The sale of electric cars is growing in Spain, albeit slowly and gradually. In March, registrations of ‘green’ vehicles (100% electric + plug-in hybrids) registered an increase of 48.3%, reaching 12,491 units. Of these, 4,656 units are 100% electric. In addition, in Spain it is expected that by 2035 cars with thermal engines, that is, diesel and gasoline, will stop being sold. Therefore, it is a good time to switch to sustainable mobility. Banks and entities offer loans to finance them (ECO credits) with less interest and better conditions, for example, in many cases they do not require paying an opening or cancellation commission.
Since January 1, 2023, all cities with more than 50,000 inhabitants are required to have low emission zones. A tool against pollution and global warming by limiting access to vehicles that meet the best emission standards. One more reason why many people are beginning to be interested in electric or low-emission cars. The subsidies from the Administration are included in the Moves III Plan, with aid of up to 7,000 euros if an old car is delivered or up to 4,5000 if it is not.
While it is true that financing can be requested directly from the dealer, and you can even get some discounts on the final price, it is normal for interest and commissions to be higher compared to a bank. For this reason, it is interesting to know the characteristics of the best ‘green’ loans to finance electric cars from entities. The interests vary depending on each bank, the amount and, especially, the repayment term, but they are less than those required when the money is going to be used to buy a conventional vehicle.
BBVA, Ecological Car Loan: From TIN 4.80%
The BBVA ECO loan is designed for people who want to buy an electric or plug-in hybrid car and need between 3,000 and 75,000 euros for it. That is, for almost any model except the ‘premium’. According to the conditions, the money must be returned between 2 and 8 years. The conditions are especially interesting and more advantageous for their clients, difficult to find in other entities: from 4.80% TIN and 5.08% TAE with payroll or pension paid into BBVA. For those who are not clients, the conditions are in line with the market: from 5.80% TIN and 6.13% TAE without salary or pension domiciled in BBVA.
Santander, Mobility Loan ECO TIN 5.75%
Banco Santander’s loans to promote sustainable mobility have two major differences: The first is that, in addition to new cars, the possibility of financing pre-owned vehicles (up to 36 months old) is also included. The second is that they also lend money for the installation of electric charging points, the price of which is around 1,000 euros, although it can vary from 500 to 1,500, approximately, depending on the make of the car.
The amount that can be requested varies from 1,000 to 80,000 euros, with an opening commission of 1.5%, and can be repaid in up to 7 years. The TIN of the ECO Mobility Loan is 5.75% the first year (6.75% from the second) and the APR is 7.15%.
Caixabank, ECO loan for sustainable vehicles
Caixabank’s ‘green’ loan is designed for a greater number of people, since in addition to financing cars, it also offers money for those who want to buy a motorcycle or an electric scooter. The conditions indicate that you can request from 3,000 to 30,000 euros and can be returned from 6 months to a maximum of 6 years.
It is an exclusive online loan for clients of legal age of the entity, which is managed from CaixaBankNow and has no opening or early repayment commissions. By simulating the credit from the application, the offer for each client will be personalized depending on their income, years in the entity and other variables.
ABANCA, Ecological Car Loan from a TIN 5.10%
This Galician bank offers “special rates” for those who wish to finance a new sustainable vehicle, electric, plug-in hybrid or with a self-recharging battery, of between 6,000 and 60,000 euros. The term of evolution is between 1 and 8 years. These conditions are valid only if you contract it through this website, where you can simulate the operation at different terms and see the different final installments.
The interest rate is TIN 8.10%, APR from 9.34% (maximum APR 17.99%). But a maximum of 3% of this rate is discountable. That is, a TIN 5.10%, APR from 9.11% (maximum APR 24.36%) if you contract some products or services such as payroll, life, home or car insurance. The opening commission is 1.50% (with a minimum of €150) and without any additional cost to formalize the operation. In addition, ABANCA advances 100% of the aid from the Moves III Plan.
Cetelem, EcoAuto Car Loan from TIN 5.99%
The Cetelem Ecoauto loan is designed for those who think about changing their old car and getting a hybrid one and even buying a 100% electric car. You can immediately know if it has been granted. The maximum amount to request is from 4,000 to 60,000 euros, with a TIN 5.99% APR 6.89%, variable depending on the duration, destination and analysis of the data provided. It is not necessary to change banks. It can be returned from 12 to 96 months.
