Most auto loans fall into the $10,000-$25,000 range. These, of course, are for regular consumers like you and me. But the Department of Energy (DOE) has recently introduced its Advanced Auto Loan Program, where green car manufacturers can apply for, say, a $400 million car loan! We all know what hard times have befallen US auto manufacturers, and the DOE created this program to ensure that green car companies can continue designing, building, and ultimately selling cleaner, more environmentally friendly vehicles despite the current economic climate.
Companies Applying for Green Car Loans
In total, the program is authorized to lend $25 billion. And according to the green-industry experts at Earth2Tech, more than 70 applications have already been filed. Here are a few of the applicants along with their requested loan amounts:
- Zap/Integrity (electric car builders): $200 million.
- Tesla (electric sports car maker): $400 million.
- Ener1 (builds lithium ion batteries): $480 million.
- A123Systems (also a battery developer): $1.84 billion.
At The Auto Loan Network, our in-house favorite of the green car makers is Tesla.
The Tesla Roadster
With 0-60 performance reported at 3.7 seconds, the Tesla Roadster is at the cutting edge of electric vehicle performance (and nipping at the heels of gasoline-powered sports cars as well). The engine redlines at a mind-blowing 14,000 RPM, the styling is breathtaking, and we’re talking about a clean emissions vehicle here. What’s NOT to love?
Deciding Who Gets Approved
Here at The Auto Loan Network, we spend a LOT of time talking about getting approved for vehicle financing. Lenders look at a multitude of factors, etc — now imagine the federal government having to decide who gets approved for $25 billion in green car loans? Experts are worried about how long the process could take, as well as how loan application reviewers will even make their decisions. And for green car manufacturers who don’t have the capital to build factories without government loans (the majority of them), the waiting process will be a nail-biting one.
Green Auto Loans…for you
You, of course, don’t have to wait nearly so long if you apply for your car loan through the Auto Loan Network. We can’t get you $400 million, but who would want 4000 Ferraris anyway? 
Instead, you can make your car loan a green one by purchasing an environmentally friendly vehicle such as a Toyota Prius, Honda Civic Hybrid, Smart Car, or other low emissions vehicle. Or you could save up for a Tesla, of course!
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