal loan" for a hybrid or electric vehicle can take place over a period ranging from 12 to 60 months, with a fixed borrowing rate of 0.99% (much more advantageous than the rates between 2.80% and 3.47%). In addition, no additional management fees are imposed and the offer is already able to integrate the premium conversion of your old car.
Finally, banks like La Caisse d'Epargne and Banque Populaire also have two offerings: Ecureuil Auto Développement Durable (EADD) and AUTOVair. These two programs are specifically dedicated to the acquisition of a green vehicle and include fixed and preferential rates, with monthly payments known in advance, loan amounts up to 75,000 euros and a repayment period extending up to 72 months (EADD) or 120 months (AUTOVair).

In sum, in 2019 banking institutions are working to offer more offers allowing their consumers to finance hybrid cars, while also incorporating for some the revision of the premium to the conversion. It is by giving them access to such a form of financing that banks will allow drivers to acquire more environmentally friendly vehicles and thus contribute to the ecological transition.
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