Banks boost lo-cost loans for eco-friendly cars

Fri, 2006-12-01 11:55Kevin Grandia
Kevin Grandia's picture

Banks boost lo-cost loans for eco-friendly cars

In a bid to do a little good for the world, some credit unions are offering programs where they will give you a car loan at the prime lending rate (currently 6%) if you buy a hybrid. Now I know these types of programs have been around for a while, for instance here in Vancouver, the Vancity Credit Union has been offering such a program for about three years. But, it's worth highlighting these programs and the fact that financial institutions who offer such a product are doing so at a loss in potential profit: “It's definitely less financially profitable for us to offer the Clean Air Auto Loan,” said Amanda Pitre-Hayes, senior sustainability programs manager at Vancity. “But we look at not just the financial returns, but also the environmental returns.”

And the savings to the hybrid car consumer are pretty huge, when you consider that a convential car loan runs at about 8%. Add in the savings on gas and the tax exemptions that apply to a hybrid and being environmentally-friendly is a pretty much a no-brainer.

Here's a few banks in Canada that offer such programs, I would be interested in hearing about more:


Bay Credit Union

Credit Union Atlantic 

Newspaper boxes in Calgary

Postmedia has struck a $316 million deal to buy 175 of Quebecor’s English-language newspapers, specialty publications and digital properties, including the Sun chain of papers, according to a report in the Globe and Mail this morning.

If it passes regulatory hurdles, the deal will mark a step further down the path of media concentration in Canada.

What does this mean for Canadians in practical terms?

In Calgary, for instance, the...

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