Which Lender is right for you?
After the MileageSmart incentive is applied to your car purchase, you’ll need to decide how to pay for the remaining balance. For most, that’ll be a car loan.
The only requirement we have is that the APR on the loan must not exceed 12%.
These lenders have special - lower! - interest rates for high MPG vehicles.
Vermont State Employees Credit Union
Location: Statewide
.50% discount for efficient vehicles, 1.00% discount for EVs and PHEVs.
Heritage Family Credit Vehicle Loans
Location: Rutland, Addison, Bennington, Windsor, Windham
.50% off regular secured loan rates will be offered. Extended terms available, up to 72 months.
White River Credit Union Green Car Loans
Location: Randolph, Bethel, Rochester
.50% from our normal rates, .25% discount if you choose the automatic payment option.
Vermont Federal Credit Union Car Loans
Location: Northern half of VT
.50% off regular loan rates.
Why is your credit score important?
When you apply for a loan, a lender will check your credit score. Your credit score is based on any current debts, your payment history, your income, and other factors. When lenders see a low score, they consider it a sign that you may be less likely to pay them back. This might prevent them from offering you a loan, or, if you do get a loan, it may be at a higher interest rate.
Before applying for a loan, it’s good to check in on your credit. To run your credit score, and get tips on improving it:
annualcreditreport.com (one free use each year)
When viewing your credit report, look for any obvious errors (such as loans you don’t recognize) as well as past due accounts or small loan amounts that you can pay off before applying for your car loan.
If you need help improving your credit score, check out your local community action office.
Need help with an existing car payment?
Opportunities Credit Union WOW Program can help you refinance high interest loans: https://www.oppsvt.org/wowauto/
Learn about Credit & Loans
